Ardmore Shipping (NYSE:ASC) Trading Up 6.1% – What’s Next?

Ardmore Shipping Co. (NYSE:ASC)’s stock price rose 6.1% during trading on Friday . The stock traded as high as $13.50 and last traded at $13.32. Approximately 180,853 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 623,895 shares. The stock had previously closed at $12.56.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. StockNews.com downgraded Ardmore Shipping from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th. Fearnley Fonds raised Ardmore Shipping to a “hold” rating in a research note on Friday, September 27th. Jefferies Financial Group lowered their target price on Ardmore Shipping from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Finally, Stifel Nicolaus downgraded shares of Ardmore Shipping from a “buy” rating to a “hold” rating and reduced their price target for the stock from $24.00 to $17.00 in a research report on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Ardmore Shipping currently has a consensus rating of “Hold” and a consensus price target of $20.00.

Ardmore Shipping Price Performance

The company has a 50 day simple moving average of $11.98 and a 200 day simple moving average of $16.44. The company has a current ratio of 3.57, a quick ratio of 3.26 and a debt-to-equity ratio of 0.03. The stock has a market cap of $558.17 million, a P/E ratio of 3.74 and a beta of 0.28.

Ardmore Shipping Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 5.40%. The ex-dividend date was Friday, November 29th. Ardmore Shipping’s payout ratio is currently 20.17%.

Institutional Investors Weigh In On Ardmore Shipping

A number of hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of Ardmore Shipping by 261.1% in the 4th quarter. GAMMA Investing LLC now owns 2,116 shares of the shipping company’s stock valued at $26,000 after purchasing an additional 1,530 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Ardmore Shipping in the second quarter valued at about $29,000. Private Trust Co. NA bought a new position in Ardmore Shipping in the third quarter valued at about $31,000. Nisa Investment Advisors LLC raised its stake in Ardmore Shipping by 2,906.0% during the third quarter. Nisa Investment Advisors LLC now owns 3,006 shares of the shipping company’s stock worth $54,000 after acquiring an additional 2,906 shares in the last quarter. Finally, Quarry LP boosted its stake in shares of Ardmore Shipping by 829.0% in the 3rd quarter. Quarry LP now owns 3,558 shares of the shipping company’s stock valued at $64,000 after purchasing an additional 3,175 shares in the last quarter. Institutional investors and hedge funds own 62.22% of the company’s stock.

About Ardmore Shipping

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.