Jefferies Financial Group Lowers Ardmore Shipping (NYSE:ASC) Price Target to $17.00

Ardmore Shipping (NYSE:ASC) had its price target reduced by analysts at Jefferies Financial Group from $20.00 to $17.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the shipping company’s stock. Jefferies Financial Group’s price objective would suggest a potential upside of 40.50% from the stock’s current price.

ASC has been the topic of several other research reports. Evercore ISI lifted their price target on shares of Ardmore Shipping from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. StockNews.com cut shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Fearnley Fonds upgraded Ardmore Shipping to a “hold” rating in a report on Friday, September 27th. Finally, Stifel Nicolaus cut shares of Ardmore Shipping from a “buy” rating to a “hold” rating and cut their price target for the company from $24.00 to $17.00 in a report on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $20.00.

Ardmore Shipping Stock Up 1.3 %

Ardmore Shipping stock traded up $0.16 during midday trading on Thursday, reaching $12.10. The company’s stock had a trading volume of 390,149 shares, compared to its average volume of 643,497. Ardmore Shipping has a 52-week low of $11.85 and a 52-week high of $23.44. The stock’s 50-day simple moving average is $16.26 and its 200-day simple moving average is $19.12. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.57 and a quick ratio of 3.26. The stock has a market capitalization of $506.29 million, a P/E ratio of 3.38 and a beta of 0.37.

Hedge Funds Weigh In On Ardmore Shipping

Several hedge funds and other institutional investors have recently made changes to their positions in ASC. Renaissance Technologies LLC increased its stake in shares of Ardmore Shipping by 47.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,400,981 shares of the shipping company’s stock valued at $31,564,000 after purchasing an additional 449,200 shares during the last quarter. Foundry Partners LLC increased its stake in Ardmore Shipping by 217.5% in the 3rd quarter. Foundry Partners LLC now owns 565,300 shares of the shipping company’s stock valued at $10,232,000 after buying an additional 387,240 shares during the last quarter. American Century Companies Inc. raised its position in Ardmore Shipping by 27.4% in the second quarter. American Century Companies Inc. now owns 1,124,835 shares of the shipping company’s stock worth $25,343,000 after acquiring an additional 241,748 shares during the period. Vanguard Group Inc. lifted its holdings in Ardmore Shipping by 51.0% during the first quarter. Vanguard Group Inc. now owns 541,103 shares of the shipping company’s stock valued at $8,885,000 after purchasing an additional 182,650 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Ardmore Shipping by 135.1% in the 2nd quarter. Acadian Asset Management LLC now owns 308,200 shares of the shipping company’s stock worth $6,936,000 after purchasing an additional 177,130 shares during the period. 62.22% of the stock is owned by institutional investors.

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.