Pareto Securities cut shares of Ardmore Shipping (NYSE:ASC) from a buy rating to a hold rating in a report published on Thursday, May 23rd, The Fly reports.
ASC has been the subject of a number of other research reports. Zacks Investment Research lowered Ardmore Shipping from a buy rating to a hold rating in a research report on Wednesday, May 8th. Morgan Stanley set a $8.00 price objective on Ardmore Shipping and gave the stock a hold rating in a research report on Thursday, May 2nd. Finally, ValuEngine lowered Ardmore Shipping from a hold rating to a sell rating in a research report on Tuesday, February 19th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Ardmore Shipping presently has an average rating of Hold and a consensus target price of $8.68.
Shares of ASC traded down $0.01 during trading hours on Thursday, reaching $6.37. 138,400 shares of the company’s stock traded hands, compared to its average volume of 163,107. The firm has a market capitalization of $213.50 million, a price-to-earnings ratio of -6.13 and a beta of 1.11. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.37 and a current ratio of 1.56. Ardmore Shipping has a twelve month low of $4.22 and a twelve month high of $8.65.
Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings results on Wednesday, May 1st. The shipping company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. The company had revenue of $62.30 million for the quarter, compared to analyst estimates of $33.04 million. Ardmore Shipping had a negative return on equity of 8.92% and a negative net margin of 21.14%. The company’s quarterly revenue was up 23.4% compared to the same quarter last year. During the same period last year, the company earned ($0.16) earnings per share. Analysts forecast that Ardmore Shipping will post -0.03 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the business. Adirondack Research & Management Inc. boosted its holdings in shares of Ardmore Shipping by 1.0% during the 1st quarter. Adirondack Research & Management Inc. now owns 398,837 shares of the shipping company’s stock valued at $2,457,000 after acquiring an additional 4,000 shares in the last quarter. SEI Investments Co raised its position in Ardmore Shipping by 4.4% during the 1st quarter. SEI Investments Co now owns 464,838 shares of the shipping company’s stock worth $2,863,000 after purchasing an additional 19,611 shares during the last quarter. Jefferies Group LLC bought a new position in Ardmore Shipping during the 1st quarter worth $80,000. Renaissance Technologies LLC raised its position in shares of Ardmore Shipping by 3.3% in the 1st quarter. Renaissance Technologies LLC now owns 299,998 shares of the shipping company’s stock worth $1,848,000 after acquiring an additional 9,500 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Ardmore Shipping by 102.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 23,553 shares of the shipping company’s stock worth $145,000 after acquiring an additional 11,897 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors.
Ardmore Shipping Company Profile
Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. As of January 31, 2019, the company operated a fleet of 27 double-hulled product and chemical tankers, including 21 Eco-design and 6 Eco-mod vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.
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