Brokerages Expect Ardmore Shipping Corp (ASC) Will Post Quarterly Sales of $31.46 Million
Wall Street analysts expect that Ardmore Shipping Corp (NYSE:ASC) will post sales of $31.46 million for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Ardmore Shipping Corp’s earnings, with the highest sales estimate coming in at $33.3 million and the lowest estimate coming in at $29.45 million. Ardmore Shipping Corp posted sales of $39.72 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 20.8%. The company is expected to issue its next earnings report on Tuesday, August 1st.
According to Zacks, analysts expect that Ardmore Shipping Corp will report full-year sales of $31.46 million for the current fiscal year, with estimates ranging from $128.1 million to $175.62 million. For the next year, analysts anticipate that the business will post sales of $161.07 million per share, with estimates ranging from $136.99 million to $185.02 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Ardmore Shipping Corp.
Ardmore Shipping Corp (NYSE:ASC) last announced its quarterly earnings data on Wednesday, May 3rd. The shipping company reported ($0.06) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.04. The firm had revenue of $49.67 million during the quarter, compared to analyst estimates of $30.75 million. Ardmore Shipping Corp had a net margin of 2.28% and a return on equity of 1.64%. The business’s quarterly revenue was up 14.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.26 EPS.
A number of research firms recently weighed in on ASC. Jefferies Group LLC reissued a “buy” rating and issued a $10.00 target price on shares of Ardmore Shipping Corp in a report on Monday, April 24th. Zacks Investment Research lowered shares of Ardmore Shipping Corp from a “hold” rating to a “sell” rating in a report on Tuesday, March 21st. Finally, ABN Amro raised shares of Ardmore Shipping Corp from a “hold” rating to a “buy” rating and set a $11.50 target price for the company in a report on Monday, March 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. Ardmore Shipping Corp currently has a consensus rating of “Buy” and an average target price of $10.13.
Several hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC acquired a new stake in Ardmore Shipping Corp during the first quarter valued at $103,000. American International Group Inc. increased its stake in Ardmore Shipping Corp by 33.3% in the first quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock valued at $135,000 after buying an additional 4,177 shares during the last quarter. Highbridge Capital Management LLC purchased a new stake in Ardmore Shipping Corp during the first quarter valued at $146,000. Nationwide Fund Advisors increased its stake in Ardmore Shipping Corp by 15.8% in the first quarter. Nationwide Fund Advisors now owns 20,423 shares of the shipping company’s stock valued at $164,000 after buying an additional 2,792 shares during the last quarter. Finally, Scoria Capital Partners LP purchased a new stake in Ardmore Shipping Corp during the third quarter valued at $352,000. Institutional investors and hedge funds own 70.35% of the company’s stock.
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Shares of Ardmore Shipping Corp (NYSE:ASC) opened at 7.90 on Wednesday. Ardmore Shipping Corp has a one year low of $5.00 and a one year high of $9.93. The company’s market capitalization is $265.24 million. The stock has a 50 day moving average of $7.76 and a 200-day moving average of $7.22.
Ardmore Shipping Corp Company Profile
Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.
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