Ardmore Shipping Corporation (NYSE:ASC) Expected to Post Quarterly Sales of $31.46 Million
Brokerages expect Ardmore Shipping Corporation (NYSE:ASC) to announce sales of $31.46 million for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Ardmore Shipping Corporation’s earnings. The highest sales estimate is $33.30 million and the lowest is $29.45 million. Ardmore Shipping Corporation reported sales of $39.72 million in the same quarter last year, which indicates a negative year over year growth rate of 20.8%. The firm is expected to issue its next earnings report on Tuesday, August 1st.
On average, analysts expect that Ardmore Shipping Corporation will report full-year sales of $31.46 million for the current financial year, with estimates ranging from $128.10 million to $149.66 million. For the next year, analysts forecast that the company will report sales of $161.07 million per share, with estimates ranging from $136.99 million to $185.02 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Ardmore Shipping Corporation.
Ardmore Shipping Corporation (NYSE:ASC) last posted its quarterly earnings data on Wednesday, May 3rd. The shipping company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. Ardmore Shipping Corporation had a negative return on equity of 0.60% and a negative net margin of 3.03%. The business had revenue of $49.67 million for the quarter, compared to analysts’ expectations of $30.75 million. During the same quarter last year, the firm earned $0.26 earnings per share. The business’s revenue was up 14.2% on a year-over-year basis.
Several research firms have recently commented on ASC. Jefferies Group LLC restated a “buy” rating and set a $10.00 price target on shares of Ardmore Shipping Corporation in a report on Tuesday. ValuEngine upgraded shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. TheStreet cut shares of Ardmore Shipping Corporation from a “c-” rating to a “d” rating in a report on Wednesday, May 24th. Finally, Zacks Investment Research cut shares of Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, March 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $9.83.
Ardmore Shipping Corporation (ASC) remained flat at $7.85 during midday trading on Friday. The company’s stock had a trading volume of 109,810 shares. The firm’s market capitalization is $263.56 million. The stock has a 50 day moving average of $7.72 and a 200 day moving average of $7.49. Ardmore Shipping Corporation has a 12-month low of $5.00 and a 12-month high of $8.75.
Several hedge funds and other institutional investors have recently made changes to their positions in ASC. Acadian Asset Management LLC acquired a new position in Ardmore Shipping Corporation during the first quarter valued at about $103,000. American International Group Inc. raised its position in Ardmore Shipping Corporation 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 period. Highbridge Capital Management LLC acquired a new position in Ardmore Shipping Corporation during the first quarter valued at about $146,000. Nationwide Fund Advisors raised its position in Ardmore Shipping Corporation 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 period. Finally, Teachers Advisors LLC raised its position in Ardmore Shipping Corporation by 51.4% in the fourth quarter. Teachers Advisors LLC now owns 61,240 shares of the shipping company’s stock valued at $453,000 after buying an additional 20,802 shares during the period. 76.29% of the stock is owned by institutional investors and hedge funds.
About Ardmore Shipping Corporation
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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