Ardmore Shipping Corporation (NYSE:ASC) posted its quarterly earnings results on Wednesday. The shipping company reported ($0.14) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.14), Briefing.com reports. The business had revenue of $48.70 million for the quarter, compared to analysts’ expectations of $29.99 million. Ardmore Shipping Corporation had a negative return on equity of 2.35% and a negative net margin of 6.92%. The business’s quarterly revenue was up 28.2% on a year-over-year basis. During the same period last year, the firm earned ($0.05) earnings per share.

An institutional investor recently raised its position in Ardmore Shipping Corporation stock. Vanguard Group Inc. grew its position in Ardmore Shipping Corporation (NYSE:ASC) by 16.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 88,479 shares of the shipping company’s stock after acquiring an additional 12,631 shares during the period. Vanguard Group Inc. owned about 0.26% of Ardmore Shipping Corporation worth $721,000 at the end of the most recent quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This news story was posted by American Banking News and is owned by of American Banking News. If you are accessing this news story on another website, it was stolen and republished in violation of US and international trademark & copyright legislation. The legal version of this news story can be viewed at https://www.americanbankingnews.com/2017/11/01/ardmore-shipping-corporation-asc-releases-quarterly-earnings-results-misses-expectations-by-0-02-eps.html.

Ardmore Shipping Corporation announced that its board has approved a share buyback plan on Thursday, August 31st that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the shipping company to purchase up to 9.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

A number of research firms have commented on ASC. Zacks Investment Research raised Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th. BidaskClub raised Ardmore Shipping Corporation from a “strong sell” rating to a “sell” rating in a report on Friday, August 18th. ValuEngine cut Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Jefferies Group LLC reissued a “buy” rating and set a $10.00 price target on shares of Ardmore Shipping Corporation in a report on Tuesday, September 12th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $10.00 price target on shares of Ardmore Shipping Corporation in a report on Friday, July 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $10.25.

Ardmore Shipping Corporation 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.

Earnings History for Ardmore Shipping Corporation (NYSE:ASC)

Receive News & Ratings for Ardmore Shipping Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ardmore Shipping Corporation and related companies with MarketBeat.com's FREE daily email newsletter.