Ardmore Shipping Corporation (ASC) Receives Average Rating of “Hold” from Brokerages
Ardmore Shipping Corporation (NYSE:ASC) has been given a consensus recommendation of “Hold” by the seven analysts that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $10.50.
A number of research firms have recently weighed in on ASC. ValuEngine lowered Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Stifel Nicolaus set a $10.00 price target on Ardmore Shipping Corporation and gave the company a “buy” rating in a research report on Sunday. BidaskClub raised Ardmore Shipping Corporation from a “strong sell” rating to a “sell” rating in a research report on Friday, August 18th. Jefferies Group LLC reaffirmed a “buy” rating and set a $10.00 price target on shares of Ardmore Shipping Corporation in a research report on Monday, October 16th. Finally, Zacks Investment Research raised Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 24th.
Ardmore Shipping Corporation (NYSE:ASC) last released its earnings results on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.14). Ardmore Shipping Corporation had a negative return on equity of 2.35% and a negative net margin of 6.92%. The company had revenue of $48.70 million during the quarter, compared to analyst estimates of $29.99 million. During the same quarter in the previous year, the company posted ($0.05) EPS. Ardmore Shipping Corporation’s revenue for the quarter was up 28.2% on a year-over-year basis.
Ardmore Shipping Corporation declared that its board has approved a share repurchase plan on Thursday, August 31st that allows the company to buyback $25.00 million in shares. This buyback authorization allows the shipping company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ASC. Voya Investment Management LLC raised its position in shares of Ardmore Shipping Corporation by 32.4% in the 2nd quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock worth $120,000 after acquiring an additional 3,614 shares in the last quarter. American International Group Inc. raised its position in shares of Ardmore Shipping Corporation by 33.3% in the 1st quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock worth $135,000 after acquiring an additional 4,177 shares in the last quarter. Highbridge Capital Management LLC bought a new position in shares of Ardmore Shipping Corporation in the 1st quarter worth approximately $146,000. Alliancebernstein L.P. bought a new position in shares of Ardmore Shipping Corporation in the 2nd quarter worth approximately $155,000. Finally, Nationwide Fund Advisors raised its position in shares of Ardmore Shipping Corporation by 15.8% in the 1st quarter. Nationwide Fund Advisors now owns 20,423 shares of the shipping company’s stock worth $164,000 after acquiring an additional 2,792 shares in the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.
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.
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