Brokerages Expect Ardmore Shipping Corporation (ASC) Will Post Quarterly Sales of $30.02 Million
Analysts expect that Ardmore Shipping Corporation (NYSE:ASC) will report sales of $30.02 million for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Ardmore Shipping Corporation’s earnings. The lowest sales estimate is $29.00 million and the highest is $30.50 million. Ardmore Shipping Corporation posted sales of $37.97 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 20.9%. The company is scheduled to report its next quarterly earnings report on Wednesday, November 1st.
On average, analysts expect that Ardmore Shipping Corporation will report full year sales of $30.02 million for the current financial year, with estimates ranging from $123.00 million to $131.31 million. For the next year, analysts forecast that the company will post sales of $158.43 million per share, with estimates ranging from $137.00 million to $181.88 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Ardmore Shipping Corporation.
Ardmore Shipping Corporation (NYSE:ASC) last released its quarterly earnings data on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.02). The business had revenue of $48.70 million for the quarter, compared to analyst estimates 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 company’s revenue was up 28.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) earnings per share.
Several analysts have recently weighed in on the company. Stifel Nicolaus set a $10.00 target price on Ardmore Shipping Corporation and gave the company a “buy” rating in a research note on Sunday. Zacks Investment Research downgraded Ardmore Shipping Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Jefferies Group LLC restated a “buy” rating and issued a $10.00 target price on shares of Ardmore Shipping Corporation in a research note on Monday, October 16th. ValuEngine downgraded Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, September 6th. Finally, BidaskClub raised Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $10.25.
Ardmore Shipping Corporation declared that its board has initiated a stock buyback plan on Thursday, August 31st that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the shipping company to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Voya Investment Management LLC increased its holdings in shares of Ardmore Shipping Corporation by 32.4% in the second quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock valued at $120,000 after buying an additional 3,614 shares in the last quarter. American International Group Inc. grew its position in Ardmore Shipping Corporation by 33.3% during the 1st quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock worth $135,000 after purchasing an additional 4,177 shares in the last quarter. Highbridge Capital Management LLC purchased a new position in Ardmore Shipping Corporation during the 1st quarter worth approximately $146,000. Alliancebernstein L.P. purchased a new position in Ardmore Shipping Corporation during the 2nd quarter worth approximately $155,000. Finally, Nationwide Fund Advisors grew its position in Ardmore Shipping Corporation by 15.8% during the 1st quarter. Nationwide Fund Advisors now owns 20,423 shares of the shipping company’s stock worth $164,000 after purchasing an additional 2,792 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors.
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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