Ardmore Shipping Corporation (ASC) Lowered to Sell at Zacks Investment Research
Ardmore Shipping Corporation (NYSE:ASC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.
According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “
Other equities research analysts have also issued research reports about the stock. Morgan Stanley upped their price objective on shares of Ardmore Shipping Corporation from $8.50 to $9.00 and gave the stock an “equal weight” rating in a research report on Thursday. Stifel Nicolaus set a $10.00 price objective on shares of Ardmore Shipping Corporation and gave the stock a “buy” rating in a research report on Sunday, October 29th. Jefferies Group LLC reissued a “buy” rating and set a $10.00 target price on shares of Ardmore Shipping Corporation in a research report on Monday, October 16th. ValuEngine downgraded shares of Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, September 6th. Finally, BidaskClub raised shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $10.00.
Shares of Ardmore Shipping Corporation (NYSE:ASC) traded down $0.45 on Friday, reaching $8.30. 180,522 shares of the company’s stock traded hands, compared to its average volume of 132,331. Ardmore Shipping Corporation has a 1-year low of $5.35 and a 1-year high of $9.05. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.57 and a quick ratio of 1.53.
Ardmore Shipping Corporation (NYSE:ASC) last issued its quarterly earnings data on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share for the quarter, hitting the consensus estimate of ($0.14). The company had revenue of $48.70 million for the quarter, compared to analysts’ expectations of $29.99 million. Ardmore Shipping Corporation had a negative net margin of 6.45% and a negative return on equity of 3.08%. Ardmore Shipping Corporation’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. sell-side analysts anticipate that Ardmore Shipping Corporation will post -0.31 earnings per share for the current fiscal year.
Ardmore Shipping Corporation declared that its board has approved a stock 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 reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.
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Institutional investors and hedge funds have recently made changes to their positions in the company. Voya Investment Management LLC lifted its position in Ardmore Shipping Corporation by 32.4% during the 2nd quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock valued at $120,000 after acquiring an additional 3,614 shares during the period. American International Group Inc. lifted 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 valued at $135,000 after acquiring an additional 4,177 shares during the period. Highbridge Capital Management LLC purchased a new position in Ardmore Shipping Corporation in the first quarter worth about $146,000. Alliancebernstein L.P. purchased a new position in Ardmore Shipping Corporation in the second quarter worth about $155,000. Finally, Nationwide Fund Advisors raised its holdings 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 worth $164,000 after buying an additional 2,792 shares during the last quarter. 77.08% of the stock is currently owned by hedge funds and other institutional investors.
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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