Ardmore Shipping (NYSE:ASC) Stock Price Up 6.9% – Here’s What Happened

Ardmore Shipping Corporation (NYSE:ASC)’s share price rose 6.9% during mid-day trading on Friday . The stock traded as high as $16.36 and last traded at $16.37. Approximately 540,718 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 699,258 shares. The stock had previously closed at $15.32.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Weiss Ratings restated a “hold (c)” rating on shares of Ardmore Shipping in a research report on Tuesday. Finally, Evercore set a $19.00 price objective on shares of Ardmore Shipping in a report on Tuesday, April 21st. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ardmore Shipping has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Ardmore Shipping Trading Up 6.9%

The company has a quick ratio of 4.43, a current ratio of 4.87 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $667.16 million, a P/E ratio of 12.32 and a beta of 0.04. The business has a fifty day moving average price of $17.09 and a 200 day moving average price of $15.02.

Ardmore Shipping (NYSE:ASC) last posted its quarterly earnings data on Thursday, May 7th. The shipping company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.07. The business had revenue of $87.92 million during the quarter, compared to the consensus estimate of $58.08 million. Ardmore Shipping had a return on equity of 9.63% and a net margin of 18.00%.

Ardmore Shipping Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 29th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.56 annualized dividend and a dividend yield of 9.5%. This is an increase from Ardmore Shipping’s previous quarterly dividend of $0.09. Ardmore Shipping’s dividend payout ratio (DPR) is 117.29%.

Insider Activity

In related news, Director Curtis B. Mcwilliams sold 16,277 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $19.38, for a total transaction of $315,448.26. Following the completion of the transaction, the director owned 60,673 shares in the company, valued at approximately $1,175,842.74. This represents a 21.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kirsi Tikka sold 12,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $18.93, for a total transaction of $227,160.00. Following the completion of the transaction, the director directly owned 35,471 shares of the company’s stock, valued at approximately $671,466.03. This trade represents a 25.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 40,000 shares of company stock worth $766,048 over the last ninety days.

Institutional Investors Weigh In On Ardmore Shipping

Several institutional investors and hedge funds have recently added to or reduced their stakes in ASC. Zions Bancorporation National Association UT bought a new position in shares of Ardmore Shipping in the 4th quarter valued at about $25,000. Raymond James Financial Inc. bought a new stake in Ardmore Shipping during the second quarter worth about $38,000. EverSource Wealth Advisors LLC boosted its position in Ardmore Shipping by 1,689.0% during the second quarter. EverSource Wealth Advisors LLC now owns 8,444 shares of the shipping company’s stock valued at $81,000 after purchasing an additional 7,972 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Ardmore Shipping by 536.3% during the second quarter. Tower Research Capital LLC TRC now owns 8,737 shares of the shipping company’s stock valued at $84,000 after purchasing an additional 7,364 shares during the last quarter. Finally, Quadrant Capital Group LLC acquired a new position in Ardmore Shipping during the third quarter valued at approximately $105,000. 62.22% of the stock is owned by institutional investors.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation is a Bermuda-based provider of seaborne transportation services for refined petroleum products. The company owns and operates a modern fleet of product tankers, including medium-range (MR), long-range 2 (LR2) and Aframax vessels. Ardmore Shipping focuses on the ocean carriage of clean and dirty petroleum products under time charters, bareboat charters and spot voyages, serving a diverse customer base that includes major oil companies and trading houses.

Since its founding in 2005, Ardmore Shipping has grown its fleet through newbuilding contracts, second-hand acquisitions and fleet renewals, aiming to maintain a high quality, fuel-efficient profile.