Ardmore Shipping Corporation (NYSE:ASC) had its price objective upped by Morgan Stanley from $8.50 to $9.00 in a research report sent to investors on Thursday morning. The firm currently has an equal weight rating on the shipping company’s stock.
Several other equities analysts have also recently weighed in on ASC. ValuEngine cut shares of 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 objective on shares of Ardmore Shipping Corporation and gave the stock a buy rating in a research note on Sunday, October 29th. BidaskClub upgraded shares of Ardmore Shipping Corporation from a strong sell rating to a sell rating in a research note on Friday, August 18th. Jefferies Group LLC reiterated a buy rating and issued a $10.00 price objective on shares of Ardmore Shipping Corporation in a research note on Monday, October 16th. Finally, Zacks Investment Research upgraded shares of Ardmore Shipping Corporation from a sell rating to a hold rating in a research note on Monday, July 24th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $10.00.
Ardmore Shipping Corporation (ASC) traded down $0.45 on Thursday, reaching $8.30. 180,522 shares of the company’s stock traded hands, compared to its average volume of 132,331. The company has a current ratio of 1.57, a quick ratio of 1.53 and a debt-to-equity ratio of 1.03. Ardmore Shipping Corporation has a 1-year low of $5.35 and a 1-year high of $9.05.
Ardmore Shipping Corporation (NYSE:ASC) last posted its earnings results on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.14). 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 net margin of 6.45% and a negative return on equity of 3.08%. During the same quarter in the prior year, the business earned ($0.05) EPS. The business’s revenue for the quarter was up 28.2% compared to the same quarter last year. analysts expect that Ardmore Shipping Corporation will post -0.31 EPS for the current year.
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Ardmore Shipping Corporation announced that its board has initiated a stock buyback program on Thursday, August 31st that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the shipping company to purchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
Institutional investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC increased its holdings in 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. increased its holdings in 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 purchased a new stake in Ardmore Shipping Corporation in the 1st quarter worth approximately $146,000. Alliancebernstein L.P. purchased a new stake in Ardmore Shipping Corporation in the 2nd quarter worth approximately $155,000. Finally, Nationwide Fund Advisors increased its holdings in 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.
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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