Tocqueville Asset Management L.P. purchased a new stake in Ardmore Shipping Corporation (NYSE:ASC) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 556,643 shares of the shipping company’s stock, valued at approximately $4,592,000. Tocqueville Asset Management L.P. owned 1.66% of Ardmore Shipping Corporation at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Voya Investment Management LLC grew 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 valued at $120,000 after buying an additional 3,614 shares during the period. American International Group Inc. grew 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 valued at $135,000 after buying an additional 4,177 shares during the period. Highbridge Capital Management LLC purchased a new stake in Ardmore Shipping Corporation in the 1st quarter valued at about $146,000. Alliancebernstein L.P. purchased a new stake in Ardmore Shipping Corporation in the 2nd quarter valued at about $155,000. Finally, Nationwide Fund Advisors grew 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 valued at $164,000 after buying an additional 2,792 shares during the period. Institutional investors own 78.95% of the company’s stock.
Several research firms have commented on ASC. Morgan Stanley lifted their price target on Ardmore Shipping Corporation from $8.50 to $9.00 and gave the company an “equal weight” rating in a report on Thursday. ValuEngine cut Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a report 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 report on Sunday, October 29th. Zacks Investment Research cut Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a report on Friday. Finally, BidaskClub upgraded Ardmore Shipping Corporation from a “strong sell” rating to a “sell” rating in a report on Friday, August 18th. Two research 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 stock has an average rating of “Hold” and an average price target of $10.00.
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Shares of Ardmore Shipping Corporation (NYSE ASC) opened at $8.30 on Monday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.41 and a current ratio of 1.57. Ardmore Shipping Corporation has a fifty-two week low of $5.35 and a fifty-two week high of $9.05.
Ardmore Shipping Corporation (NYSE:ASC) last issued its earnings results on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.14). Ardmore Shipping Corporation had a negative return on equity of 3.08% and a negative net margin of 6.45%. The business had revenue of $48.70 million during the quarter, compared to analysts’ expectations of $29.99 million. During the same quarter in the previous year, the business earned ($0.05) EPS. The company’s revenue for the quarter was up 28.2% on a year-over-year basis. equities analysts predict that Ardmore Shipping Corporation will post -0.31 earnings per share for the current fiscal year.
Ardmore Shipping Corporation announced that its Board of Directors has initiated a share buyback program on Thursday, August 31st that permits the company to buyback $25.00 million in shares. This buyback authorization permits the shipping company to buy up to 9.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
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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