Ardmore Shipping (ASC) Cut to “Sell” at ValuEngine

ValuEngine cut shares of Ardmore Shipping (NYSE:ASC) from a hold rating to a sell rating in a research report sent to investors on Friday morning.

Several other brokerages have also weighed in on ASC. BidaskClub raised Ardmore Shipping from a strong sell rating to a sell rating in a research report on Friday, August 18th. Zacks Investment Research lowered Ardmore Shipping from a buy rating to a hold rating in a research report on Tuesday, October 17th. Morgan Stanley lifted their price target on Ardmore Shipping from $8.50 to $9.00 and gave the stock an equal weight rating in a research report on Thursday, November 2nd. Jefferies Group reaffirmed a buy rating and set a $10.00 price target on shares of Ardmore Shipping in a research report on Tuesday, September 12th. Finally, Stifel Nicolaus set a $10.00 price target on Ardmore Shipping and gave the stock a buy rating in a research report on Sunday, October 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $10.00.

Shares of Ardmore Shipping (NYSE ASC) opened at $7.95 on Friday. The company has a current ratio of 1.57, a quick ratio of 1.41 and a debt-to-equity ratio of 1.03. Ardmore Shipping has a 12-month low of $6.60 and a 12-month high of $9.05.

Ardmore Shipping (NYSE:ASC) last issued its earnings results on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share for the quarter, hitting the consensus estimate of ($0.14). Ardmore Shipping 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 for the quarter, compared to analyst estimates of $29.99 million. During the same quarter last year, the company earned ($0.05) EPS. The business’s quarterly revenue was up 28.2% on a year-over-year basis. research analysts predict that Ardmore Shipping will post -0.34 earnings per share for the current year.

Ardmore Shipping declared that its Board of Directors has authorized a stock repurchase 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 purchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Several hedge funds have recently made changes to their positions in ASC. Voya Investment Management LLC grew its stake in shares of Ardmore Shipping 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 purchasing an additional 3,614 shares during the last quarter. American International Group Inc. grew its stake in shares of Ardmore Shipping 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 purchasing an additional 4,177 shares during the last quarter. Alliancebernstein L.P. purchased a new position in shares of Ardmore Shipping in the 2nd quarter valued at approximately $155,000. Citadel Advisors LLC purchased a new stake in shares of Ardmore Shipping in the second quarter valued at approximately $174,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Ardmore Shipping by 4.3% in the second quarter. The Manufacturers Life Insurance Company now owns 31,340 shares of the shipping company’s stock valued at $255,000 after buying an additional 1,306 shares in the last quarter. Institutional investors own 77.29% of the company’s stock.

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About Ardmore Shipping

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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