Shares of Ardmore Shipping Corporation (NYSE:ASC) have been assigned a consensus recommendation of “Hold” from the nine analysts that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $10.50.
Several equities analysts have recently issued reports on the stock. Jefferies Group LLC reissued a “buy” rating and set a $10.00 price target on shares of Ardmore Shipping Corporation in a report on Tuesday. ValuEngine downgraded shares of Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, September 6th. Stifel Nicolaus set a $10.00 price target on shares of Ardmore Shipping Corporation and gave the company a “buy” rating in a report on Monday, August 28th. BidaskClub raised shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 25th. Finally, Zacks Investment Research raised shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th.
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Ardmore Shipping Corporation (ASC) remained flat at $7.35 during mid-day trading on Wednesday. The company’s stock had a trading volume of 1,234,700 shares. The firm’s market capitalization is $246.78 million. The stock’s 50-day moving average is $7.61 and its 200-day moving average is $7.66. Ardmore Shipping Corporation has a 12 month low of $5.00 and a 12 month high of $8.75.
Ardmore Shipping Corporation (NYSE:ASC) last announced its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). Ardmore Shipping Corporation had a negative net margin of 6.92% and a negative return on equity of 2.35%. The company had revenue of $49.85 million during the quarter, compared to the consensus estimate of $31.73 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was up 25.5% compared to the same quarter last year. On average, equities analysts forecast that Ardmore Shipping Corporation will post ($0.14) earnings per share for the current fiscal year.
Ardmore Shipping Corporation announced that its board has authorized a stock repurchase program on Thursday, August 31st that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the shipping company to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
A number of hedge funds have recently bought and sold shares of ASC. Acadian Asset Management LLC acquired a new stake in Ardmore Shipping Corporation in the first quarter worth about $103,000. Voya Investment Management LLC lifted its holdings in Ardmore Shipping Corporation by 32.4% in the second quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock worth $120,000 after purchasing an additional 3,614 shares during the period. American International Group Inc. lifted its holdings in Ardmore Shipping Corporation by 33.3% in the first quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock worth $135,000 after purchasing an additional 4,177 shares during the period. Highbridge Capital Management LLC acquired a new stake in Ardmore Shipping Corporation in the first quarter worth about $146,000. Finally, Alliancebernstein L.P. acquired a new stake in Ardmore Shipping Corporation in the second quarter worth about $155,000. 76.51% of the stock is owned by institutional investors and hedge funds.
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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