Parametric Portfolio Associates LLC Cuts Stake in Ardmore Shipping Corporation (ASC)

Parametric Portfolio Associates LLC reduced its position in Ardmore Shipping Corporation (NYSE:ASC) by 10.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 152,987 shares of the shipping company’s stock after selling 17,470 shares during the quarter. Parametric Portfolio Associates LLC owned 0.46% of Ardmore Shipping Corporation worth $1,247,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Royce & Associates LP lifted its stake in shares of Ardmore Shipping Corporation by 9.4% in the 2nd quarter. Royce & Associates LP now owns 1,713,575 shares of the shipping company’s stock valued at $13,966,000 after acquiring an additional 147,900 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Ardmore Shipping Corporation by 2.9% in the 2nd quarter. American Century Companies Inc. now owns 1,463,249 shares of the shipping company’s stock valued at $11,925,000 after acquiring an additional 40,871 shares during the last quarter. Eagle Boston Investment Management Inc. lifted its stake in shares of Ardmore Shipping Corporation by 12.8% in the 2nd quarter. Eagle Boston Investment Management Inc. now owns 1,025,267 shares of the shipping company’s stock valued at $8,355,000 after acquiring an additional 116,500 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Ardmore Shipping Corporation by 88.7% in the 2nd quarter. Northern Trust Corp now owns 919,286 shares of the shipping company’s stock valued at $7,492,000 after acquiring an additional 432,042 shares during the last quarter. Finally, Signia Capital Management LLC lifted its stake in shares of Ardmore Shipping Corporation by 2.6% in the 2nd quarter. Signia Capital Management LLC now owns 765,771 shares of the shipping company’s stock valued at $6,241,000 after acquiring an additional 19,565 shares during the last quarter. Hedge funds and other institutional investors own 80.34% of the company’s stock.

Ardmore Shipping Corporation (ASC) opened at $8.25 on Thursday. The company has a quick ratio of 1.41, a current ratio of 1.57 and a debt-to-equity ratio of 1.03. Ardmore Shipping Corporation has a 52-week low of $6.20 and a 52-week high of $9.05.

Ardmore Shipping Corporation (NYSE:ASC) last released its quarterly earnings results on Wednesday, November 1st. The shipping company reported ($0.14) EPS for the quarter, meeting analysts’ consensus estimates of ($0.14). The business had revenue of $48.70 million during the quarter, compared to analyst estimates of $29.99 million. Ardmore Shipping Corporation had a negative return on equity of 3.08% and a negative net margin of 6.45%. Ardmore Shipping Corporation’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.05) EPS. sell-side analysts anticipate that Ardmore Shipping Corporation will post -0.34 earnings per share for the current fiscal year.

Ardmore Shipping Corporation declared that its board has approved a share repurchase plan on Thursday, August 31st that allows the company to buyback $25.00 million in shares. This buyback authorization allows the shipping company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

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A number of equities research analysts have recently weighed in on the company. ValuEngine lowered Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Zacks Investment Research raised Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, November 9th. BidaskClub raised Ardmore Shipping Corporation from a “strong sell” rating to a “sell” rating in a research note on Friday, August 18th. Morgan Stanley boosted their target price on Ardmore Shipping Corporation from $8.50 to $9.00 and gave the company an “equal weight” rating in a research note on Thursday, November 2nd. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $10.00 price target on shares of Ardmore Shipping Corporation in a research report on Monday, October 16th. 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 company currently has an average rating of “Hold” and an average price target of $10.00.

Ardmore Shipping Corporation 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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Institutional Ownership by Quarter for Ardmore Shipping Corporation (NYSE:ASC)

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