Ardmore Shipping (NYSE:ASC) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Ardmore Shipping (NYSE:ASC) from a sell rating to a hold rating in a research report sent to investors on Thursday, Zacks.com reports.

According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “

Several other brokerages also recently issued reports on ASC. ValuEngine downgraded shares of Ardmore Shipping from a hold rating to a sell rating in a report on Monday, June 1st. Fearnley Fonds downgraded shares of Ardmore Shipping from a hold rating to a sell rating and set a $4.40 price objective for the company. in a report on Tuesday, June 2nd. Finally, Pareto Securities downgraded shares of Ardmore Shipping from a buy rating to a hold rating in a report on Tuesday, May 5th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $6.88.

ASC stock opened at $4.11 on Thursday. Ardmore Shipping has a 1-year low of $3.73 and a 1-year high of $9.79. The firm has a market cap of $136.56 million, a price-to-earnings ratio of 8.22 and a beta of 1.26. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.29 and a quick ratio of 1.40. The firm has a fifty day moving average price of $4.42 and a two-hundred day moving average price of $5.37.

Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings results on Tuesday, July 28th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.04. Ardmore Shipping had a net margin of 6.64% and a return on equity of 5.12%. The company had revenue of $47.06 million during the quarter, compared to the consensus estimate of $54.67 million. As a group, analysts expect that Ardmore Shipping will post 0.46 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of ASC. Goldman Sachs Group Inc. lifted its holdings in Ardmore Shipping by 113.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 486,261 shares of the shipping company’s stock valued at $4,400,000 after acquiring an additional 258,789 shares during the last quarter. Man Group plc raised its holdings in Ardmore Shipping by 69.7% during the 4th quarter. Man Group plc now owns 354,555 shares of the shipping company’s stock worth $3,209,000 after buying an additional 145,657 shares during the period. Aristotle Capital Boston LLC raised its holdings in Ardmore Shipping by 3.1% during the 1st quarter. Aristotle Capital Boston LLC now owns 3,453,461 shares of the shipping company’s stock worth $18,131,000 after buying an additional 104,985 shares during the period. Weiss Multi Strategy Advisers LLC raised its holdings in Ardmore Shipping by 55.5% during the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 274,293 shares of the shipping company’s stock worth $1,440,000 after buying an additional 97,935 shares during the period. Finally, Parametric Portfolio Associates LLC raised its holdings in Ardmore Shipping by 129.8% during the 1st quarter. Parametric Portfolio Associates LLC now owns 112,056 shares of the shipping company’s stock worth $588,000 after buying an additional 63,285 shares during the period. 85.14% of the stock is owned by institutional investors.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. As of January 31, 2019, the company operated a fleet of 27 double-hulled product and chemical tankers, including 21 Eco-design and 6 Eco-mod vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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