Rep. Virginia Foxx Sells Ardmore Shipping Co. (NYSE:ASC) Stock

Representative Virginia Foxx (R-North Carolina) recently sold shares of Ardmore Shipping Co. (NYSE:ASC). In a filing disclosed on January 06th, the Representative disclosed that they had sold between $15,001 and $50,000 in Ardmore Shipping stock on December 6th.

Representative Virginia Foxx also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of AbbVie (NYSE:ABBV) on 12/6/2024.
• Sold $50,001 – $100,000 in shares of Via Renewables (NASDAQ:VIASP) on 12/6/2024.
• Purchased $1,001 – $15,000 in shares of American Electric Power (NASDAQ:AEP) on 12/6/2024.
• Sold $15,001 – $50,000 in shares of FLEX LNG (NYSE:FLNG) on 12/6/2024.
• Sold $50,001 – $100,000 in shares of Pembina Pipeline (NYSE:PBA) on 12/6/2024.
• Purchased $1,001 – $15,000 in shares of Bristol-Myers Squibb (NYSE:BMY) on 12/6/2024.
• Purchased $1,001 – $15,000 in shares of Amgen (NASDAQ:AMGN) on 12/6/2024.
• Sold $15,001 – $50,000 in shares of Alliance Resource Partners (NASDAQ:ARLP) on 12/6/2024.
• Purchased $1,001 – $15,000 in shares of Duke Energy (NYSE:DUK) on 12/6/2024.
• Sold $15,001 – $50,000 in shares of Energy Transfer (NYSE:ET) on 12/6/2024.

Ardmore Shipping Price Performance

Shares of ASC stock traded down $0.23 during trading hours on Thursday, reaching $12.54. 594,605 shares of the company were exchanged, compared to its average volume of 741,361. The stock’s fifty day moving average is $12.01 and its two-hundred day moving average is $16.47. The company has a market cap of $524.70 million, a price-to-earnings ratio of 3.51 and a beta of 0.28. Ardmore Shipping Co. has a fifty-two week low of $10.86 and a fifty-two week high of $23.44. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.57 and a quick ratio of 3.26.

Ardmore Shipping Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a $0.18 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.72 annualized dividend and a yield of 5.74%. Ardmore Shipping’s payout ratio is 20.17%.

Institutional Investors Weigh In On Ardmore Shipping

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Ardmore Shipping during the second quarter valued at $29,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Ardmore Shipping by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 99,389 shares of the shipping company’s stock worth $1,799,000 after buying an additional 1,302 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Ardmore Shipping by 3.0% in the 3rd quarter. Franklin Resources Inc. now owns 44,482 shares of the shipping company’s stock valued at $769,000 after acquiring an additional 1,304 shares in the last quarter. Larson Financial Group LLC bought a new position in Ardmore Shipping during the second quarter worth $34,000. Finally, GAMMA Investing LLC grew its holdings in Ardmore Shipping by 261.1% in the fourth quarter. GAMMA Investing LLC now owns 2,116 shares of the shipping company’s stock worth $26,000 after purchasing an additional 1,530 shares during the period. 62.22% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ASC. Jefferies Financial Group lowered their price target on Ardmore Shipping from $20.00 to $17.00 and set a “buy” rating for the company in a report on Thursday, November 14th. StockNews.com downgraded shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Fearnley Fonds upgraded Ardmore Shipping to a “hold” rating in a research report on Friday, September 27th. Finally, Stifel Nicolaus cut shares of Ardmore Shipping from a “buy” rating to a “hold” rating and cut their price objective for the stock from $24.00 to $17.00 in a research report on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $20.00.

About Representative Foxx

Virginia Foxx (Republican Party) is a member of the U.S. House, representing North Carolina’s 5th Congressional District. She assumed office on January 3, 2005. Her current term ends on January 3, 2025. Foxx (Republican Party) is running for re-election to the U.S. House to represent North Carolina’s 5th Congressional District. She declared candidacy for the 2024 election. Prior to her election to the U.S. House, Foxx served as a member of the North Carolina State Senate as well as deputy secretary for management for North Carolina. Foxx was born in New York, New York. She earned a B.A. and M.A.C.T. from the University of North Carolina, Chapel Hill, in 1968 and 1972, respectively, and an Ed.D. from the University of North Carolina, Greensboro, in 1985. Foxx worked as an instructor at Caldwell Community College in Hudson, NC, and an instructor and assistant dean at Appalachian State University in Boone, NC. She owned a landscape nursery and served as Deputy Secretary for Management at the North Carolina Department of Administration.

About Ardmore Shipping

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.