Ardmore Shipping (NYSE:ASC) Stock Price Down 2.7% – What’s Next?

Shares of Ardmore Shipping Co. (NYSE:ASC) fell 2.7% on Tuesday . The stock traded as low as $13.15 and last traded at $13.23. 105,047 shares traded hands during trading, a decline of 85% from the average session volume of 710,193 shares. The stock had previously closed at $13.60.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ASC. Jefferies Financial Group dropped their target price on Ardmore Shipping from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Fearnley Fonds upgraded Ardmore Shipping to a “hold” rating in a research note on Friday, September 27th. Stifel Nicolaus downgraded Ardmore Shipping from a “buy” rating to a “hold” rating and dropped their price target for the company from $24.00 to $17.00 in a research note on Wednesday, October 23rd. Finally, StockNews.com downgraded Ardmore Shipping from a “buy” rating to a “hold” rating in a research note on Wednesday, September 25th. 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 MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $20.00.

Ardmore Shipping Stock Down 5.2 %

The company has a quick ratio of 3.26, a current ratio of 3.57 and a debt-to-equity ratio of 0.03. The stock has a market cap of $524.97 million, a PE ratio of 3.51 and a beta of 0.28. The business has a 50 day moving average price of $11.95 and a 200 day moving average price of $16.14.

Ardmore Shipping Cuts Dividend

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

Institutional Trading of Ardmore Shipping

A number of hedge funds have recently modified their holdings of ASC. GAMMA Investing LLC raised its holdings in Ardmore Shipping by 261.1% in the 4th 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. Point72 Asia Singapore Pte. Ltd. acquired a new position in Ardmore Shipping in the 2nd quarter worth about $29,000. Private Trust Co. NA acquired a new position in shares of Ardmore Shipping during the third quarter valued at approximately $31,000. Nisa Investment Advisors LLC raised its holdings in shares of Ardmore Shipping by 2,906.0% during the third quarter. Nisa Investment Advisors LLC now owns 3,006 shares of the shipping company’s stock valued at $54,000 after acquiring an additional 2,906 shares during the last quarter. Finally, Quarry LP grew its position in shares of Ardmore Shipping by 829.0% in the third quarter. Quarry LP now owns 3,558 shares of the shipping company’s stock valued at $64,000 after purchasing an additional 3,175 shares in the last quarter. Hedge funds and other institutional investors own 62.22% of the company’s stock.

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.