Ardmore Shipping (NYSE:ASC) Rating Lowered to Buy at Wall Street Zen

Ardmore Shipping (NYSE:ASC) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

Other research analysts also recently issued reports about the company. Weiss Ratings raised Ardmore Shipping from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 22nd. Evercore reiterated an “outperform” rating and set a $22.00 price target on shares of Ardmore Shipping in a research note on Tuesday, October 27th. Three research analysts have rated the stock with a Buy rating. According to MarketBeat.com, Ardmore Shipping presently has a consensus rating of “Buy” and an average target price of $18.50.

Ardmore Shipping Stock Performance

NYSE ASC opened at $20.97 on Friday. Ardmore Shipping has a twelve month low of $10.31 and a twelve month high of $21.34. The company has a quick ratio of 4.84, a current ratio of 5.45 and a debt-to-equity ratio of 0.05. The stock has a market cap of $854.11 million, a P/E ratio of 8.10 and a beta of 0.15. The company’s 50-day simple moving average is $18.80 and its 200 day simple moving average is $16.54.

Institutional Investors Weigh In On Ardmore Shipping

Several institutional investors and hedge funds have recently modified their holdings of ASC. EverSource Wealth Advisors LLC boosted its position in Ardmore Shipping by 10.2% during the first quarter. EverSource Wealth Advisors LLC now owns 7,358 shares of the shipping company’s stock worth $112,000 after purchasing an additional 680 shares in the last quarter. Farther Finance Advisors LLC increased its position in Ardmore Shipping by 49.6% in the third quarter. Farther Finance Advisors LLC now owns 4,309 shares of the shipping company’s stock worth $80,000 after buying an additional 1,429 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Ardmore Shipping by 20.1% during the third quarter. GAMMA Investing LLC now owns 8,629 shares of the shipping company’s stock valued at $161,000 after purchasing an additional 1,446 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Ardmore Shipping by 17.7% during the 1st quarter. First Trust Advisors LP now owns 18,646 shares of the shipping company’s stock valued at $284,000 after acquiring an additional 2,799 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Ardmore Shipping in the 2nd quarter worth about $49,000. Institutional investors own 62.22% of the company’s stock.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation (NYSE: ASC) is a maritime transportation company that owns and operates a fleet of product and chemical tankers. The company provides seaborne transportation services for refined petroleum products, such as gasoline, diesel and jet fuel, as well as certain chemicals and other liquid cargoes.

Ardmore’s vessels primarily serve international trade routes, transporting cargoes between major energy and industrial markets. Its operations include commercial management, chartering and technical management of its fleet, with an emphasis on safe, efficient and environmentally responsible maritime transportation.

Founded in 2010, Ardmore Shipping is headquartered in Hamilton, Bermuda.