37,990 Shares in Ardmore Shipping Corporation $ASC Purchased by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC purchased a new position in shares of Ardmore Shipping Corporation (NYSE:ASC) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 37,990 shares of the shipping company’s stock, valued at approximately $688,000.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Ardmore Shipping during the second quarter worth $53,878,000. Wellington Management Group LLP purchased a new stake in Ardmore Shipping in the 2nd quarter valued at $27,780,000. Flat Footed LLC purchased a new stake in Ardmore Shipping in the 2nd quarter valued at $13,293,599. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Ardmore Shipping in the 2nd quarter valued at $7,615,000. Finally, Renaissance Technologies LLC increased its stake in shares of Ardmore Shipping by 18.1% in the 1st quarter. Renaissance Technologies LLC now owns 1,736,632 shares of the shipping company’s stock worth $26,484,000 after acquiring an additional 266,275 shares during the last quarter. 62.22% of the stock is currently owned by hedge funds and other institutional investors.

Ardmore Shipping Stock Performance

NYSE:ASC opened at $18.93 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.45 and a quick ratio of 4.84. The firm has a market capitalization of $770.96 million, a price-to-earnings ratio of 7.31 and a beta of 0.11. The company’s 50-day moving average is $18.30 and its two-hundred day moving average is $17.22. Ardmore Shipping Corporation has a 1-year low of $10.31 and a 1-year high of $20.60.

Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings results on Thursday, July 30th. The shipping company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.07. The business had revenue of $116.21 million during the quarter, compared to the consensus estimate of $86.30 million. Ardmore Shipping had a net margin of 29.67% and a return on equity of 15.24%.

Ardmore Shipping Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Friday, August 28th were issued a $0.79 dividend. This is a boost from Ardmore Shipping’s previous quarterly dividend of $0.39. This represents a $3.16 dividend on an annualized basis and a yield of 16.7%. The ex-dividend date was Friday, August 28th. Ardmore Shipping’s payout ratio is currently 122.01%.

Analysts Set New Price Targets

ASC has been the topic of several analyst reports. Weiss Ratings upgraded Ardmore Shipping from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 22nd. Wall Street Zen raised shares of Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 5th. Three analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, Ardmore Shipping has a consensus rating of “Buy” and an average target price of $17.00.

About Ardmore Shipping

Ardmore Shipping Corporation (NYSE: ASC) is a maritime transportation company that owns and operates a fleet of product and chemical tankers. The company transports refined petroleum products, such as gasoline, diesel and jet fuel, as well as chemicals and other liquid commodities for customers involved in the energy and industrial sectors.

Ardmore’s fleet primarily includes medium-range product tankers and chemical tankers designed to serve regional and international trade routes. Its vessels operate worldwide, supporting the movement of cargo between major refining, distribution and consumption markets.