Greenland Capital Management LP Invests $144,000 in Ardmore Shipping Corporation $ASC

Greenland Capital Management LP purchased a new position in shares of Ardmore Shipping Corporation (NYSE:ASC) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 15,000 shares of the shipping company’s stock, valued at approximately $144,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ASC. Royce & Associates LP lifted its holdings in shares of Ardmore Shipping by 5.9% during the first quarter. Royce & Associates LP now owns 879,760 shares of the shipping company’s stock worth $8,613,000 after buying an additional 49,340 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in Ardmore Shipping in the 1st quarter worth about $4,683,000. Atria Wealth Solutions Inc. bought a new stake in Ardmore Shipping in the 1st quarter valued at about $147,000. Koss Olinger Consulting LLC boosted its stake in shares of Ardmore Shipping by 22.6% in the first quarter. Koss Olinger Consulting LLC now owns 51,174 shares of the shipping company’s stock valued at $501,000 after buying an additional 9,446 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in Ardmore Shipping by 1.8% in the 1st quarter. Russell Investments Group Ltd. now owns 525,404 shares of the shipping company’s stock valued at $5,144,000 after acquiring an additional 9,333 shares in the last quarter. 62.22% of the stock is owned by institutional investors and hedge funds.

Ardmore Shipping Trading Down 3.6%

ASC opened at $13.02 on Thursday. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.46 and a quick ratio of 4.08. Ardmore Shipping Corporation has a fifty-two week low of $8.32 and a fifty-two week high of $13.85. The company’s 50 day moving average price is $12.30 and its two-hundred day moving average price is $11.06. The firm has a market capitalization of $528.87 million, a price-to-earnings ratio of 16.69 and a beta of 0.01.

Ardmore Shipping (NYSE:ASC) last released its quarterly earnings results on Wednesday, November 5th. The shipping company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.03. The firm had revenue of $81.25 million during the quarter, compared to the consensus estimate of $48.38 million. Ardmore Shipping had a net margin of 11.50% and a return on equity of 6.69%. The company’s revenue for the quarter was down 15.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.55 earnings per share. As a group, research analysts predict that Ardmore Shipping Corporation will post 1.06 earnings per share for the current year.

Ardmore Shipping Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, November 28th. This represents a $0.40 dividend on an annualized basis and a yield of 3.1%. This is a boost from Ardmore Shipping’s previous quarterly dividend of $0.07. Ardmore Shipping’s payout ratio is currently 35.90%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $15.00 target price on shares of Ardmore Shipping in a report on Wednesday, November 5th. Evercore ISI raised their target price on Ardmore Shipping from $13.00 to $15.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ardmore Shipping in a research note on Wednesday, October 8th. Finally, Zacks Research cut shares of Ardmore Shipping from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Ardmore Shipping currently has a consensus rating of “Moderate Buy” and an average target price of $13.67.

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.