Ardmore Shipping (NYSE:ASC) Shares Climb 3.6% – Still a Buy?

Ardmore Shipping Corporation (NYSE:ASC)’s stock price was up 3.6% during mid-day trading on Thursday. The company traded as high as $19.30 and last traded at $19.1540. 347,775 shares were traded during trading, a decline of 48% from the average session volume of 667,982 shares. The stock had previously closed at $18.48.

Analyst Ratings Changes

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

Ardmore Shipping Price Performance

The firm has a 50-day simple moving average of $17.96 and a 200-day simple moving average of $17.03. The firm has a market capitalization of $782.46 million, a PE ratio of 7.42 and a beta of 0.11. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.45 and a quick ratio of 4.84.

Ardmore Shipping (NYSE:ASC) last released its quarterly earnings results on Thursday, July 30th. The shipping company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.11 by $0.07. The firm had revenue of $116.21 million during the quarter, compared to analyst estimates 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 declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Friday, August 28th were given a $0.79 dividend. The ex-dividend date was Friday, August 28th. This is a boost from Ardmore Shipping’s previous quarterly dividend of $0.39. This represents a $3.16 annualized dividend and a yield of 16.4%. Ardmore Shipping’s payout ratio is 122.01%.

Institutional Investors Weigh In On Ardmore Shipping

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc purchased a new position in Ardmore Shipping during the second quarter valued at $49,000. EverSource Wealth Advisors LLC raised its stake in shares of Ardmore Shipping by 10.2% in the first quarter. EverSource Wealth Advisors LLC now owns 7,358 shares of the shipping company’s stock worth $112,000 after buying an additional 680 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of Ardmore Shipping in the second quarter worth about $170,000. Bleakley Financial Group LLC purchased a new position in shares of Ardmore Shipping during the 1st quarter valued at about $218,000. Finally, SmartHarvest Portfolios LLC lifted its position in shares of Ardmore Shipping by 12.0% during the 1st quarter. SmartHarvest Portfolios LLC now owns 16,702 shares of the shipping company’s stock valued at $255,000 after buying an additional 1,796 shares in the last quarter. 62.22% of the stock is currently owned by hedge funds and other institutional investors.

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.