Ardmore Shipping (NYSE:ASC) Stock Price Down 4.2% – Here’s Why

Ardmore Shipping Corporation (NYSE:ASC)’s share price was down 4.2% during trading on Wednesday . The stock traded as low as $15.14 and last traded at $15.23. Approximately 216,282 shares were traded during trading, a decline of 71% from the average daily volume of 749,200 shares. The stock had previously closed at $15.90.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wall Street Zen raised Ardmore Shipping from a “hold” rating to a “buy” rating in a research report on Saturday, March 14th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ardmore Shipping in a report on Wednesday, December 24th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $15.00.

Ardmore Shipping Price Performance

The stock has a market capitalization of $622.76 million, a P/E ratio of 17.18 and a beta of -0.16. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.98 and a current ratio of 4.33. The firm has a fifty day moving average price of $13.94 and a two-hundred day moving average price of $12.65.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings data on Thursday, February 12th. The shipping company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. The company had revenue of $82.91 million during the quarter, compared to analyst estimates of $51.00 million. Ardmore Shipping had a return on equity of 7.02% and a net margin of 13.22%. As a group, analysts expect that Ardmore Shipping Corporation will post 1.06 EPS for the current fiscal year.

Ardmore Shipping Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, February 27th. Ardmore Shipping’s payout ratio is currently 40.45%.

Hedge Funds Weigh In On Ardmore Shipping

Institutional investors have recently made changes to their positions in the business. Zions Bancorporation National Association UT purchased a new position in shares of Ardmore Shipping in the fourth quarter worth approximately $25,000. Raymond James Financial Inc. bought a new stake in Ardmore Shipping during the second quarter valued at approximately $38,000. Ameriflex Group Inc. purchased a new stake in Ardmore Shipping during the third quarter valued at approximately $59,000. EverSource Wealth Advisors LLC increased its holdings in Ardmore Shipping by 1,689.0% during the second quarter. EverSource Wealth Advisors LLC now owns 8,444 shares of the shipping company’s stock valued at $81,000 after buying an additional 7,972 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in Ardmore Shipping by 536.3% in the second quarter. Tower Research Capital LLC TRC now owns 8,737 shares of the shipping company’s stock worth $84,000 after acquiring an additional 7,364 shares during the period. Institutional investors own 62.22% of the company’s stock.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation is a Bermuda-based provider of seaborne transportation services for refined petroleum products. The company owns and operates a modern fleet of product tankers, including medium-range (MR), long-range 2 (LR2) and Aframax vessels. Ardmore Shipping focuses on the ocean carriage of clean and dirty petroleum products under time charters, bareboat charters and spot voyages, serving a diverse customer base that includes major oil companies and trading houses.

Since its founding in 2005, Ardmore Shipping has grown its fleet through newbuilding contracts, second-hand acquisitions and fleet renewals, aiming to maintain a high quality, fuel-efficient profile.