Principal Financial Group Inc. Makes New Investment in Ardmore Shipping Co. (NYSE:ASC)

Principal Financial Group Inc. acquired a new stake in shares of Ardmore Shipping Co. (NYSE:ASCFree Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 22,925 shares of the shipping company’s stock, valued at approximately $376,000. Principal Financial Group Inc. owned approximately 0.06% of Ardmore Shipping as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ASC. Sunbelt Securities Inc. bought a new stake in Ardmore Shipping during the 1st quarter valued at $54,000. Quadrant Capital Group LLC raised its holdings in shares of Ardmore Shipping by 87.3% in the 4th quarter. Quadrant Capital Group LLC now owns 4,382 shares of the shipping company’s stock worth $62,000 after acquiring an additional 2,042 shares during the last quarter. Raymond James & Associates bought a new position in Ardmore Shipping in the 4th quarter valued at about $141,000. MJP Associates Inc. ADV acquired a new position in Ardmore Shipping during the 4th quarter valued at about $141,000. Finally, Advisor OS LLC acquired a new position in Ardmore Shipping during the 4th quarter valued at about $141,000. 62.22% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ASC shares. Jefferies Financial Group raised their target price on Ardmore Shipping from $20.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. upgraded Ardmore Shipping from a “hold” rating to a “buy” rating in a research note on Wednesday, May 15th. Finally, Stifel Nicolaus lifted their price objective on shares of Ardmore Shipping from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, April 19th.

Check Out Our Latest Stock Analysis on ASC

Ardmore Shipping Price Performance

Ardmore Shipping stock opened at $21.49 on Friday. The stock has a market cap of $873.14 million, a P/E ratio of 8.23 and a beta of 0.39. The company has a quick ratio of 1.79, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The company’s 50 day moving average price is $21.44 and its two-hundred day moving average price is $17.80. Ardmore Shipping Co. has a 52 week low of $11.70 and a 52 week high of $23.44.

Ardmore Shipping (NYSE:ASCGet Free Report) last posted its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.05. Ardmore Shipping had a return on equity of 21.06% and a net margin of 29.15%. The business had revenue of $106.30 million for the quarter, compared to analysts’ expectations of $72.46 million. During the same quarter in the previous year, the firm earned $1.04 earnings per share. The business’s revenue was down 10.1% on a year-over-year basis. On average, equities analysts predict that Ardmore Shipping Co. will post 3.25 earnings per share for the current year.

Ardmore Shipping Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $1.24 annualized dividend and a yield of 5.77%. This is a positive change from Ardmore Shipping’s previous quarterly dividend of $0.21. Ardmore Shipping’s dividend payout ratio is presently 47.51%.

About Ardmore Shipping

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Ardmore Shipping (NYSE:ASC)

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