Ardmore Shipping (NYSE:ASC) Shares Gap Down to $21.49

Ardmore Shipping Co. (NYSE:ASCGet Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $21.49, but opened at $20.70. Ardmore Shipping shares last traded at $20.17, with a volume of 293,411 shares traded.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Stock Report on ASC

Ardmore Shipping Price Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.79 and a current ratio of 1.95. The stock has a 50 day simple moving average of $21.44 and a two-hundred day simple moving average of $17.83. The firm has a market cap of $833.32 million, a PE ratio of 8.23 and a beta of 0.39.

Ardmore Shipping (NYSE:ASCGet Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.92 earnings per share for the quarter, beating 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 firm had revenue of $106.30 million during the quarter, compared to analyst estimates of $72.46 million. During the same quarter in the previous year, the business earned $1.04 EPS. Ardmore Shipping’s revenue for the quarter was down 10.1% compared to the same quarter last year. Sell-side analysts expect that Ardmore Shipping Co. will post 3.25 earnings per share for the current year.

Ardmore Shipping Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 6.05%. The ex-dividend date was Friday, May 31st. This is a positive change from Ardmore Shipping’s previous quarterly dividend of $0.21. Ardmore Shipping’s payout ratio is currently 47.51%.

Hedge Funds Weigh In On Ardmore Shipping

Institutional investors and hedge funds have recently modified their holdings of the business. Sunbelt Securities Inc. acquired a new stake in Ardmore Shipping in the 1st quarter worth about $54,000. Quadrant Capital Group LLC boosted its holdings in 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 buying an additional 2,042 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in Ardmore Shipping in the 1st quarter worth about $108,000. Raymond James & Associates acquired a new stake in Ardmore Shipping in the 4th quarter worth about $141,000. Finally, MJP Associates Inc. ADV acquired a new stake in Ardmore Shipping in the 4th quarter worth about $141,000. Hedge funds and other institutional investors own 62.22% of the company’s stock.

About Ardmore Shipping

(Get 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.

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