Norden Group LLC Takes Position in Ardmore Shipping Co. (NYSE:ASC)

Norden Group LLC acquired a new stake in shares of Ardmore Shipping Co. (NYSE:ASCFree Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,108 shares of the shipping company’s stock, valued at approximately $166,000.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on ASC shares. Stifel Nicolaus increased their target price on Ardmore Shipping from $21.00 to $22.00 and gave the company a “buy” rating in a report on Friday, April 19th. Jefferies Financial Group increased 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. Finally, StockNews.com upgraded Ardmore Shipping from a “hold” rating to a “buy” rating in a report on Wednesday, May 15th.

Read Our Latest Research Report on ASC

Ardmore Shipping Price Performance

Shares of NYSE:ASC opened at $20.00 on Wednesday. The company has a current ratio of 1.95, a quick ratio of 1.79 and a debt-to-equity ratio of 0.04. Ardmore Shipping Co. has a 1 year low of $11.70 and a 1 year high of $23.44. The business has a fifty day simple moving average of $21.57 and a 200 day simple moving average of $17.90. The firm has a market cap of $812.54 million, a price-to-earnings ratio of 7.66 and a beta of 0.39.

Ardmore Shipping (NYSE:ASCGet Free Report) last announced its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.05. The business had revenue of $106.30 million during the quarter, compared to analyst estimates of $72.46 million. Ardmore Shipping had a return on equity of 21.06% and a net margin of 29.15%. Ardmore Shipping’s quarterly revenue was down 10.1% compared to the same quarter last year. During the same period last year, the company earned $1.04 earnings per share. As a group, sell-side analysts predict that Ardmore Shipping Co. will post 3.25 earnings per share for the current fiscal year.

Ardmore Shipping Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 6.20%. This is an increase from Ardmore Shipping’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Friday, May 31st. 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.

Further Reading

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

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