Voya Investment Management LLC Sells 1,404 Shares of Ardmore Shipping Corporation $ASC

Voya Investment Management LLC trimmed its stake in shares of Ardmore Shipping Corporation (NYSE:ASC) by 10.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 11,450 shares of the shipping company’s stock after selling 1,404 shares during the quarter. Voya Investment Management LLC’s holdings in Ardmore Shipping were worth $112,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Pinnacle Holdings LLC bought a new stake in shares of Ardmore Shipping during the 1st quarter valued at $27,000. SBI Securities Co. Ltd. lifted its position in shares of Ardmore Shipping by 545.0% during the 1st quarter. SBI Securities Co. Ltd. now owns 3,683 shares of the shipping company’s stock valued at $36,000 after acquiring an additional 3,112 shares during the period. TrueMark Investments LLC bought a new stake in shares of Ardmore Shipping during the 1st quarter valued at $129,000. Atria Wealth Solutions Inc. bought a new stake in shares of Ardmore Shipping during the 1st quarter valued at $147,000. Finally, GAMMA Investing LLC lifted its position in shares of Ardmore Shipping by 652.3% during the 1st quarter. GAMMA Investing LLC now owns 15,919 shares of the shipping company’s stock valued at $1,626,000 after acquiring an additional 13,803 shares during the period. 62.22% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Jefferies Financial Group reiterated a “buy” rating and set a $14.00 target price on shares of Ardmore Shipping in a research report on Wednesday, July 30th. Evercore ISI set a $13.00 target price on Ardmore Shipping in a research report on Wednesday, July 30th. Finally, Zacks Research cut Ardmore Shipping from a “strong-buy” rating to a “hold” rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.67.

Ardmore Shipping Trading Up 1.5%

Shares of ASC stock opened at $12.05 on Thursday. The stock has a market cap of $489.27 million, a price-to-earnings ratio of 11.69 and a beta of 0.09. The stock has a 50-day moving average of $11.56 and a 200-day moving average of $10.39. The company has a current ratio of 3.88, a quick ratio of 3.56 and a debt-to-equity ratio of 0.04. Ardmore Shipping Corporation has a 1-year low of $8.32 and a 1-year high of $18.79.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings results on Wednesday, July 30th. The shipping company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.04. The company had revenue of $72.05 million during the quarter, compared to analysts’ expectations of $44.92 million. Ardmore Shipping had a return on equity of 8.46% and a net margin of 14.48%.The business’s quarterly revenue was down 40.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.14 earnings per share. On average, equities research analysts forecast that Ardmore Shipping Corporation will post 1.06 earnings per share for the current year.

Ardmore Shipping Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 29th were paid a dividend of $0.07 per share. This is an increase from Ardmore Shipping’s previous quarterly dividend of $0.05. This represents a $0.28 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Friday, August 29th. Ardmore Shipping’s payout ratio is 27.18%.

Ardmore Shipping Company Profile

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.