Ardmore Shipping (ASC) Now Covered by Analysts at Jefferies Group
Jefferies Group assumed coverage on shares of Ardmore Shipping (NYSE:ASC) in a research report report published on Monday morning. The brokerage issued a buy rating and a $11.00 price objective on the shipping company’s stock.
ASC has been the subject of several other research reports. Zacks Investment Research raised Ardmore Shipping from a hold rating to a buy rating and set a $9.50 price objective for the company in a report on Tuesday, October 3rd. Stifel Nicolaus set a $10.00 price objective on Ardmore Shipping and gave the stock a buy rating in a report on Sunday, October 29th. ValuEngine lowered Ardmore Shipping from a hold rating to a sell rating in a report on Wednesday, September 6th. BidaskClub raised Ardmore Shipping from a sell rating to a hold rating in a report on Friday, August 25th. Finally, Morgan Stanley boosted their price objective on Ardmore Shipping from $8.50 to $9.00 and gave the stock an equal weight rating in a report on Thursday, November 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $10.20.
Ardmore Shipping (NYSE:ASC) opened at $8.00 on Monday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.57 and a quick ratio of 1.41. Ardmore Shipping has a twelve month low of $6.60 and a twelve month high of $9.05.
Ardmore Shipping declared that its Board of Directors has approved a stock buyback program on Thursday, August 31st that allows the company to buyback $25.00 million in shares. This buyback authorization allows the shipping company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Tocqueville Asset Management L.P. bought a new stake in Ardmore Shipping in the 3rd quarter worth approximately $4,592,000. Northern Trust Corp lifted its position in Ardmore Shipping by 88.7% in the 2nd quarter. Northern Trust Corp now owns 919,286 shares of the shipping company’s stock worth $7,492,000 after buying an additional 432,042 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Ardmore Shipping by 336.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 521,853 shares of the shipping company’s stock worth $4,305,000 after buying an additional 402,158 shares during the last quarter. Dimensional Fund Advisors LP bought a new stake in Ardmore Shipping in the 1st quarter worth approximately $2,064,000. Finally, Royce & Associates LP lifted its position in Ardmore Shipping by 13.5% in the 3rd quarter. Royce & Associates LP now owns 1,945,525 shares of the shipping company’s stock worth $16,051,000 after buying an additional 231,950 shares during the last quarter. 75.63% of the stock is owned by institutional investors.
About Ardmore Shipping
Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.
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