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 (NYSE:ASC) last posted its earnings results on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.14). The business had revenue of $48.70 million during the quarter, compared to analyst estimates of $29.99 million. Ardmore Shipping had a negative return on equity of 3.08% and a negative net margin of 6.45%. The company’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) EPS. analysts predict that Ardmore Shipping will post -0.35 earnings per share for the current fiscal year.

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.

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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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