Zacks Investment Research cut shares of Ardmore Shipping (NYSE:ASC) from a hold rating to a sell rating in a research report report published on Thursday morning.

According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “

Several other equities research analysts have also commented on ASC. Stifel Nicolaus set a $9.00 price target on Ardmore Shipping and gave the stock a buy rating in a research note on Wednesday. ValuEngine lowered Ardmore Shipping from a hold rating to a sell rating in a research note on Friday, December 1st. Jefferies Group restated a buy rating and set a $10.00 price target on shares of Ardmore Shipping in a research note on Monday, October 16th. Seaport Global Securities set a $12.00 price target on Ardmore Shipping and gave the stock a buy rating in a research note on Thursday, January 4th. Finally, Morgan Stanley upped their price target on Ardmore Shipping from $8.50 to $9.00 and gave the stock an equal weight rating in a research note on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $10.33.

Shares of Ardmore Shipping (ASC) opened at $7.45 on Thursday. The company has a market capitalization of $246.78, a PE ratio of -20.13, a price-to-earnings-growth ratio of 2.45 and a beta of 1.31. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.41 and a current ratio of 1.57. Ardmore Shipping has a 12 month low of $6.60 and a 12 month high of $9.05.

Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings results on Wednesday, November 1st. The shipping company reported ($0.14) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.14). The company 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 firm’s revenue was up 28.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) earnings per share. sell-side analysts anticipate that Ardmore Shipping will post -0.38 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System boosted its position in shares of Ardmore Shipping by 283.0% in the third quarter. State Board of Administration of Florida Retirement System now owns 98,771 shares of the shipping company’s stock worth $815,000 after buying an additional 72,979 shares during the period. Royce & Associates LP boosted its position in shares of Ardmore Shipping by 13.5% in the third 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 period. Northern Trust Corp boosted its position in shares of Ardmore Shipping by 88.7% in the second 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 period. Ingalls & Snyder LLC boosted its position in shares of Ardmore Shipping by 44.7% in the third quarter. Ingalls & Snyder LLC now owns 397,080 shares of the shipping company’s stock worth $3,276,000 after buying an additional 122,630 shares during the period. Finally, Tocqueville Asset Management L.P. purchased a new stake in shares of Ardmore Shipping in the third quarter worth about $4,592,000. 75.68% of the stock is owned by institutional investors.

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Ardmore Shipping Company Profile

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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Analyst Recommendations for Ardmore Shipping (NYSE:ASC)

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