Zacks Investment Research upgraded shares of Ardmore Shipping (NYSE:ASC) from a sell rating to a hold rating in a research report released on Tuesday morning. Zacks Investment Research currently has $5.25 target price on the shipping company’s stock.

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. “

Other equities research analysts have also recently issued research reports about the stock. Fearnley Fonds upgraded shares of Ardmore Shipping from a reduce rating to a buy rating and lifted their price objective for the company from $6.70 to $9.30 in a research report on Tuesday, September 25th. ValuEngine upgraded shares of Ardmore Shipping from a sell rating to a hold rating in a research report on Tuesday, October 2nd. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $8.71.

Ardmore Shipping stock opened at $4.92 on Tuesday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.94 and a current ratio of 1.16. Ardmore Shipping has a 1 year low of $4.22 and a 1 year high of $8.75.

Ardmore Shipping (NYSE:ASC) last released its quarterly earnings data on Wednesday, November 7th. The shipping company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($0.04). The company had revenue of $48.90 million for the quarter, compared to the consensus estimate of $25.84 million. Ardmore Shipping had a negative net margin of 14.94% and a negative return on equity of 7.85%. The company’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.14) EPS. As a group, analysts expect that Ardmore Shipping will post -1.14 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in ASC. Jefferies Group LLC bought a new stake in Ardmore Shipping in the third quarter worth $1,950,000. Dimensional Fund Advisors LP increased its position in Ardmore Shipping by 24.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,247,039 shares of the shipping company’s stock worth $10,226,000 after purchasing an additional 244,012 shares during the last quarter. Bank of New York Mellon Corp increased its position in Ardmore Shipping by 16.1% in the third quarter. Bank of New York Mellon Corp now owns 1,731,044 shares of the shipping company’s stock worth $11,252,000 after purchasing an additional 239,627 shares during the last quarter. BlackRock Inc. increased its position in Ardmore Shipping by 16.6% in the second quarter. BlackRock Inc. now owns 1,584,561 shares of the shipping company’s stock worth $12,994,000 after purchasing an additional 225,693 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Ardmore Shipping by 1,025.1% in the second quarter. Renaissance Technologies LLC now owns 247,522 shares of the shipping company’s stock worth $2,030,000 after purchasing an additional 225,522 shares during the last quarter. Institutional investors own 90.56% of the company’s stock.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. The company operates a fleet of 28 double-hulled product and chemical tankers. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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