Ardmore Shipping Corporation (ASC) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Ardmore Shipping Corporation (NYSE:ASC) from a hold rating to a buy rating in a research report report published on Tuesday. They currently have $9.50 price objective 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. “
Several other equities research analysts have also recently commented on ASC. ValuEngine cut shares of Ardmore Shipping Corporation from a hold rating to a sell rating in a research report on Tuesday, August 8th. BidaskClub raised shares of Ardmore Shipping Corporation from a strong sell rating to a sell rating in a research report on Friday, August 18th. Jefferies Group LLC reaffirmed a buy rating and issued a $10.00 target price on shares of Ardmore Shipping Corporation in a research report on Tuesday, September 12th. Finally, Stifel Nicolaus set a $10.00 target price on shares of Ardmore Shipping Corporation and gave the stock a buy rating in a research report on Monday, August 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $10.25.
Ardmore Shipping Corporation (ASC) remained flat at $8.95 during trading on Tuesday. 87,866 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $7.86 and a 200 day moving average of $7.77. The stock’s market capitalization is $300.50 million. Ardmore Shipping Corporation has a 12 month low of $5.00 and a 12 month high of $9.00.
Ardmore Shipping Corporation (NYSE:ASC) last announced its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.06) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.06). The business had revenue of $49.85 million during the quarter, compared to analysts’ expectations of $31.73 million. Ardmore Shipping Corporation had a negative net margin of 6.92% and a negative return on equity of 2.35%. The firm’s revenue for the quarter was up 25.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 EPS. On average, analysts expect that Ardmore Shipping Corporation will post ($0.13) earnings per share for the current year.
Ardmore Shipping Corporation declared that its Board of Directors has initiated a share repurchase plan on Thursday, August 31st that allows the company to buyback $25.00 million in shares. This buyback authorization allows the shipping company to repurchase up to 9.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP purchased a new position in Ardmore Shipping Corporation during the 1st quarter valued at about $2,064,000. Bank of New York Mellon Corp lifted its position in Ardmore Shipping Corporation by 3.4% during the 1st quarter. Bank of New York Mellon Corp now owns 118,933 shares of the shipping company’s stock valued at $957,000 after acquiring an additional 3,900 shares during the period. Royce & Associates LP lifted its position in Ardmore Shipping Corporation by 7.8% during the 1st quarter. Royce & Associates LP now owns 1,565,675 shares of the shipping company’s stock valued at $12,604,000 after acquiring an additional 113,500 shares during the period. American Century Companies Inc. lifted its position in Ardmore Shipping Corporation by 2.9% during the 2nd quarter. American Century Companies Inc. now owns 1,463,249 shares of the shipping company’s stock valued at $11,925,000 after acquiring an additional 40,871 shares during the period. Finally, Geode Capital Management LLC lifted its position in Ardmore Shipping Corporation by 1.2% during the 1st quarter. Geode Capital Management LLC now owns 222,153 shares of the shipping company’s stock valued at $1,788,000 after acquiring an additional 2,530 shares during the period. 76.51% of the stock is owned by institutional investors.
About Ardmore Shipping Corporation
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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