Wells Fargo & Company MN decreased its position in shares of Ardmore Shipping Corporation (NYSE:ASC) by 7.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 348,987 shares of the shipping company’s stock after selling 29,578 shares during the period. Wells Fargo & Company MN owned 1.04% of Ardmore Shipping Corporation worth $2,844,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Parametric Portfolio Associates LLC lifted its stake in shares of Ardmore Shipping Corporation by 0.3% during the first quarter. Parametric Portfolio Associates LLC now owns 170,457 shares of the shipping company’s stock valued at $1,372,000 after buying an additional 481 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Ardmore Shipping Corporation by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 119,695 shares of the shipping company’s stock valued at $975,000 after buying an additional 762 shares during the period. Geode Capital Management LLC lifted its stake in shares of Ardmore Shipping Corporation by 1.2% during the first quarter. Geode Capital Management LLC now owns 222,153 shares of the shipping company’s stock valued at $1,788,000 after buying an additional 2,530 shares during the period. Nationwide Fund Advisors lifted its stake in shares of Ardmore Shipping Corporation by 15.8% during the first quarter. Nationwide Fund Advisors now owns 20,423 shares of the shipping company’s stock valued at $164,000 after buying an additional 2,792 shares during the period. Finally, American International Group Inc. lifted its stake in shares of Ardmore Shipping Corporation by 33.3% during the first quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock valued at $135,000 after buying an additional 4,177 shares during the period. 76.52% of the stock is currently owned by institutional investors and hedge funds.

Ardmore Shipping Corporation (ASC) opened at 8.55 on Friday. The stock’s market cap is $287.07 million. The firm’s 50-day moving average is $8.21 and its 200-day moving average is $7.85. Ardmore Shipping Corporation has a 1-year low of $5.00 and a 1-year high of $9.05.

Ardmore Shipping Corporation (NYSE:ASC) last announced its quarterly earnings data on Thursday, August 3rd. The shipping company reported ($0.06) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.06). Ardmore Shipping Corporation had a negative net margin of 6.92% and a negative return on equity of 2.35%. The firm had revenue of $49.85 million for the quarter, compared to the consensus estimate of $31.73 million. During the same period in the previous year, the firm posted $0.18 earnings per share. The firm’s revenue was up 25.5% on a year-over-year basis. On average, analysts forecast that Ardmore Shipping Corporation will post ($0.15) EPS for the current year.

Ardmore Shipping Corporation declared that its Board of Directors has approved a share buyback plan on Thursday, August 31st that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the shipping company to repurchase up to 9.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Several brokerages recently issued reports on ASC. Zacks Investment Research raised shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. BidaskClub raised shares of Ardmore Shipping Corporation from a “strong sell” rating to a “sell” rating in a research note on Friday, August 18th. ValuEngine downgraded shares of Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $10.00 price target on shares of Ardmore Shipping Corporation in a research note on Tuesday, September 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $10.25.

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Ardmore Shipping Corporation 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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Institutional Ownership by Quarter for Ardmore Shipping Corporation (NYSE:ASC)

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