Glenorchy Capital Ltd Makes New $2.08 Million Investment in Ardmore Shipping Co. (NYSE:ASC)

Glenorchy Capital Ltd purchased a new position in shares of Ardmore Shipping Co. (NYSE:ASC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 147,700 shares of the shipping company’s stock, valued at approximately $2,081,000. Ardmore Shipping comprises 0.8% of Glenorchy Capital Ltd’s holdings, making the stock its 21st biggest holding. Glenorchy Capital Ltd owned approximately 0.35% of Ardmore Shipping at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Mackenzie Financial Corp bought a new stake in shares of Ardmore Shipping during the third quarter worth approximately $141,000. MJP Associates Inc. ADV bought a new stake in shares of Ardmore Shipping during the fourth quarter worth approximately $141,000. Raymond James & Associates bought a new stake in shares of Ardmore Shipping during the fourth quarter worth approximately $141,000. Bfsg LLC bought a new stake in shares of Ardmore Shipping during the third quarter worth approximately $161,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Ardmore Shipping in the third quarter valued at approximately $183,000. Institutional investors and hedge funds own 62.22% of the company’s stock.

Ardmore Shipping Trading Up 1.8 %

NYSE ASC traded up $0.29 on Tuesday, reaching $16.32. The company had a trading volume of 429,381 shares, compared to its average volume of 642,428. The firm has a market cap of $663.08 million, a price-to-earnings ratio of 5.98 and a beta of 0.38. Ardmore Shipping Co. has a fifty-two week low of $11.59 and a fifty-two week high of $17.05. The business has a 50 day moving average of $16.19 and a two-hundred day moving average of $14.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.75 and a quick ratio of 3.38.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings results on Thursday, February 15th. The shipping company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. The business had revenue of $98.80 million for the quarter, compared to analysts’ expectations of $64.26 million. Ardmore Shipping had a net margin of 29.50% and a return on equity of 22.76%. The business’s quarterly revenue was down 25.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.33 earnings per share. Analysts forecast that Ardmore Shipping Co. will post 2.66 EPS for the current year.

Ardmore Shipping Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were given a dividend of $0.21 per share. The ex-dividend date was Wednesday, February 28th. This represents a $0.84 dividend on an annualized basis and a yield of 5.15%. This is a boost from Ardmore Shipping’s previous quarterly dividend of $0.16. Ardmore Shipping’s dividend payout ratio is 30.77%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. StockNews.com cut Ardmore Shipping from a “buy” rating to a “hold” rating in a research note on Friday. Stifel Nicolaus upped their target price on Ardmore Shipping from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Jefferies Financial Group restated a “buy” rating and set a $20.00 target price on shares of Ardmore Shipping in a research note on Thursday, February 15th.

Ardmore Shipping Profile

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.