Jefferies Group Equities Analysts Increase Earnings Estimates for Ardmore Shipping Corp (ASC)
Ardmore Shipping Corp (NYSE:ASC) – Research analysts at Jefferies Group upped their Q1 2018 earnings estimates for Ardmore Shipping in a note issued to investors on Wednesday. Jefferies Group analyst R. Giveans now forecasts that the shipping company will post earnings of ($0.16) per share for the quarter, up from their prior estimate of ($0.20). Jefferies Group currently has a “Buy” rating and a $11.00 price objective on the stock. Jefferies Group also issued estimates for Ardmore Shipping’s Q2 2018 earnings at ($0.07) EPS and FY2018 earnings at $0.12 EPS.
Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings data on Wednesday, February 7th. The shipping company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.03. The firm had revenue of $30.23 million for the quarter, compared to the consensus estimate of $30.24 million. Ardmore Shipping had a negative net margin of 6.37% and a negative return on equity of 3.16%. The business’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.11) earnings per share.
Shares of Ardmore Shipping (ASC) opened at $7.10 on Monday. Ardmore Shipping has a one year low of $6.40 and a one year high of $9.05. The company has a quick ratio of 1.41, a current ratio of 1.44 and a debt-to-equity ratio of 1.07. The firm has a market cap of $238.39, a P/E ratio of -18.68, a PEG ratio of 4.24 and a beta of 1.12.
Institutional investors and hedge funds have recently bought and sold shares of the company. Voya Investment Management LLC boosted its stake in shares of Ardmore Shipping by 32.4% in the 2nd quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock valued at $120,000 after purchasing an additional 3,614 shares in the last quarter. Alliancebernstein L.P. acquired a new stake in shares of Ardmore Shipping in the 2nd quarter valued at approximately $155,000. Citadel Advisors LLC bought a new position in Ardmore Shipping in the 2nd quarter valued at approximately $174,000. The Manufacturers Life Insurance Company raised its holdings in Ardmore Shipping by 4.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,340 shares of the shipping company’s stock valued at $255,000 after buying an additional 1,306 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its holdings in Ardmore Shipping by 12.2% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 75,564 shares of the shipping company’s stock valued at $616,000 after buying an additional 8,212 shares during the last quarter. Institutional investors own 75.51% of the company’s stock.
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About Ardmore Shipping
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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