Jefferies Group Weighs in on Ardmore Shipping Corporation’s FY2018 Earnings (ASC)
Ardmore Shipping Corporation (NYSE:ASC) – Stock analysts at Jefferies Group increased their FY2018 earnings estimates for Ardmore Shipping Corporation in a research report issued on Wednesday. Jefferies Group analyst D. Mavrinac now forecasts that the shipping company will post earnings per share of $0.97 for the year, up from their previous forecast of $0.93. Jefferies Group has a “Buy” rating and a $10.00 price objective on the stock.
Ardmore Shipping Corporation (NYSE:ASC) last announced its earnings results on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.14). Ardmore Shipping Corporation had a negative net margin of 6.92% and a negative return on equity of 2.35%. The company had revenue of $48.70 million during the quarter, compared to analyst estimates of $29.99 million. During the same period in the previous year, the business earned ($0.05) earnings per share. The firm’s quarterly revenue was up 28.2% compared to the same quarter last year.
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ASC has been the subject of a number of other reports. Zacks Investment Research raised shares of Ardmore Shipping Corporation from a “hold” rating to a “buy” rating and set a $9.50 price objective for the company in a research note on Tuesday, October 3rd. Stifel Nicolaus set a $10.00 price target on shares of Ardmore Shipping Corporation and gave the stock a “buy” rating in a research note on Monday, August 28th. BidaskClub cut shares of Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, ValuEngine cut shares of Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, September 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $10.00.
Ardmore Shipping Corporation declared that its board has approved a stock repurchase program on Thursday, August 31st that permits the company to buyback $25.00 million in shares. This buyback authorization permits the shipping company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
Large investors have recently bought and sold shares of the company. Voya Investment Management LLC raised its stake in shares of Ardmore Shipping Corporation by 32.4% during the 2nd quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock worth $120,000 after acquiring an additional 3,614 shares in the last quarter. American International Group Inc. raised its stake in shares of Ardmore Shipping Corporation by 33.3% during the 1st quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock worth $135,000 after acquiring an additional 4,177 shares in the last quarter. Highbridge Capital Management LLC bought a new position in shares of Ardmore Shipping Corporation during the 1st quarter worth approximately $146,000. Alliancebernstein L.P. bought a new position in shares of Ardmore Shipping Corporation during the 2nd quarter worth approximately $155,000. Finally, Nationwide Fund Advisors raised its stake in shares of Ardmore Shipping Corporation by 15.8% during the 1st quarter. Nationwide Fund Advisors now owns 20,423 shares of the shipping company’s stock worth $164,000 after acquiring an additional 2,792 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.
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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