MeadowBrook Investment Advisors LLC Makes New $33,000 Investment in Ardmore Shipping Corporation $ASC

MeadowBrook Investment Advisors LLC purchased a new position in Ardmore Shipping Corporation (NYSE:ASC) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,420 shares of the shipping company’s stock, valued at approximately $33,000.

A number of other hedge funds also recently modified their holdings of the stock. Hsbc Holdings PLC raised its holdings in shares of Ardmore Shipping by 6.3% in the 1st quarter. Hsbc Holdings PLC now owns 17,263 shares of the shipping company’s stock worth $173,000 after purchasing an additional 1,024 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Ardmore Shipping by 3.1% in the 1st quarter. Principal Financial Group Inc. now owns 35,458 shares of the shipping company’s stock worth $347,000 after purchasing an additional 1,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Ardmore Shipping by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,701 shares of the shipping company’s stock worth $242,000 after purchasing an additional 1,102 shares during the period. SummerHaven Investment Management LLC raised its holdings in shares of Ardmore Shipping by 3.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 40,720 shares of the shipping company’s stock worth $391,000 after purchasing an additional 1,518 shares during the period. Finally, Pinnacle Holdings LLC bought a new stake in shares of Ardmore Shipping in the 1st quarter worth approximately $27,000. Institutional investors own 62.22% of the company’s stock.

Ardmore Shipping Trading Down 0.7%

Shares of ASC stock opened at $12.55 on Thursday. The company’s fifty day simple moving average is $11.99 and its two-hundred day simple moving average is $10.70. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.88 and a quick ratio of 3.56. Ardmore Shipping Corporation has a 1 year low of $8.32 and a 1 year high of $14.40. The stock has a market capitalization of $509.58 million, a price-to-earnings ratio of 12.18 and a beta of 0.09.

Ardmore Shipping (NYSE:ASC) last issued its earnings results on Wednesday, July 30th. The shipping company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.04. Ardmore Shipping had a net margin of 14.48% and a return on equity of 8.46%. The business had revenue of $72.05 million for the quarter, compared to analysts’ expectations of $44.92 million. During the same quarter in the previous year, the firm posted $1.14 EPS. The business’s revenue for the quarter was down 40.6% compared to the same quarter last year. As a group, analysts anticipate that Ardmore Shipping Corporation will post 1.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ASC shares. Evercore ISI lifted their price target on shares of Ardmore Shipping from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Tuesday. Jefferies Financial Group reaffirmed a “buy” rating and issued a $14.00 price target on shares of Ardmore Shipping in a report on Wednesday, July 30th. Zacks Research cut shares of Ardmore Shipping from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Ardmore Shipping in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Ardmore Shipping currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.33.

About Ardmore Shipping

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.