Picton Mahoney Asset Management Invests $864,000 in Ardmore Shipping Corporation $ASC

Picton Mahoney Asset Management purchased a new position in shares of Ardmore Shipping Corporation (NYSE:ASC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 72,834 shares of the shipping company’s stock, valued at approximately $864,000. Picton Mahoney Asset Management owned approximately 0.18% of Ardmore Shipping as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently made changes to their positions in ASC. Raymond James Financial Inc. acquired a new stake in shares of Ardmore Shipping in the second quarter worth approximately $38,000. EverSource Wealth Advisors LLC raised its stake in Ardmore Shipping by 1,689.0% during the second quarter. EverSource Wealth Advisors LLC now owns 8,444 shares of the shipping company’s stock worth $81,000 after purchasing an additional 7,972 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Ardmore Shipping by 536.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,737 shares of the shipping company’s stock valued at $84,000 after purchasing an additional 7,364 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Ardmore Shipping by 14.8% in the 3rd quarter. GAMMA Investing LLC now owns 7,241 shares of the shipping company’s stock valued at $86,000 after purchasing an additional 931 shares during the last quarter. Finally, First Trust Advisors LP purchased a new stake in shares of Ardmore Shipping during the 2nd quarter valued at $109,000. 62.22% of the stock is owned by institutional investors and hedge funds.

Ardmore Shipping Trading Down 1.1%

Ardmore Shipping stock opened at $15.96 on Friday. Ardmore Shipping Corporation has a 52-week low of $8.32 and a 52-week high of $16.91. The company has a quick ratio of 3.98, a current ratio of 4.33 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $648.25 million, a price-to-earnings ratio of 17.93 and a beta of -0.16. The firm has a 50-day moving average price of $13.05 and a two-hundred day moving average price of $12.36.

Ardmore Shipping (NYSE:ASC) last posted its quarterly earnings data on Thursday, February 12th. The shipping company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. The business had revenue of $82.91 million during the quarter, compared to the consensus estimate of $51.00 million. Ardmore Shipping had a net margin of 13.22% and a return on equity of 7.02%. Sell-side analysts expect that Ardmore Shipping Corporation will post 1.06 earnings per share for the current year.

Ardmore Shipping Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, February 27th. Ardmore Shipping’s dividend payout ratio is 40.45%.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ardmore Shipping in a research report on Wednesday, December 24th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Ardmore Shipping presently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation is a Bermuda-based provider of seaborne transportation services for refined petroleum products. The company owns and operates a modern fleet of product tankers, including medium-range (MR), long-range 2 (LR2) and Aframax vessels. Ardmore Shipping focuses on the ocean carriage of clean and dirty petroleum products under time charters, bareboat charters and spot voyages, serving a diverse customer base that includes major oil companies and trading houses.

Since its founding in 2005, Ardmore Shipping has grown its fleet through newbuilding contracts, second-hand acquisitions and fleet renewals, aiming to maintain a high quality, fuel-efficient profile.