Royal Bank of Canada lowered its stake in shares of Ardmore Shipping Corporation (NYSE:ASC) by 1.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 61,268 shares of the shipping company’s stock after selling 984 shares during the quarter. Royal Bank of Canada owned 0.18% of Ardmore Shipping Corporation worth $499,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Numeric Investors LLC increased its position in shares of Ardmore Shipping Corporation by 25.7% during the 2nd quarter. Numeric Investors LLC now owns 360,977 shares of the shipping company’s stock valued at $2,942,000 after purchasing an additional 73,900 shares during the last quarter. Voya Investment Management LLC increased its position 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 valued at $120,000 after purchasing an additional 3,614 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Ardmore Shipping Corporation by 87.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 481,946 shares of the shipping company’s stock valued at $3,928,000 after purchasing an additional 225,514 shares during the last quarter. Citadel Advisors LLC bought a new position in shares of Ardmore Shipping Corporation during the 2nd quarter valued at approximately $174,000. Finally, Vanguard Group Inc. increased its position in shares of Ardmore Shipping Corporation by 16.7% during the 2nd quarter. Vanguard Group Inc. now owns 88,479 shares of the shipping company’s stock valued at $721,000 after purchasing an additional 12,631 shares during the last quarter. 80.34% of the stock is currently owned by hedge funds and other institutional investors.

Ardmore Shipping Corporation (NYSE:ASC) opened at $8.60 on Monday. Ardmore Shipping Corporation has a 1-year low of $5.95 and a 1-year high of $9.05. The company has a quick ratio of 1.41, a current ratio of 1.57 and a debt-to-equity ratio of 1.03.

Ardmore Shipping Corporation (NYSE:ASC) last posted its quarterly earnings data on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.14). Ardmore Shipping Corporation had a negative return on equity of 3.08% and a negative net margin of 6.45%. The company had revenue of $48.70 million during the quarter, compared to analysts’ expectations of $29.99 million. During the same quarter in the previous year, the business earned ($0.05) EPS. Ardmore Shipping Corporation’s revenue was up 28.2% compared to the same quarter last year. sell-side analysts anticipate that Ardmore Shipping Corporation will post -0.34 earnings per share for the current fiscal year.

Ardmore Shipping Corporation declared that its board has initiated a share buyback plan on Thursday, August 31st that allows the company to buyback $25.00 million in shares. This buyback authorization allows the shipping company to buy up to 9.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Several equities analysts have recently weighed in on the company. ValuEngine downgraded Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Morgan Stanley boosted their target price on Ardmore Shipping Corporation from $8.50 to $9.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. Zacks Investment Research raised Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research report on Thursday. BidaskClub raised Ardmore Shipping Corporation from a “strong sell” rating to a “sell” rating in a research report on Friday, August 18th. Finally, Stifel Nicolaus set a $10.00 target price on Ardmore Shipping Corporation and gave the company a “buy” rating in a research report on Sunday, October 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $10.00.

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About Ardmore Shipping Corporation

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.

Institutional Ownership by Quarter for Ardmore Shipping Corporation (NYSE:ASC)

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