Ticino Wealth Invests $7.65 Million in Ardmore Shipping Corporation $ASC

Ticino Wealth purchased a new stake in Ardmore Shipping Corporation (NYSE:ASC) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 722,135 shares of the shipping company’s stock, valued at approximately $7,647,000. Ardmore Shipping makes up 2.8% of Ticino Wealth’s investment portfolio, making the stock its 5th biggest holding.

A number of other institutional investors have also added to or reduced their stakes in ASC. Raymond James Financial Inc. bought a new position in Ardmore Shipping in the 2nd quarter worth about $38,000. Ameriflex Group Inc. bought a new stake in shares of Ardmore Shipping during the third quarter valued at about $59,000. GAMMA Investing LLC increased its position in shares of Ardmore Shipping by 14.8% during the third quarter. GAMMA Investing LLC now owns 7,241 shares of the shipping company’s stock valued at $86,000 after buying an additional 931 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Ardmore Shipping by 1,689.0% in the second quarter. EverSource Wealth Advisors LLC now owns 8,444 shares of the shipping company’s stock worth $81,000 after buying an additional 7,972 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Ardmore Shipping by 536.3% in the second quarter. Tower Research Capital LLC TRC now owns 8,737 shares of the shipping company’s stock valued at $84,000 after acquiring an additional 7,364 shares during the period. Hedge funds and other institutional investors own 62.22% of the company’s stock.

Ardmore Shipping Stock Up 0.7%

Shares of NYSE:ASC opened at $16.00 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.98 and a current ratio of 4.33. Ardmore Shipping Corporation has a 52-week low of $8.89 and a 52-week high of $16.91. The firm has a market capitalization of $651.60 million, a P/E ratio of 17.98 and a beta of -0.14. The stock has a 50 day moving average price of $15.14 and a 200-day moving average price of $13.04.

Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings data on Thursday, February 12th. The shipping company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. Ardmore Shipping had a net margin of 13.22% and a return on equity of 7.02%. The business had revenue of $82.91 million for the quarter, compared to analysts’ expectations of $51.00 million.

Ardmore Shipping Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were issued a $0.09 dividend. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.36 dividend on an annualized basis and a yield of 2.3%. Ardmore Shipping’s dividend payout ratio is currently 40.45%.

Analyst Upgrades and Downgrades

ASC has been the topic of several recent analyst reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ardmore Shipping in a research note on Wednesday, December 24th. Wall Street Zen raised shares of Ardmore Shipping from a “hold” rating to a “buy” rating in a research note on Saturday, March 14th. One 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average 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.