Ardmore Shipping (NYSE:ASC) Stock Price Down 7.7% – Should You Sell?

Ardmore Shipping Corporation (NYSE:ASC) shares were down 7.7% during mid-day trading on Friday . The stock traded as low as $14.87 and last traded at $14.7080. Approximately 410,271 shares changed hands during trading, a decline of 40% from the average session volume of 689,164 shares. The stock had previously closed at $15.93.

Analyst Ratings Changes

Several research firms have recently commented on ASC. Evercore set a $19.00 price target on shares of Ardmore Shipping in a research report on Tuesday, April 21st. Wall Street Zen raised shares of Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Ardmore Shipping Trading Down 8.4%

The company has a current ratio of 4.87, a quick ratio of 4.43 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $594.43 million and a price-to-earnings ratio of 11.00. The firm has a 50-day moving average of $17.36 and a 200 day moving average of $14.75.

Ardmore Shipping (NYSE:ASC) last announced its earnings results on Thursday, May 7th. The shipping company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.07. The firm had revenue of $87.92 million for the quarter, compared to the consensus estimate of $58.08 million. Ardmore Shipping had a return on equity of 9.63% and a net margin of 18.00%.

Ardmore Shipping Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 29th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, May 29th. This is an increase from Ardmore Shipping’s previous quarterly dividend of $0.09. This represents a $1.56 annualized dividend and a yield of 10.7%. Ardmore Shipping’s dividend payout ratio is currently 117.29%.

Insider Activity at Ardmore Shipping

In other news, Director Kirsi Tikka sold 12,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $18.93, for a total value of $227,160.00. Following the completion of the sale, the director directly owned 35,471 shares of the company’s stock, valued at approximately $671,466.03. This represents a 25.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Bart B. Kelleher sold 8,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $19.07, for a total transaction of $152,560.00. Following the completion of the transaction, the president owned 60,039 shares of the company’s stock, valued at $1,144,943.73. This trade represents a 11.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 40,000 shares of company stock worth $766,048 in the last 90 days.

Hedge Funds Weigh In On Ardmore Shipping

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ASC. Zions Bancorporation National Association UT bought a new stake in shares of Ardmore Shipping in the 4th quarter worth $25,000. Raymond James Financial Inc. acquired a new position in Ardmore Shipping during the second quarter worth about $38,000. Ameriflex Group Inc. acquired a new position in Ardmore Shipping during the third quarter worth about $59,000. EverSource Wealth Advisors LLC raised its position in 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 acquiring an additional 7,972 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in 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 worth $84,000 after acquiring an additional 7,364 shares in the last quarter. 62.22% of the stock is owned by institutional investors.

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.