Ardmore Shipping (NYSE:ASC) Stock Price Up 3.6% – Here’s Why

Shares of Ardmore Shipping Corporation (NYSE:ASC) traded up 3.6% during trading on Thursday. The company traded as high as $19.30 and last traded at $19.1540. Approximately 347,775 shares traded hands during trading, a decline of 48% from the average session volume of 667,982 shares. The stock had previously closed at $18.48.

Wall Street Analysts Forecast Growth

ASC has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 5th. Weiss Ratings raised Ardmore Shipping from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, September 22nd. Three equities research analysts have rated the stock with a Buy rating. According to data from MarketBeat, Ardmore Shipping presently has a consensus rating of “Buy” and an average price target of $17.00.

Ardmore Shipping Price Performance

The company has a fifty day moving average of $18.04 and a 200-day moving average of $17.08. The company has a current ratio of 5.45, a quick ratio of 4.84 and a debt-to-equity ratio of 0.05. The stock has a market cap of $785.60 million, a PE ratio of 7.45 and a beta of 0.11.

Ardmore Shipping (NYSE:ASC) last released its earnings results on Thursday, July 30th. The shipping company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.07. The company had revenue of $116.21 million during the quarter, compared to the consensus estimate of $86.30 million. Ardmore Shipping had a return on equity of 15.24% and a net margin of 29.67%.

Ardmore Shipping Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Friday, August 28th were paid a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 16.4%. This is a positive change from Ardmore Shipping’s previous quarterly dividend of $0.39. The ex-dividend date was Friday, August 28th. Ardmore Shipping’s payout ratio is presently 122.01%.

Institutional Investors Weigh In On Ardmore Shipping

Hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC increased its stake in shares of Ardmore Shipping by 20.1% during the third quarter. GAMMA Investing LLC now owns 8,629 shares of the shipping company’s stock worth $161,000 after buying an additional 1,446 shares during the period. Farther Finance Advisors LLC grew its holdings in Ardmore Shipping by 49.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,309 shares of the shipping company’s stock worth $80,000 after acquiring an additional 1,429 shares in the last quarter. WINTON GROUP Ltd increased its position in shares of Ardmore Shipping by 246.1% in the 2nd quarter. WINTON GROUP Ltd now owns 48,800 shares of the shipping company’s stock valued at $684,000 after purchasing an additional 34,700 shares during the last quarter. Engineers Gate Manager LP raised its holdings in shares of Ardmore Shipping by 228.8% in the 2nd quarter. Engineers Gate Manager LP now owns 131,362 shares of the shipping company’s stock valued at $1,840,000 after purchasing an additional 91,411 shares in the last quarter. Finally, Navellier & Associates Inc. purchased a new stake in shares of Ardmore Shipping during the 2nd quarter worth $2,202,000. Institutional investors and hedge funds own 62.22% of the company’s stock.

About Ardmore Shipping

Ardmore Shipping Corporation (NYSE: ASC) is a maritime transportation company that owns and operates a fleet of product and chemical tankers. The company transports refined petroleum products, such as gasoline, diesel and jet fuel, as well as chemicals and other liquid commodities for customers involved in the energy and industrial sectors.

Ardmore’s fleet primarily includes medium-range product tankers and chemical tankers designed to serve regional and international trade routes. Its vessels operate worldwide, supporting the movement of cargo between major refining, distribution and consumption markets.