Ardmore Shipping (NYSE:ASC) Hits New 52-Week High – Should You Buy?

Shares of Ardmore Shipping Corporation (NYSE:ASC) reached a new 52-week high during mid-day trading on Monday. The company traded as high as $20.68 and last traded at $20.63, with a volume of 117,341 shares changing hands. The stock had previously closed at $20.03.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Weiss Ratings upgraded Ardmore Shipping from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, September 22nd. Wall Street Zen raised Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 5th. Three analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, Ardmore Shipping currently has a consensus rating of “Buy” and a consensus target price of $17.00.

Ardmore Shipping Stock Performance

The stock’s 50 day moving average price is $18.53 and its 200 day moving average price is $17.37. 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 firm has a market cap of $842.91 million, a PE ratio of 7.99 and a beta of 0.11.

Ardmore Shipping (NYSE:ASC) last posted 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. Ardmore Shipping had a net margin of 29.67% and a return on equity of 15.24%. The business had revenue of $116.21 million for the quarter, compared to analyst estimates of $86.30 million.

Ardmore Shipping Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Friday, August 28th were given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 15.3%. This is a boost from Ardmore Shipping’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, August 28th. Ardmore Shipping’s dividend payout ratio is 122.01%.

Institutional Investors Weigh In On Ardmore Shipping

Institutional investors and hedge funds have recently modified their holdings of the stock. U S Global Investors Inc. acquired a new stake in shares of Ardmore Shipping in the third quarter valued at about $353,000. Quadrant Capital Group LLC acquired a new position in Ardmore Shipping during the 3rd quarter worth approximately $228,000. Nisa Investment Advisors LLC lifted its position in Ardmore Shipping by 464.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 6,320 shares of the shipping company’s stock worth $118,000 after acquiring an additional 5,200 shares in the last quarter. SummerHaven Investment Management LLC acquired a new position in Ardmore Shipping during the 3rd quarter worth approximately $688,000. Finally, GAMMA Investing LLC boosted its holdings in Ardmore Shipping by 20.1% in the 3rd quarter. GAMMA Investing LLC now owns 8,629 shares of the shipping company’s stock worth $161,000 after acquiring an additional 1,446 shares during the period. Hedge funds and other institutional investors 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 provides seaborne transportation services for refined petroleum products, such as gasoline, diesel and jet fuel, as well as certain chemicals and other liquid cargoes.

Ardmore’s vessels primarily serve international trade routes, transporting cargoes between major energy and industrial markets. Its operations include commercial management, chartering and technical management of its fleet, with an emphasis on safe, efficient and environmentally responsible maritime transportation.

Founded in 2010, Ardmore Shipping is headquartered in Hamilton, Bermuda.