Ardmore Shipping (NYSE:ASC) Lowered to Hold at ValuEngine

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ValuEngine lowered shares of Ardmore Shipping (NYSE:ASC) from a buy rating to a hold rating in a research report sent to investors on Thursday morning, ValuEngine reports.

Other equities analysts have also recently issued research reports about the stock. Pareto Securities upgraded shares of Ardmore Shipping from a hold rating to a buy rating in a research note on Friday, June 28th. Morgan Stanley set a $8.00 target price on shares of Ardmore Shipping and gave the company a hold rating in a research note on Thursday, May 2nd. Finally, Zacks Investment Research upgraded shares of Ardmore Shipping from a sell rating to a hold rating in a research note on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Ardmore Shipping currently has an average rating of Hold and an average price target of $8.68.

ASC opened at $6.92 on Thursday. The company has a quick ratio of 1.37, a current ratio of 1.59 and a debt-to-equity ratio of 1.21. The company has a market cap of $229.04 million, a PE ratio of -6.65 and a beta of 1.18. The company’s 50-day moving average is $7.61. Ardmore Shipping has a 52-week low of $4.22 and a 52-week high of $8.77.

Ardmore Shipping (NYSE:ASC) last posted its earnings results on Wednesday, July 31st. The shipping company reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.01). The company had revenue of $55.00 million for the quarter, compared to the consensus estimate of $32.16 million. Ardmore Shipping had a negative net margin of 21.50% and a negative return on equity of 7.82%. Ardmore Shipping’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.26) EPS. Research analysts forecast that Ardmore Shipping will post -0.05 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. purchased a new stake in Ardmore Shipping in the 4th quarter worth approximately $36,000. BNP Paribas Arbitrage SA increased its holdings in Ardmore Shipping by 591.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 6,978 shares of the shipping company’s stock worth $43,000 after acquiring an additional 5,969 shares in the last quarter. Citigroup Inc. increased its holdings in Ardmore Shipping by 39.9% in the 4th quarter. Citigroup Inc. now owns 14,933 shares of the shipping company’s stock worth $69,000 after acquiring an additional 4,259 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in Ardmore Shipping in the 2nd quarter worth approximately $95,000. Finally, Bank of America Corp DE increased its holdings in Ardmore Shipping by 241.8% in the 4th quarter. Bank of America Corp DE now owns 54,795 shares of the shipping company’s stock worth $257,000 after acquiring an additional 38,763 shares in the last quarter. 90.33% of the stock is owned by hedge funds and other institutional investors.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. As of January 31, 2019, the company operated a fleet of 27 double-hulled product and chemical tankers, including 21 Eco-design and 6 Eco-mod vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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