$32.11 Million in Sales Expected for Ardmore Shipping Corp (ASC) This Quarter

Equities research analysts forecast that Ardmore Shipping Corp (NYSE:ASC) will report $32.11 million in sales for the current quarter, according to Zacks. Five analysts have issued estimates for Ardmore Shipping’s earnings, with the lowest sales estimate coming in at $26.84 million and the highest estimate coming in at $39.40 million. Ardmore Shipping posted sales of $30.23 million in the same quarter last year, which would indicate a positive year over year growth rate of 6.2%. The company is expected to announce its next quarterly earnings results on Wednesday, February 6th.

According to Zacks, analysts expect that Ardmore Shipping will report full-year sales of $123.46 million for the current fiscal year, with estimates ranging from $110.96 million to $166.00 million. For the next fiscal year, analysts anticipate that the business will post sales of $149.14 million, with estimates ranging from $126.07 million to $171.49 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Ardmore Shipping.

Ardmore Shipping (NYSE:ASC) last announced its earnings results on Wednesday, November 7th. The shipping company reported ($0.37) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.04). Ardmore Shipping had a negative net margin of 11.15% and a negative return on equity of 5.70%. The firm had revenue of $48.90 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same period in the prior year, the company posted ($0.14) EPS. The company’s revenue was up .4% compared to the same quarter last year.

Several brokerages have recently weighed in on ASC. Zacks Investment Research downgraded shares of Ardmore Shipping from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Morgan Stanley reduced their target price on shares of Ardmore Shipping from $9.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 1st. ValuEngine downgraded shares of Ardmore Shipping from a “hold” rating to a “sell” rating in a research note on Saturday, July 14th. Finally, Fearnley Fonds raised shares of Ardmore Shipping from a “reduce” rating to a “buy” rating and increased their target price for the company from $6.70 to $9.30 in a research note on Tuesday, September 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $10.22.

Shares of ASC opened at $7.15 on Friday. Ardmore Shipping has a twelve month low of $6.18 and a twelve month high of $9.00. The company has a current ratio of 1.42, a quick ratio of 1.23 and a debt-to-equity ratio of 1.10.

Several hedge funds and other institutional investors have recently bought and sold shares of ASC. Dimensional Fund Advisors LP grew its holdings in shares of Ardmore Shipping by 24.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,247,039 shares of the shipping company’s stock worth $10,226,000 after purchasing an additional 244,012 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Ardmore Shipping by 16.6% in the second quarter. BlackRock Inc. now owns 1,584,561 shares of the shipping company’s stock worth $12,994,000 after purchasing an additional 225,693 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Ardmore Shipping by 1,025.1% in the second quarter. Renaissance Technologies LLC now owns 247,522 shares of the shipping company’s stock worth $2,030,000 after purchasing an additional 225,522 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Ardmore Shipping by 4.9% in the third quarter. Russell Investments Group Ltd. now owns 2,841,329 shares of the shipping company’s stock worth $18,469,000 after purchasing an additional 132,116 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Ardmore Shipping by 4.6% in the second quarter. Bank of New York Mellon Corp now owns 1,491,417 shares of the shipping company’s stock worth $12,230,000 after purchasing an additional 65,753 shares during the last quarter. Hedge funds and other institutional investors own 89.27% of the company’s stock.

About Ardmore Shipping

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. The company operates a fleet of 28 double-hulled product and chemical tankers. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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Earnings History and Estimates for Ardmore Shipping (NYSE:ASC)

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