Jefferies Group LLC reissued their buy rating on shares of Ardmore Shipping Corporation (NYSE:ASC) in a research note issued to investors on Tuesday morning. They currently have a $10.00 price objective on the shipping company’s stock.
Other equities research analysts have also recently issued reports about the company. ABN Amro upgraded Ardmore Shipping Corporation from a hold rating to a buy rating and set a $11.50 target price on the stock in a research note on Monday, March 6th. TheStreet lowered Ardmore Shipping Corporation from a c- rating to a d rating in a report on Wednesday, May 24th. ValuEngine raised Ardmore Shipping Corporation from a sell rating to a hold rating in a report on Tuesday, June 27th. Finally, Zacks Investment Research lowered Ardmore Shipping Corporation from a hold rating to a sell rating in a report on Tuesday, March 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $9.88.
Ardmore Shipping Corporation (NYSE ASC) opened at 7.85 on Tuesday. The firm’s market capitalization is $263.56 million. Ardmore Shipping Corporation has a one year low of $5.00 and a one year high of $8.75. The stock has a 50 day moving average of $7.72 and a 200-day moving average of $7.49.
Ardmore Shipping Corporation (NYSE:ASC) last posted its earnings results on Wednesday, May 3rd. The shipping company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The company had revenue of $49.67 million for the quarter, compared to analysts’ expectations of $30.75 million. Ardmore Shipping Corporation had a negative return on equity of 0.60% and a negative net margin of 3.03%. The firm’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same period last year, the business posted $0.26 earnings per share. On average, equities analysts predict that Ardmore Shipping Corporation will post ($0.05) EPS for the current year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new position in Ardmore Shipping Corporation during the first quarter worth about $103,000. American International Group Inc. raised its position in Ardmore Shipping Corporation by 33.3% in the first quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock worth $135,000 after buying an additional 4,177 shares during the last quarter. Highbridge Capital Management LLC purchased a new position in Ardmore Shipping Corporation during the first quarter worth about $146,000. Nationwide Fund Advisors raised its position in Ardmore Shipping Corporation by 15.8% in the first quarter. Nationwide Fund Advisors now owns 20,423 shares of the shipping company’s stock worth $164,000 after buying an additional 2,792 shares during the last quarter. Finally, OppenheimerFunds Inc. raised its position in Ardmore Shipping Corporation by 11.5% in the first quarter. OppenheimerFunds Inc. now owns 59,704 shares of the shipping company’s stock worth $481,000 after buying an additional 6,165 shares during the last quarter. 76.29% of the stock is currently owned by hedge funds and other institutional investors.
Ardmore Shipping Corporation Company Profile
Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.
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