Brokerages Set Ardmore Shipping Corporation (NYSE:ASC) Price Target at $12.67

Key Points

• Ardmore Shipping Corporation has received a consensus rating of "Buy" from five brokerages, with an average 12-month price target estimated at $12.67.
• The company recently reported a quarterly earnings per share of $0.22, exceeding the consensus estimate and generated revenue of $72.05 million despite a 40.6% year-over-year decline.
• Ardmore Shipping increased its quarterly dividend to $0.07 per share, resulting in an annualized dividend yield of 2.1%.

Ardmore Shipping Corporation (NYSE:ASC - Get Free Report) has earned an average rating of "Buy" from the five ratings firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation, two have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $12.6667.

Several analysts have recently weighed in on ASC shares. Evercore ISI set a $13.00 target price on shares of Ardmore Shipping in a report on Wednesday, July 30th. Zacks Research upgraded shares of Ardmore Shipping from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 20th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $14.00 price objective on shares of Ardmore Shipping in a research note on Wednesday, July 30th.

Ardmore Shipping Stock Down 3.2%

NYSE ASC traded down $0.42 on Tuesday, hitting $12.73. The stock had a trading volume of 837,021 shares, compared to its average volume of 480,176. The stock has a market cap of $517.09 million, a price-to-earnings ratio of 12.36 and a beta of 0.12. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.88 and a quick ratio of 3.56. Ardmore Shipping has a 52-week low of $8.32 and a 52-week high of $18.79. The business's fifty day moving average price is $11.20 and its 200 day moving average price is $10.25.

Ardmore Shipping (NYSE:ASC - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The shipping company reported $0.22 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.04. The company had revenue of $72.05 million during the quarter, compared to the consensus estimate of $44.92 million. Ardmore Shipping had a net margin of 14.48% and a return on equity of 8.46%. Ardmore Shipping's quarterly revenue was down 40.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.14 EPS. Equities research analysts anticipate that Ardmore Shipping will post 1.06 earnings per share for the current year.

Ardmore Shipping Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 29th were issued a $0.07 dividend. This is a boost from Ardmore Shipping's previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.2%. Ardmore Shipping's dividend payout ratio is 27.18%.

Hedge Funds Weigh In On Ardmore Shipping

Large investors have recently made changes to their positions in the business. Pinnacle Holdings LLC acquired a new position in shares of Ardmore Shipping in the first quarter worth about $27,000. MeadowBrook Investment Advisors LLC bought a new position in Ardmore Shipping during the second quarter valued at approximately $33,000. Lazard Asset Management LLC bought a new position in Ardmore Shipping during the fourth quarter valued at approximately $36,000. SBI Securities Co. Ltd. raised its position in Ardmore Shipping by 545.0% during the first quarter. SBI Securities Co. Ltd. now owns 3,683 shares of the shipping company's stock valued at $36,000 after acquiring an additional 3,112 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Ardmore Shipping during the second quarter valued at approximately $38,000. Institutional investors own 62.22% of the company's stock.

About Ardmore Shipping

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.