Ardmore Shipping (NYSE:ASC) Price Target Cut to $13.00 by Analysts at Evercore ISI

Ardmore Shipping (NYSE:ASC - Free Report) had its target price trimmed by Evercore ISI from $14.00 to $13.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the shipping company's stock.

A number of other research firms have also recently issued reports on ASC. Jefferies Financial Group reiterated a "buy" rating and issued a $17.00 target price on shares of Ardmore Shipping in a research note on Thursday, February 13th. Stifel Nicolaus reduced their price objective on shares of Ardmore Shipping from $13.00 to $11.00 and set a "hold" rating for the company in a research note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $13.67.

Ardmore Shipping Stock Up 2.3 %

Shares of Ardmore Shipping stock traded up $0.22 on Tuesday, hitting $9.59. 368,225 shares of the company traded hands, compared to its average volume of 710,639. Ardmore Shipping has a 12-month low of $8.32 and a 12-month high of $23.44. The company has a quick ratio of 3.86, a current ratio of 4.24 and a debt-to-equity ratio of 0.06. The company has a market cap of $387.96 million, a PE ratio of 3.13 and a beta of 0.16. The company has a 50-day moving average price of $9.55 and a 200 day moving average price of $11.53.

Ardmore Shipping (NYSE:ASC - Get Free Report) last issued its earnings results on Thursday, February 13th. The shipping company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.08). Ardmore Shipping had a net margin of 32.78% and a return on equity of 20.48%. Sell-side analysts predict that Ardmore Shipping will post 1.06 earnings per share for the current year.

Ardmore Shipping Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.32 dividend on an annualized basis and a yield of 3.34%. Ardmore Shipping's payout ratio is currently 10.46%.

Hedge Funds Weigh In On Ardmore Shipping

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its stake in Ardmore Shipping by 261.1% in the 4th quarter. GAMMA Investing LLC now owns 2,116 shares of the shipping company's stock valued at $26,000 after buying an additional 1,530 shares during the last quarter. Signaturefd LLC boosted its holdings in Ardmore Shipping by 63.3% during the fourth quarter. Signaturefd LLC now owns 2,371 shares of the shipping company's stock valued at $29,000 after acquiring an additional 919 shares during the period. Farther Finance Advisors LLC grew its position in shares of Ardmore Shipping by 302.4% in the fourth quarter. Farther Finance Advisors LLC now owns 2,519 shares of the shipping company's stock valued at $31,000 after purchasing an additional 1,893 shares during the last quarter. Lazard Asset Management LLC bought a new position in shares of Ardmore Shipping in the fourth quarter worth about $36,000. Finally, Ameriflex Group Inc. acquired a new position in shares of Ardmore Shipping during the 4th quarter worth about $47,000. 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.