Ardmore Shipping (NYSE:ASC) Shares Pass Below 50 Day Moving Average - Here's Why

Ardmore Shipping Corporation (NYSE:ASC - Get Free Report)'s stock price crossed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $9.95 and traded as low as $9.95. Ardmore Shipping shares last traded at $10.25, with a volume of 629,357 shares traded.

Analysts Set New Price Targets

ASC has been the subject of a number of research analyst reports. Evercore ISI reduced their price objective on Ardmore Shipping from $14.00 to $13.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Fearnley Fonds upgraded Ardmore Shipping from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $13.67.

Ardmore Shipping Trading Down 1.1%

The company has a debt-to-equity ratio of 0.03, a current ratio of 3.73 and a quick ratio of 3.36. The business's 50-day moving average price is $9.96 and its two-hundred day moving average price is $10.29. The company has a market capitalization of $404.78 million, a price-to-earnings ratio of 4.38 and a beta of 0.02.

Ardmore Shipping (NYSE:ASC - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The shipping company reported $0.14 earnings per share for the quarter, missing analysts' consensus estimates of $0.15 by ($0.01). Ardmore Shipping had a net margin of 26.78% and a return on equity of 14.77%. The business had revenue of $74.00 million during the quarter, compared to analyst estimates of $43.04 million. During the same quarter in the previous year, the firm posted $0.92 earnings per share. The firm's quarterly revenue was down 30.4% on a year-over-year basis. Research analysts predict that Ardmore Shipping Corporation will post 1.06 earnings per share for the current year.

Ardmore Shipping Dividend Announcement

The company also recently disclosed a dividend, which was paid on Friday, June 13th. Shareholders of record on Monday, June 2nd were given a dividend of $0.05 per share. The ex-dividend date was Friday, May 30th. This represents a yield of 2.05%. Ardmore Shipping's dividend payout ratio is currently 8.77%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its position in Ardmore Shipping by 12.1% during the second quarter. Janney Montgomery Scott LLC now owns 45,093 shares of the shipping company's stock valued at $433,000 after purchasing an additional 4,862 shares in the last quarter. SummerHaven Investment Management LLC increased its holdings in shares of Ardmore Shipping by 3.9% during the second quarter. SummerHaven Investment Management LLC now owns 40,720 shares of the shipping company's stock worth $391,000 after buying an additional 1,518 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Ardmore Shipping by 288.1% during the second quarter. GAMMA Investing LLC now owns 6,310 shares of the shipping company's stock worth $61,000 after buying an additional 4,684 shares in the last quarter. Wedge Capital Management L L P NC increased its holdings in shares of Ardmore Shipping by 15.6% during the second quarter. Wedge Capital Management L L P NC now owns 158,989 shares of the shipping company's stock worth $1,526,000 after buying an additional 21,505 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC acquired a new position in shares of Ardmore Shipping during the second quarter worth $21,019,000. 62.22% of the stock is currently owned by institutional investors and hedge funds.

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.