Bank of New York Mellon Corp acquired a new stake in shares of Ardmore Shipping Corporation (NYSE:ASC - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 98,238 shares of the shipping company's stock, valued at approximately $1,376,000. Bank of New York Mellon Corp owned 0.24% of Ardmore Shipping as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently made changes to their positions in ASC. Marnell Management LLC bought a new stake in Ardmore Shipping during the fourth quarter worth about $3,877,000. Moore Capital Management LP bought a new stake in Ardmore Shipping during the 4th quarter worth approximately $3,177,000. Franklin Resources Inc. increased its holdings in Ardmore Shipping by 848.0% during the 3rd quarter. Franklin Resources Inc. now owns 324,295 shares of the shipping company's stock valued at $3,849,000 after purchasing an additional 290,087 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Ardmore Shipping by 18.1% during the 1st quarter. Renaissance Technologies LLC now owns 1,736,632 shares of the shipping company's stock valued at $26,484,000 after purchasing an additional 266,275 shares in the last quarter. Finally, Trexquant Investment LP bought a new position in Ardmore Shipping in the 4th quarter valued at $1,947,000. Institutional investors and hedge funds own 62.22% of the company's stock.
Ardmore Shipping Stock Up 1.2%
Shares of NYSE ASC opened at $18.20 on Thursday. Ardmore Shipping Corporation has a 1 year low of $10.31 and a 1 year high of $20.02. The firm's 50-day moving average is $16.89 and its 200-day moving average is $16.57. The company has a current ratio of 5.45, a quick ratio of 4.84 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $741.33 million, a PE ratio of 7.03 and a beta of 0.05.
Ardmore Shipping (NYSE:ASC - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The shipping company reported $1.18 earnings per share for the quarter, topping analysts' consensus estimates of $1.11 by $0.07. Ardmore Shipping had a net margin of 29.67% and a return on equity of 15.24%. The business had revenue of $116.21 million during the quarter, compared to the consensus estimate of $86.30 million.
Ardmore Shipping Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 28th will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 17.4%. The ex-dividend date is Friday, August 28th. This is a positive change from Ardmore Shipping's previous quarterly dividend of $0.39. Ardmore Shipping's dividend payout ratio is presently 122.01%.
Analyst Ratings Changes
ASC has been the topic of a number of recent analyst reports. Weiss Ratings lowered Ardmore Shipping from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, August 19th. Wall Street Zen upgraded Ardmore Shipping from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 5th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $17.00.
Get Our Latest Stock Analysis on ASC
Ardmore Shipping Company Profile
(
Free Report)
Ardmore Shipping Corporation is a Bermuda-based provider of seaborne transportation services for refined petroleum products. The company owns and operates a modern fleet of product tankers, including medium-range (MR), long-range 2 (LR2) and Aframax vessels. Ardmore Shipping focuses on the ocean carriage of clean and dirty petroleum products under time charters, bareboat charters and spot voyages, serving a diverse customer base that includes major oil companies and trading houses.
Since its founding in 2005, Ardmore Shipping has grown its fleet through newbuilding contracts, second-hand acquisitions and fleet renewals, aiming to maintain a high quality, fuel-efficient profile.
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