BlackRock Inc. Acquires Shares of 3,845,646 Ardmore Shipping Corporation $ASC

Key Points

• BlackRock acquired 3.85 million Ardmore Shipping shares worth approximately $53.9 million, giving it a 9.44% stake. Institutional investors collectively own 62.22% of the company.
• Ardmore Shipping reported quarterly EPS of $1.18, beating estimates by $0.07, while revenue of $116.21 million exceeded analyst expectations of $86.30 million.
• The company more than doubled its quarterly dividend to $0.79 per share, implying an annualized yield of about 18.2%; however, its 122% payout ratio exceeds reported earnings.

BlackRock Inc. bought a new position in Ardmore Shipping Corporation (NYSE:ASC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,845,646 shares of the shipping company's stock, valued at approximately $53,878,000. BlackRock Inc. owned approximately 9.44% of Ardmore Shipping as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its position in Ardmore Shipping by 10.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 7,358 shares of the shipping company's stock valued at $112,000 after acquiring an additional 680 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Ardmore Shipping by 5.7% during the fourth quarter. Cetera Investment Advisers now owns 18,219 shares of the shipping company's stock valued at $193,000 after buying an additional 985 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Ardmore Shipping by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,701 shares of the shipping company's stock worth $242,000 after buying an additional 1,102 shares in the last quarter. Bridgeway Capital Management LLC increased its holdings in Ardmore Shipping by 0.4% in the 4th quarter. Bridgeway Capital Management LLC now owns 361,658 shares of the shipping company's stock worth $3,830,000 after buying an additional 1,580 shares in the last quarter. Finally, Boston Partners lifted its stake in Ardmore Shipping by 2.7% during the 4th quarter. Boston Partners now owns 63,864 shares of the shipping company's stock valued at $676,000 after acquiring an additional 1,707 shares during the period. Hedge funds and other institutional investors own 62.22% of the company's stock.

Ardmore Shipping Stock Up 0.2%

Shares of ASC opened at $17.39 on Tuesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.45 and a quick ratio of 4.84. The stock has a market capitalization of $708.29 million, a price-to-earnings ratio of 6.71 and a beta of 0.03. Ardmore Shipping Corporation has a 1 year low of $10.31 and a 1 year high of $20.02. The business's 50 day simple moving average is $16.53 and its 200-day simple moving average is $16.37.

Ardmore Shipping (NYSE:ASC - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The shipping company reported $1.18 EPS for the quarter, topping the consensus estimate of $1.11 by $0.07. The company had revenue of $116.21 million during the quarter, compared to analyst estimates of $86.30 million. Ardmore Shipping had a net margin of 29.67% and a return on equity of 15.24%.

Ardmore Shipping Increases Dividend

The company 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 is a boost from Ardmore Shipping's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, August 28th. This represents a $3.16 dividend on an annualized basis and a yield of 18.2%. Ardmore Shipping's dividend payout ratio is presently 122.01%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ASC. Wall Street Zen downgraded shares of Ardmore Shipping from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. Weiss Ratings downgraded shares of Ardmore Shipping from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, August 19th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $17.00.

About Ardmore Shipping

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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