Empowered Funds LLC bought a new stake in Ardmore Shipping Corporation (NYSE:ASC - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 213,740 shares of the shipping company's stock, valued at approximately $2,994,000. Empowered Funds LLC owned approximately 0.52% of Ardmore Shipping at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. LSV Asset Management purchased a new position in Ardmore Shipping in the fourth quarter valued at about $618,000. BlackRock Inc. bought a new position in shares of Ardmore Shipping during the 2nd quarter valued at approximately $53,878,000. Bank of America Corp DE increased its stake in shares of Ardmore Shipping by 93.5% during the 1st quarter. Bank of America Corp DE now owns 139,639 shares of the shipping company's stock worth $2,129,000 after purchasing an additional 67,473 shares during the last quarter. Segall Bryant & Hamill LLC bought a new stake in shares of Ardmore Shipping in the 1st quarter worth approximately $1,033,000. Finally, Flat Footed LLC purchased a new position in Ardmore Shipping in the second quarter valued at approximately $13,293,599. Institutional investors own 62.22% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on ASC. Wall Street Zen cut Ardmore Shipping from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Weiss Ratings lowered shares of Ardmore Shipping from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $17.00.
Check Out Our Latest Analysis on ASC
Ardmore Shipping Price Performance
Ardmore Shipping stock opened at $18.09 on Thursday. The firm has a market capitalization of $736.81 million, a P/E ratio of 6.98 and a beta of 0.05. Ardmore Shipping Corporation has a one year low of $10.31 and a one year high of $20.02. 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 business has a fifty day moving average price of $16.55 and a 200-day moving average price of $16.44.
Ardmore Shipping (NYSE:ASC - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The shipping company reported $1.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.11 by $0.07. Ardmore Shipping had a return on equity of 15.24% and a net margin of 29.67%.The business had revenue of $116.21 million for the quarter, compared to analysts' expectations of $86.30 million.
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 paid a $0.79 dividend. The ex-dividend date is Friday, August 28th. This represents a $3.16 annualized dividend and a yield of 17.5%. This is a boost from Ardmore Shipping's previous quarterly dividend of $0.39. Ardmore Shipping's dividend payout ratio is currently 122.01%.
Ardmore Shipping Company Profile
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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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