Engineers Gate Manager LP Has $1.84 Million Holdings in Ardmore Shipping Corporation $ASC

Key Points

• Engineers Gate Manager LP increased its Ardmore Shipping stake by 228.8% in the second quarter, ending with 131,362 shares worth approximately $1.84 million. Institutional investors collectively own 62.22% of ASC.
• Ardmore Shipping reported quarterly EPS of $1.18 and revenue of $116.21 million, surpassing analyst estimates of $1.11 EPS and $86.30 million in revenue.
• The company doubled its quarterly dividend to $0.79 per share, implying a $3.16 annualized payout and a 16.9% yield, although its payout ratio stands at 122.01%. Analysts maintain a “Moderate Buy” consensus with a $17 average price target.

Engineers Gate Manager LP raised its holdings in shares of Ardmore Shipping Corporation (NYSE:ASC - Free Report) by 228.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,362 shares of the shipping company's stock after acquiring an additional 91,411 shares during the quarter. Engineers Gate Manager LP owned approximately 0.32% of Ardmore Shipping worth $1,840,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in ASC. BlackRock Inc. purchased a new stake in shares of Ardmore Shipping in the second quarter worth approximately $53,878,000. Wellington Management Group LLP purchased a new position in Ardmore Shipping during the second quarter valued at approximately $27,780,000. Flat Footed LLC acquired a new position in Ardmore Shipping in the 2nd quarter valued at approximately $13,293,599. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Ardmore Shipping in the 2nd quarter valued at approximately $7,615,000. Finally, Marnell Management LLC purchased a new stake in Ardmore Shipping in the 4th quarter worth approximately $3,877,000. Institutional investors and hedge funds own 62.22% of the company's stock.

Wall Street Analysts Forecast Growth

ASC has been the subject of a number of research reports. Wall Street Zen raised shares of Ardmore Shipping from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 5th. Weiss Ratings downgraded shares of Ardmore Shipping from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, August 19th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $17.00.

Ardmore Shipping Stock Down 0.1%

Shares of Ardmore Shipping stock opened at $18.73 on Wednesday. The firm has a market cap of $762.87 million, a price-to-earnings ratio of 7.23 and a beta of 0.05. The stock has a 50-day simple moving average of $17.17 and a 200-day simple moving average of $16.67. Ardmore Shipping Corporation has a 52-week low of $10.31 and a 52-week 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.

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

Ardmore Shipping Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Friday, August 28th were paid a dividend of $0.79 per share. This is a positive change from Ardmore Shipping's previous quarterly dividend of $0.39. The ex-dividend date was Friday, August 28th. This represents a $3.16 annualized dividend and a dividend yield of 16.9%. Ardmore Shipping's dividend payout ratio (DPR) is currently 122.01%.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation NYSE: ASC is a maritime transportation company that owns and operates product and chemical tankers. The company provides seaborne transportation for refined petroleum products, such as gasoline, diesel and jet fuel, as well as certain chemicals and other liquid commodities.

Ardmore's fleet is primarily composed of medium-range product tankers and specialized chemical tankers. Its vessels serve international trade routes, transporting cargoes between major refining, storage and consumption markets in regions including North America, Europe, the Mediterranean, the Middle East and Asia.

Founded in 2010, Ardmore Shipping is incorporated in Bermuda and is headquartered in Hamilton, Bermuda.

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