Flat Footed LLC acquired a new position in shares of Ardmore Shipping Corporation (NYSE:ASC - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 948,865 shares of the shipping company's stock, valued at approximately $13,293,599. Ardmore Shipping accounts for approximately 0.0% of Flat Footed LLC's portfolio, making the stock its 8th biggest holding. Flat Footed LLC owned 2.33% of Ardmore Shipping at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Zions Bancorporation National Association UT bought a new position in shares of Ardmore Shipping during the fourth quarter worth about $25,000. Legal & General Group Plc bought a new stake in Ardmore Shipping during the 2nd quarter worth approximately $49,000. Raymond James Financial Inc. bought a new stake in shares of Ardmore Shipping in the 2nd quarter valued at about $38,000. EverSource Wealth Advisors LLC lifted its position in Ardmore Shipping by 10.2% during 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 during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Ardmore Shipping by 536.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,737 shares of the shipping company's stock valued at $84,000 after buying an additional 7,364 shares during the period. Institutional investors own 62.22% of the company's stock.
Ardmore Shipping Trading Down 1.9%
Shares of ASC stock traded down $0.33 during mid-day trading on Friday, hitting $17.33. The company's stock had a trading volume of 709,305 shares, compared to its average volume of 677,521. 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 quick ratio of 4.84 and a current ratio of 5.45. The company has a market cap of $705.85 million, a PE ratio of 6.69 and a beta of 0.03. The company's fifty day simple moving average is $16.53 and its 200-day simple moving average is $16.31.
Ardmore Shipping (NYSE:ASC - Get Free Report) last released its 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 return on equity of 15.24% and a net margin of 29.67%.The company 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 declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 28th will be paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 18.2%. This is a boost from Ardmore Shipping's previous quarterly dividend of $0.39. The ex-dividend date is Friday, August 28th. Ardmore Shipping's payout ratio is currently 60.23%.
Wall Street Analyst Weigh In
Several equities research analysts have commented on ASC shares. Wall Street Zen lowered 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 given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $17.00.
Get Our Latest Stock Analysis on ASC
Ardmore Shipping 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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