JPMorgan Chase & Co. Sells 256,146 Shares of Ardmore Shipping Corporation $ASC

Key Points

• JPMorgan Chase & Co. sold 256,146 shares of Ardmore Shipping, cutting its stake by 82.3% to 55,016 shares (about 0.14% of the company) worth roughly $653,000.
• Ardmore beat quarterly estimates with EPS $0.28 (vs. $0.27) and reported revenue of $82.91M (vs. $51.0M), and it pays a quarterly dividend of $0.09 (annualized yield ~2.3%).
• Analysts have a consensus rating of "Moderate Buy" with a consensus price target of $15.00, and at least one firm (Wall Street Zen) recently upgraded the stock to a Buy.

JPMorgan Chase & Co. reduced its holdings in shares of Ardmore Shipping Corporation (NYSE:ASC - Free Report) by 82.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 55,016 shares of the shipping company's stock after selling 256,146 shares during the quarter. JPMorgan Chase & Co. owned 0.14% of Ardmore Shipping worth $653,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. GAMMA Investing LLC lifted its position in shares of Ardmore Shipping by 14.8% during the 3rd quarter. GAMMA Investing LLC now owns 7,241 shares of the shipping company's stock worth $86,000 after buying an additional 931 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 purchasing an additional 1,102 shares in the last quarter. Federated Hermes Inc. increased its holdings in Ardmore Shipping by 1.0% in the 3rd quarter. Federated Hermes Inc. now owns 283,183 shares of the shipping company's stock worth $3,361,000 after purchasing an additional 2,765 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Ardmore Shipping in the 2nd quarter worth about $38,000. Finally, Sei Investments Co. increased its holdings in Ardmore Shipping by 1.2% in the 2nd quarter. Sei Investments Co. now owns 359,623 shares of the shipping company's stock worth $3,452,000 after purchasing an additional 4,190 shares in the last quarter. 62.22% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on ASC shares. Wall Street Zen raised Ardmore Shipping from a "hold" rating to a "buy" rating in a report on Saturday, March 14th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Ardmore Shipping in a report on Wednesday, December 24th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.

Ardmore Shipping Price Performance

Ardmore Shipping stock opened at $15.46 on Monday. The stock's 50 day moving average is $14.81 and its 200 day moving average is $12.89. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.33 and a quick ratio of 3.98. The firm has a market cap of $629.48 million, a P/E ratio of 17.37 and a beta of -0.14. Ardmore Shipping Corporation has a one year low of $8.61 and a one year high of $16.91.

Ardmore Shipping (NYSE:ASC - Get Free Report) last posted its quarterly earnings data on Thursday, February 12th. The shipping company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.01. The company had revenue of $82.91 million for the quarter, compared to analyst estimates of $51.00 million. Ardmore Shipping had a return on equity of 7.02% and a net margin of 13.22%. As a group, research analysts expect that Ardmore Shipping Corporation will post 1.06 EPS for the current year.

Ardmore Shipping Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.36 annualized dividend and a yield of 2.3%. Ardmore Shipping's dividend payout ratio (DPR) is currently 40.45%.

Ardmore Shipping Profile

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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