2,189,460 Shares in Ardmore Shipping Corporation $ASC Purchased by Kingstone Capital Partners Texas LLC

Key Points

• Kingstone Capital Partners Texas LLC invested approximately $21.02 million in Ardmore Shipping Corporation, acquiring 2,189,460 shares, which accounts for about 5.39% of the company's shares.
• Ardmore Shipping recently reported $0.22 earnings per share, exceeding analysts' expectations of $0.18, and its revenue for the quarter was $72.05 million, significantly higher than the consensus estimate of $44.92 million.
• The company announced an increase in its quarterly dividend from $0.05 to $0.07, representing an annualized yield of 2.2%.

Kingstone Capital Partners Texas LLC bought a new position in shares of Ardmore Shipping Corporation (NYSE:ASC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 2,189,460 shares of the shipping company's stock, valued at approximately $21,019,000. Kingstone Capital Partners Texas LLC owned 5.39% of Ardmore Shipping at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Pinnacle Holdings LLC bought a new stake in shares of Ardmore Shipping in the first quarter valued at about $27,000. Lazard Asset Management LLC bought a new position in Ardmore Shipping during the 4th quarter worth approximately $36,000. SBI Securities Co. Ltd. lifted its stake in shares of Ardmore Shipping by 545.0% in the 1st quarter. SBI Securities Co. Ltd. now owns 3,683 shares of the shipping company's stock valued at $36,000 after purchasing an additional 3,112 shares during the period. Ameriflex Group Inc. bought a new stake in shares of Ardmore Shipping in the fourth quarter worth $47,000. Finally, ProShare Advisors LLC purchased a new stake in shares of Ardmore Shipping in the fourth quarter worth about $142,000. Institutional investors own 62.22% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on ASC. Jefferies Financial Group restated a "buy" rating and issued a $14.00 target price on shares of Ardmore Shipping in a research note on Wednesday, July 30th. Zacks Research raised shares of Ardmore Shipping from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 20th. Finally, Evercore ISI set a $13.00 price target on shares of Ardmore Shipping in a research report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $12.67.

Ardmore Shipping Stock Performance

Shares of Ardmore Shipping stock traded up $0.16 during trading hours on Tuesday, hitting $12.70. 243,471 shares of the company's stock traded hands, compared to its average volume of 635,517. Ardmore Shipping Corporation has a 12-month low of $8.32 and a 12-month high of $18.79. The company has a fifty day simple moving average of $11.24 and a 200-day simple moving average of $10.27. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.88 and a quick ratio of 3.56. The stock has a market capitalization of $515.87 million, a price-to-earnings ratio of 12.34 and a beta of 0.11.

Ardmore Shipping (NYSE:ASC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The shipping company reported $0.22 earnings per share for the quarter, beating analysts' consensus estimates of $0.18 by $0.04. The company had revenue of $72.05 million for the quarter, compared to analysts' expectations of $44.92 million. Ardmore Shipping had a return on equity of 8.46% and a net margin of 14.48%.Ardmore Shipping's revenue for the quarter was down 40.6% compared to the same quarter last year. During the same period last year, the firm posted $1.14 EPS. Equities research analysts anticipate that Ardmore Shipping Corporation will post 1.06 EPS for the current fiscal year.

Ardmore Shipping Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 29th were given a dividend of $0.07 per share. This is an increase from Ardmore Shipping's previous quarterly dividend of $0.05. This represents a $0.28 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, August 29th. Ardmore Shipping's dividend payout ratio (DPR) is 27.18%.

About Ardmore Shipping

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.