Marnell Management LLC Purchases Shares of 366,141 Ardmore Shipping Corporation $ASC

Key Points

• Marnell Management LLC bought 366,141 shares of Ardmore Shipping in the fourth quarter, worth about $3.88 million, making ASC its 15th-largest position.
• Ardmore Shipping posted better-than-expected quarterly results, with EPS of $0.58 versus the $0.51 consensus and revenue of $87.92 million versus expectations of $58.08 million.
• The company also boosted its dividend to $0.39 per share quarterly, implying a 9.1% annualized yield, while analysts currently have a consensus rating of Moderate Buy with a $17.00 price target.

Marnell Management LLC purchased a new stake in Ardmore Shipping Corporation (NYSE:ASC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 366,141 shares of the shipping company's stock, valued at approximately $3,877,000. Ardmore Shipping makes up approximately 1.9% of Marnell Management LLC's holdings, making the stock its 15th largest position. Marnell Management LLC owned approximately 0.90% of Ardmore Shipping as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the stock. Barclays PLC increased its holdings in shares of Ardmore Shipping by 8.4% in the fourth quarter. Barclays PLC now owns 109,203 shares of the shipping company's stock valued at $1,156,000 after buying an additional 8,453 shares in the last quarter. Boston Partners increased its holdings in shares of Ardmore Shipping by 2.7% in the fourth quarter. Boston Partners now owns 63,864 shares of the shipping company's stock valued at $676,000 after buying an additional 1,707 shares in the last quarter. Martingale Asset Management L P increased its holdings in shares of Ardmore Shipping by 7.6% in the fourth quarter. Martingale Asset Management L P now owns 58,863 shares of the shipping company's stock valued at $623,000 after buying an additional 4,169 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Ardmore Shipping by 28.9% in the fourth quarter. Wells Fargo & Company MN now owns 52,026 shares of the shipping company's stock valued at $551,000 after buying an additional 11,657 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in shares of Ardmore Shipping by 31.5% in the fourth quarter. Quadrant Capital Group LLC now owns 11,581 shares of the shipping company's stock valued at $123,000 after buying an additional 2,773 shares in the last quarter. Institutional investors own 62.22% of the company's stock.

Ardmore Shipping Trading Up 0.1%

NYSE ASC opened at $17.10 on Monday. Ardmore Shipping Corporation has a twelve month low of $9.45 and a twelve month high of $20.02. The company has a debt-to-equity ratio of 0.16, a quick ratio of 4.43 and a current ratio of 4.87. The stock has a market cap of $696.32 million and a price-to-earnings ratio of 12.85. The firm's 50 day moving average price is $17.10 and its two-hundred day moving average price is $14.45.

Ardmore Shipping (NYSE:ASC - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The shipping company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.07. Ardmore Shipping had a net margin of 18.00% and a return on equity of 9.63%. The firm had revenue of $87.92 million for the quarter, compared to analysts' expectations of $58.08 million.

Ardmore Shipping Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 29th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, May 29th. This represents a $1.56 annualized dividend and a dividend yield of 9.1%. This is an increase from Ardmore Shipping's previous quarterly dividend of $0.09. Ardmore Shipping's dividend payout ratio is presently 117.29%.

Insider Activity

In other news, President Bart B. Kelleher sold 8,000 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $19.07, for a total transaction of $152,560.00. Following the transaction, the president directly owned 60,039 shares in the company, valued at $1,144,943.73. The trade was a 11.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kirsi Tikka sold 12,000 shares of the business's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $18.93, for a total transaction of $227,160.00. Following the transaction, the director owned 35,471 shares in the company, valued at approximately $671,466.03. This represents a 25.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 40,000 shares of company stock worth $766,048 in the last ninety days.

Analysts Set New Price Targets

ASC has been the topic of several research reports. Evercore set a $19.00 price target on Ardmore Shipping in a report on Tuesday, April 21st. Wall Street Zen upgraded shares of Ardmore Shipping from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 9th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

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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