Trexquant Investment LP Has $1.82 Million Stake in Ardmore Shipping Corporation $ASC

Key Points

• Trexquant Investment LP increased its stake in Ardmore Shipping Corporation by 100.3%, now owning 186,301 shares valued at approximately $1.82 million.
• Ardmore Shipping announced a quarterly dividend increase from $0.05 to $0.07 per share, with a dividend yield of 2.4%.
• Recent earnings results showed Ardmore Shipping reported $0.22 EPS, exceeding estimates, although revenue declined 40.6% year-over-year to $72.05 million.

Trexquant Investment LP grew its holdings in Ardmore Shipping Corporation (NYSE:ASC - Free Report) by 100.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 186,301 shares of the shipping company's stock after acquiring an additional 93,311 shares during the period. Trexquant Investment LP owned 0.46% of Ardmore Shipping worth $1,824,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Pinnacle Holdings LLC bought a new stake in Ardmore Shipping during the first quarter worth approximately $27,000. Lazard Asset Management LLC bought a new stake in Ardmore Shipping during the fourth quarter worth approximately $36,000. SBI Securities Co. Ltd. boosted its position in Ardmore Shipping by 545.0% during the first quarter. SBI Securities Co. Ltd. now owns 3,683 shares of the shipping company's stock worth $36,000 after purchasing an additional 3,112 shares during the period. Ameriflex Group Inc. bought a new stake in Ardmore Shipping during the fourth quarter worth approximately $47,000. Finally, TrueMark Investments LLC bought a new stake in Ardmore Shipping during the first quarter worth approximately $129,000. 62.22% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ASC. Evercore ISI set a $13.00 target price on Ardmore Shipping in a research report on Wednesday, July 30th. Zacks Research raised Ardmore Shipping from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 20th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $14.00 target price 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 issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $12.67.

Ardmore Shipping Stock Performance

Shares of ASC stock traded down $0.06 during trading hours on Wednesday, reaching $12.31. 580,343 shares of the company's stock were exchanged, compared to its average volume of 467,142. Ardmore Shipping Corporation has a fifty-two week low of $8.32 and a fifty-two week high of $18.79. The stock has a market capitalization of $500.15 million, a P/E ratio of 11.95 and a beta of 0.12. The business has a fifty day moving average price of $10.83 and a 200-day moving average price of $10.08. The company has a quick ratio of 3.56, a current ratio of 3.88 and a debt-to-equity ratio of 0.04.

Ardmore Shipping (NYSE:ASC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The shipping company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.04. Ardmore Shipping had a return on equity of 8.46% and a net margin of 14.48%.The company had revenue of $72.05 million during the quarter, compared to analyst estimates of $44.92 million. During the same period in the previous year, the company earned $1.14 earnings per share. The company's quarterly revenue was down 40.6% compared to the same quarter last year. Analysts predict that Ardmore Shipping Corporation will post 1.06 EPS for the current fiscal year.

Ardmore Shipping Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Ardmore Shipping's previous quarterly dividend of $0.05. The ex-dividend date is Friday, August 29th. Ardmore Shipping's dividend payout ratio is presently 27.18%.

Ardmore Shipping Profile

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.