Voloridge Investment Management LLC Has $442,000 Position in Ardmore Shipping Co. (NYSE:ASC)

Voloridge Investment Management LLC cut its holdings in shares of Ardmore Shipping Co. (NYSE:ASC - Free Report) by 91.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,354 shares of the shipping company's stock after selling 412,482 shares during the period. Voloridge Investment Management LLC owned approximately 0.09% of Ardmore Shipping worth $442,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ASC. Victory Capital Management Inc. lifted its stake in Ardmore Shipping by 255.4% in the fourth quarter. Victory Capital Management Inc. now owns 465,777 shares of the shipping company's stock worth $5,659,000 after purchasing an additional 334,704 shares during the last quarter. Bleakley Financial Group LLC increased its stake in Ardmore Shipping by 406.6% in the 4th quarter. Bleakley Financial Group LLC now owns 97,836 shares of the shipping company's stock worth $1,189,000 after buying an additional 78,524 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Ardmore Shipping by 24.6% during the 4th quarter. Wellington Management Group LLP now owns 1,413,554 shares of the shipping company's stock valued at $17,175,000 after purchasing an additional 279,403 shares during the last quarter. Ameriprise Financial Inc. grew its position in Ardmore Shipping by 1,647.3% in the fourth quarter. Ameriprise Financial Inc. now owns 670,993 shares of the shipping company's stock worth $8,153,000 after acquiring an additional 632,592 shares in the last quarter. Finally, Townsquare Capital LLC bought a new stake in Ardmore Shipping in the fourth quarter worth about $443,000. 62.22% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ASC shares. Evercore ISI dropped their price target on Ardmore Shipping from $14.00 to $13.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Jefferies Financial Group reiterated a "buy" rating and set a $17.00 price target on shares of Ardmore Shipping in a research report on Thursday, February 13th. Stifel Nicolaus reduced their price target on shares of Ardmore Shipping from $13.00 to $11.00 and set a "hold" rating on the stock in a research report on Friday, February 14th. Finally, Fearnley Fonds raised Ardmore Shipping from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.67.

Ardmore Shipping Trading Up 0.9%

ASC stock traded up $0.09 during midday trading on Monday, hitting $9.70. The stock had a trading volume of 205,332 shares, compared to its average volume of 683,302. The company's 50-day moving average price is $9.53 and its 200 day moving average price is $10.65. Ardmore Shipping Co. has a 12-month low of $8.32 and a 12-month high of $23.16. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.24 and a quick ratio of 3.86. The firm has a market cap of $394.05 million, a PE ratio of 3.17 and a beta of -0.02.

Ardmore Shipping (NYSE:ASC - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The shipping company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). The business had revenue of $74.00 million during the quarter, compared to analyst estimates of $43.04 million. Ardmore Shipping had a return on equity of 20.48% and a net margin of 32.78%. The company's revenue was down 30.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.92 EPS. On average, equities research analysts predict that Ardmore Shipping Co. will post 1.06 earnings per share for the current fiscal year.

Ardmore Shipping Announces Dividend

The company also recently declared a dividend, which will be paid on Friday, June 13th. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.05 per share. This represents a yield of 2.05%. The ex-dividend date of this dividend is Friday, May 30th. Ardmore Shipping's payout ratio is currently 8.77%.

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.