Invesco Ltd. reduced its stake in Ardmore Shipping Co. (NYSE:ASC - Free Report) by 27.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 78,977 shares of the shipping company's stock after selling 29,860 shares during the quarter. Invesco Ltd. owned approximately 0.19% of Ardmore Shipping worth $960,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the stock. Aristides Capital LLC acquired a new stake in shares of Ardmore Shipping during the 4th quarter worth about $228,000. Federated Hermes Inc. raised its stake in shares of Ardmore Shipping by 10.8% in the 4th quarter. Federated Hermes Inc. now owns 460,825 shares of the shipping company's stock valued at $5,599,000 after acquiring an additional 44,964 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Ardmore Shipping by 15.9% in the 4th quarter. Russell Investments Group Ltd. now owns 516,071 shares of the shipping company's stock worth $6,270,000 after acquiring an additional 70,720 shares during the last quarter. Aviva PLC boosted its position in shares of Ardmore Shipping by 47.8% during the 4th quarter. Aviva PLC now owns 53,542 shares of the shipping company's stock worth $651,000 after purchasing an additional 17,307 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in Ardmore Shipping by 34.7% in the 4th quarter. Wells Fargo & Company MN now owns 712,587 shares of the shipping company's stock valued at $8,658,000 after purchasing an additional 183,393 shares during the last quarter. Hedge funds and other institutional investors own 62.22% of the company's stock.
Ardmore Shipping Stock Down 1.4 %
NYSE:ASC traded down $0.14 during midday trading on Wednesday, reaching $9.76. The company had a trading volume of 785,345 shares, compared to its average volume of 711,418. Ardmore Shipping Co. has a 12-month low of $8.32 and a 12-month high of $23.44. The firm has a market capitalization of $394.84 million, a price-to-earnings ratio of 3.19 and a beta of -0.02. The company has a current ratio of 4.24, a quick ratio of 3.86 and a debt-to-equity ratio of 0.06. The stock's fifty day simple moving average is $9.54 and its 200-day simple moving average is $11.16.
Ardmore Shipping (NYSE:ASC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The shipping company reported $0.14 EPS for the quarter, missing analysts' consensus estimates of $0.15 by ($0.01). The company had revenue of $74.00 million for 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 business's quarterly revenue was down 30.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.92 earnings per share. On average, sell-side analysts anticipate that Ardmore Shipping Co. will post 1.06 earnings per share for the current fiscal year.
Ardmore Shipping Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a $0.08 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.28%. Ardmore Shipping's payout ratio is 10.46%.
Analyst Upgrades and Downgrades
A number of research analysts have commented on ASC shares. Jefferies Financial Group restated a "buy" rating and set a $17.00 price target on shares of Ardmore Shipping in a research note on Thursday, February 13th. Stifel Nicolaus lowered their target price on Ardmore Shipping from $13.00 to $11.00 and set a "hold" rating for the company in a report on Friday, February 14th. Finally, Evercore ISI cut their price target on shares of Ardmore Shipping from $14.00 to $13.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $13.67.
Read Our Latest Stock Analysis on ASC
About Ardmore Shipping
(
Free Report)
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.
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