Short Interest in Ardmore Shipping Co. (NYSE:ASC) Declines By 8.0%

Ardmore Shipping Co. (NYSE:ASC - Get Free Report) was the recipient of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 984,300 shares, a drop of 8.0% from the March 15th total of 1,070,000 shares. Based on an average trading volume of 661,800 shares, the days-to-cover ratio is presently 1.5 days.

Ardmore Shipping Stock Up 0.8 %

Shares of NYSE ASC traded up $0.13 during trading hours on Tuesday, hitting $15.92. The stock had a trading volume of 357,630 shares, compared to its average volume of 655,169. The firm's 50-day moving average price is $16.21 and its two-hundred day moving average price is $14.84. Ardmore Shipping has a 52 week low of $11.59 and a 52 week high of $17.17. The company has a market capitalization of $646.83 million, a P/E ratio of 5.83 and a beta of 0.38. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.38 and a current ratio of 3.75.

Ardmore Shipping (NYSE:ASC - Get Free Report) last announced its quarterly earnings results on Thursday, February 15th. The shipping company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.61 by $0.02. Ardmore Shipping had a net margin of 29.50% and a return on equity of 22.76%. The company had revenue of $98.80 million for the quarter, compared to analyst estimates of $64.26 million. During the same quarter in the prior year, the business posted $1.33 EPS. Ardmore Shipping's quarterly revenue was down 25.6% on a year-over-year basis. Analysts anticipate that Ardmore Shipping will post 2.6 EPS for the current fiscal year.

Ardmore Shipping Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 5.28%. The ex-dividend date of this dividend was Wednesday, February 28th. This is an increase from Ardmore Shipping's previous quarterly dividend of $0.16. Ardmore Shipping's dividend payout ratio is 30.77%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Clear Street Markets LLC acquired a new position in Ardmore Shipping during the 1st quarter worth $36,000. Sunbelt Securities Inc. acquired a new position in shares of Ardmore Shipping during the 1st quarter worth about $54,000. Quadrant Capital Group LLC lifted its position in shares of Ardmore Shipping by 87.3% during the 4th quarter. Quadrant Capital Group LLC now owns 4,382 shares of the shipping company's stock worth $62,000 after purchasing an additional 2,042 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Ardmore Shipping by 253.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 4,621 shares of the shipping company's stock valued at $60,000 after purchasing an additional 3,315 shares during the period. Finally, Citigroup Inc. grew its holdings in Ardmore Shipping by 874.3% in the 1st quarter. Citigroup Inc. now owns 5,125 shares of the shipping company's stock valued at $76,000 after buying an additional 4,599 shares during the last quarter. Institutional investors and hedge funds own 62.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ASC shares. StockNews.com upgraded shares of Ardmore Shipping from a "hold" rating to a "buy" rating in a report on Thursday, April 11th. Jefferies Financial Group restated a "buy" rating and set a $20.00 price target on shares of Ardmore Shipping in a report on Thursday, February 15th. Finally, Stifel Nicolaus upped their price target on shares of Ardmore Shipping from $20.00 to $21.00 and gave the stock a "buy" rating in a research note on Friday, February 16th.

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.

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