Ardmore Shipping (NYSE:ASC) Hits New 1-Year High - Time to Buy?

Key Points

• Ardmore Shipping shares reached a new 52-week high, trading as high as $20.12 and closing near $19.96, above its 50-day and 200-day moving averages.
• Analysts are broadly bullish, with all three covering analysts rating the stock a Buy and the consensus price target at $17—below its current trading level.
• The company reported better-than-expected quarterly results, including $1.18 in EPS and $116.21 million in revenue, while raising its quarterly dividend to $0.79, implying a 15.9% yield.

Ardmore Shipping Corporation (NYSE:ASC - Get Free Report)'s share price reached a new 52-week high on Monday. The stock traded as high as $20.12 and last traded at $19.96, with a volume of 167,443 shares changing hands. The stock had previously closed at $19.28.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ASC. Weiss Ratings raised Ardmore Shipping from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, September 22nd. Wall Street Zen upgraded shares of Ardmore Shipping from a "buy" rating to a "strong-buy" rating in a research report on Saturday, September 5th. Three analysts have rated the stock with a Buy rating. According to MarketBeat.com, Ardmore Shipping presently has a consensus rating of "Buy" and an average price target of $17.00.

Ardmore Shipping Stock Up 3.0%

The firm's 50 day moving average is $18.04 and its two-hundred day moving average is $17.09. The stock has a market cap of $808.71 million, a price-to-earnings ratio of 7.65 and a beta of 0.11. The company has a current ratio of 5.45, a quick ratio of 4.84 and a debt-to-equity ratio of 0.05.

Ardmore Shipping (NYSE:ASC - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The shipping company reported $1.18 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.07. The business had revenue of $116.21 million during the quarter, compared to the consensus estimate of $86.30 million. Ardmore Shipping had a net margin of 29.67% and a return on equity of 15.24%.

Ardmore Shipping Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Friday, August 28th were paid a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 15.9%. The ex-dividend date of this dividend was Friday, August 28th. This is an increase from Ardmore Shipping's previous quarterly dividend of $0.39. Ardmore Shipping's dividend payout ratio is presently 122.01%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ASC. EverSource Wealth Advisors LLC raised its position in shares of Ardmore Shipping by 10.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 7,358 shares of the shipping company's stock worth $112,000 after buying an additional 680 shares during the period. Farther Finance Advisors LLC boosted its holdings in Ardmore Shipping by 49.6% in the third quarter. Farther Finance Advisors LLC now owns 4,309 shares of the shipping company's stock valued at $80,000 after acquiring an additional 1,429 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Ardmore Shipping by 20.1% in the third quarter. GAMMA Investing LLC now owns 8,629 shares of the shipping company's stock valued at $161,000 after acquiring an additional 1,446 shares during the last quarter. SmartHarvest Portfolios LLC boosted its holdings in Ardmore Shipping by 12.0% in the first quarter. SmartHarvest Portfolios LLC now owns 16,702 shares of the shipping company's stock valued at $255,000 after acquiring an additional 1,796 shares during the last quarter. Finally, First Trust Advisors LP grew its position in Ardmore Shipping by 17.7% during the first quarter. First Trust Advisors LP now owns 18,646 shares of the shipping company's stock valued at $284,000 after acquiring an additional 2,799 shares during the period. 62.22% of the stock is currently owned by institutional investors and hedge funds.

About Ardmore Shipping

Ardmore Shipping Corporation NYSE: ASC is a maritime transportation company that owns and operates a fleet of product and chemical tankers. The company transports refined petroleum products, such as gasoline, diesel and jet fuel, as well as chemicals and other liquid commodities for customers involved in the energy and industrial sectors.

Ardmore's fleet primarily includes medium-range product tankers and chemical tankers designed to serve regional and international trade routes. Its vessels operate worldwide, supporting the movement of cargo between major refining, distribution and consumption markets.

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