Ardmore Shipping Corporation (NYSE:ASC) Short Interest Update

Key Points

• Short interest in Ardmore Shipping Corporation increased by 33.3% in August, reaching 3,240,000 shares, which represents about 8.0% of the company's shares.
• Recent brokerage reports show a consensus rating of Buy with a price target averaging $12.67, while some analysts have rated the stock as a Strong Buy.
• The company declared a quarterly dividend of $0.07 per share, which is an increase from the previous $0.05, resulting in an annualized yield of 2.1%.

Ardmore Shipping Corporation (NYSE:ASC - Get Free Report) was the target of a large growth in short interest in the month of August. As of August 31st, there was short interest totaling 3,240,000 shares, a growth of 33.3% from the August 15th total of 2,430,000 shares. Based on an average daily volume of 594,600 shares, the days-to-cover ratio is presently 5.4 days. Approximately 8.0% of the company's stock are sold short. Approximately 8.0% of the company's stock are sold short. Based on an average daily volume of 594,600 shares, the days-to-cover ratio is presently 5.4 days.

Ardmore Shipping Trading Down 3.2%

ASC traded down $0.42 during midday trading on Friday, reaching $12.73. 837,021 shares of the company's stock traded hands, compared to its average volume of 480,176. Ardmore Shipping has a 52 week low of $8.32 and a 52 week high of $18.79. The stock has a market capitalization of $517.09 million, a price-to-earnings ratio of 12.36 and a beta of 0.12. The firm has a fifty day moving average of $11.20 and a two-hundred day moving average of $10.25. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.88 and a quick ratio of 3.56.

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

Ardmore Shipping Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 2.2%. This is a positive change from Ardmore Shipping's previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Friday, August 29th. Ardmore Shipping's payout ratio is presently 27.18%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Jefferies Financial Group reiterated a "buy" rating and set a $14.00 price objective on shares of Ardmore Shipping in a research note on Wednesday, July 30th. Evercore ISI set a $13.00 price objective on Ardmore Shipping in a report on Wednesday, July 30th. Finally, Zacks Research raised Ardmore Shipping from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $12.67.

Institutional Investors Weigh In On Ardmore Shipping

Large investors have recently made changes to their positions in the company. Pinnacle Holdings LLC bought a new stake in shares of Ardmore Shipping in the first quarter worth about $27,000. Lazard Asset Management LLC bought a new stake in Ardmore Shipping during the fourth quarter worth approximately $36,000. MeadowBrook Investment Advisors LLC bought a new stake in Ardmore Shipping during the second quarter worth approximately $33,000. SBI Securities Co. Ltd. increased its stake 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 acquiring an additional 3,112 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Ardmore Shipping during the second quarter worth approximately $38,000. 62.22% of the stock is owned by institutional investors.

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.