Weiss Ratings Reaffirms "Hold (C)" Rating for Ardmore Shipping (NYSE:ASC)

Key Points

• Weiss Ratings has reiterated a "Hold (C)" rating for Ardmore Shipping (NYSE:ASC), indicating a neutral outlook on the stock.
• The stock experienced a slight decline, trading at $11.24, with a market capitalization of approximately $456.57 million.
• Institutional investors currently own 62.22% of Ardmore Shipping, indicating significant institutional interest in the company.

Ardmore Shipping (NYSE:ASC - Get Free Report)'s stock had its "hold (c)" rating reiterated by equities researchers at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Several other research analysts have also recently commented on ASC. Zacks Research cut shares of Ardmore Shipping from a "strong-buy" rating to a "hold" rating in a report on Monday, September 29th. Evercore ISI set a $13.00 target price on shares of Ardmore Shipping in a report on Wednesday, July 30th. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $14.00 price objective on shares of Ardmore Shipping in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Ardmore Shipping has a consensus rating of "Moderate Buy" and a consensus target price of $12.67.

Ardmore Shipping Stock Performance

ASC stock traded down $0.21 during mid-day trading on Wednesday, hitting $11.24. 418,595 shares of the company were exchanged, compared to its average volume of 625,318. The business has a 50 day simple moving average of $11.68 and a 200-day simple moving average of $10.43. The company has a current ratio of 3.88, a quick ratio of 3.56 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $456.57 million, a PE ratio of 10.91 and a beta of 0.09. Ardmore Shipping has a 1-year low of $8.32 and a 1-year high of $18.00.

Ardmore Shipping (NYSE:ASC - Get Free Report) last issued its quarterly earnings data 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 net margin of 14.48% and a return on equity of 8.46%. The firm had revenue of $72.05 million during the quarter, compared to the consensus estimate of $44.92 million. During the same period last year, the business posted $1.14 earnings per share. The business's revenue for the quarter was down 40.6% compared to the same quarter last year. On average, equities analysts forecast that Ardmore Shipping will post 1.06 earnings per share for the current year.

Institutional Investors Weigh In On Ardmore Shipping

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Kingstone Capital Partners Texas LLC bought a new stake in Ardmore Shipping in the second quarter valued at $21,019,000. American Century Companies Inc. increased its stake in Ardmore Shipping by 4.4% in the second quarter. American Century Companies Inc. now owns 1,642,656 shares of the shipping company's stock valued at $15,769,000 after purchasing an additional 69,788 shares in the last quarter. Wellington Management Group LLP increased its stake in Ardmore Shipping by 5.2% in the first quarter. Wellington Management Group LLP now owns 1,487,111 shares of the shipping company's stock valued at $14,559,000 after purchasing an additional 73,557 shares in the last quarter. Private Management Group Inc. increased its stake in Ardmore Shipping by 3.4% in the second quarter. Private Management Group Inc. now owns 1,242,297 shares of the shipping company's stock valued at $11,926,000 after purchasing an additional 40,460 shares in the last quarter. Finally, Royce & Associates LP increased its position in shares of Ardmore Shipping by 5.9% during the first quarter. Royce & Associates LP now owns 879,760 shares of the shipping company's stock worth $8,613,000 after acquiring an additional 49,340 shares in the last quarter. 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.

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