Ardmore Shipping (NYSE:ASC) Lifted to “Buy” at StockNews.com

Ardmore Shipping (NYSE:ASC) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Tuesday.

Several other equities analysts have also issued reports on ASC. Stifel Nicolaus lifted their price target on shares of Ardmore Shipping from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Evercore ISI lifted their price target on shares of Ardmore Shipping from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, Jefferies Financial Group lifted their price target on shares of Ardmore Shipping from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st.

Ardmore Shipping Stock Up 0.1 %

NYSE:ASC traded up $0.02 during trading hours on Tuesday, reaching $17.69. The company’s stock had a trading volume of 368,637 shares, compared to its average volume of 649,148. The company has a market capitalization of $718.69 million, a P/E ratio of 6.78 and a beta of 0.35. Ardmore Shipping has a 12 month low of $11.78 and a 12 month high of $23.44. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.18 and a current ratio of 3.50. The stock has a 50 day moving average price of $19.28 and a two-hundred day moving average price of $19.19.

Ardmore Shipping (NYSE:ASC) last released its quarterly earnings results on Wednesday, July 31st. The shipping company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.05. Ardmore Shipping had a net margin of 36.31% and a return on equity of 24.26%. The business had revenue of $121.30 million for the quarter, compared to analyst estimates of $80.51 million. During the same period in the previous year, the company earned $0.57 earnings per share. The business’s revenue for the quarter was up 32.0% on a year-over-year basis. Equities analysts predict that Ardmore Shipping will post 3.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Ardmore Shipping

A number of large investors have recently made changes to their positions in ASC. Fortitude Family Office LLC grew its holdings in shares of Ardmore Shipping by 322.0% during the second quarter. Fortitude Family Office LLC now owns 1,249 shares of the shipping company’s stock valued at $28,000 after buying an additional 953 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Ardmore Shipping during the second quarter valued at $29,000. Larson Financial Group LLC purchased a new stake in Ardmore Shipping in the second quarter valued at $34,000. nVerses Capital LLC purchased a new stake in Ardmore Shipping in the second quarter valued at $47,000. Finally, CWM LLC boosted its holdings in Ardmore Shipping by 72.7% in the second quarter. CWM LLC now owns 2,110 shares of the shipping company’s stock valued at $48,000 after purchasing an additional 888 shares during the last quarter. 62.22% of the stock is owned by hedge funds and other 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.