Ardmore Shipping (ASC) Downgraded by Zacks Investment Research to Hold
Ardmore Shipping logoArdmore Shipping (NYSE:ASC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “
A number of other equities research analysts have also recently commented on ASC. ValuEngine raised shares of Ardmore Shipping from a “sell” rating to a “hold” rating in a report on Tuesday, October 2nd. Fearnley Fonds raised shares of Ardmore Shipping from a “reduce” rating to a “buy” rating and upped their target price for the company from $6.70 to $9.30 in a report on Tuesday, September 25th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $8.71.
ASC traded up $0.58 on Monday, reaching $5.50. The company had a trading volume of 275,713 shares, compared to its average volume of 179,307. Ardmore Shipping has a 1 year low of $4.22 and a 1 year high of $8.75. The stock has a market cap of $182.04 million, a PE ratio of -14.86 and a beta of 0.89. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.16 and a quick ratio of 0.94.
Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings results on Wednesday, November 7th. The shipping company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.04). Ardmore Shipping had a negative net margin of 14.94% and a negative return on equity of 7.85%. The company had revenue of $48.90 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same period last year, the firm earned ($0.14) earnings per share. Ardmore Shipping’s revenue was up .4% on a year-over-year basis. As a group, equities analysts expect that Ardmore Shipping will post -1.13 EPS for the current fiscal year.
Large investors have recently made changes to their positions in the company. Paloma Partners Management Co purchased a new position in Ardmore Shipping during the second quarter worth about $448,000. Vanguard Group Inc raised its holdings in Ardmore Shipping by 2.4% during the third quarter. Vanguard Group Inc now owns 74,383 shares of the shipping company’s stock worth $484,000 after purchasing an additional 1,728 shares in the last quarter. WealthTrust Axiom LLC raised its holdings in Ardmore Shipping by 40.1% during the third quarter. WealthTrust Axiom LLC now owns 124,100 shares of the shipping company’s stock worth $806,000 after purchasing an additional 35,500 shares in the last quarter. Jefferies Group LLC purchased a new position in Ardmore Shipping during the third quarter worth about $1,950,000. Finally, Renaissance Technologies LLC raised its holdings in Ardmore Shipping by 1,025.1% during the second quarter. Renaissance Technologies LLC now owns 247,522 shares of the shipping company’s stock worth $2,030,000 after purchasing an additional 225,522 shares in the last quarter. 90.56% of the stock is owned by institutional investors and hedge funds.