Ardmore Shipping (NYSE:ASC) Share Price Passes Below 50 Day Moving Average – Time to Sell?
by Teresa Graham · The Cerbat GemArdmore Shipping Corporation (NYSE:ASC – Get Free Report)’s share price passed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $11.81 and traded as low as $11.40. Ardmore Shipping shares last traded at $11.6750, with a volume of 660,011 shares.
Analyst Ratings Changes
A number of analysts have recently issued reports on the company. Zacks Research cut Ardmore Shipping from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th. Evercore ISI increased their price target on Ardmore Shipping from $13.00 to $15.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. Weiss Ratings reissued a “hold (c-)” rating on shares of Ardmore Shipping in a research note on Wednesday, December 24th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $15.00 price objective on shares of Ardmore Shipping in a report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $13.67.
Check Out Our Latest Stock Analysis on ASC
Ardmore Shipping Stock Down 1.7%
The firm’s 50 day moving average price is $11.81 and its two-hundred day moving average price is $11.47. The company has a current ratio of 4.46, a quick ratio of 4.08 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $474.24 million, a P/E ratio of 14.97 and a beta of -0.08.
Ardmore Shipping (NYSE:ASC – Get Free Report) last announced its quarterly earnings data on Wednesday, November 5th. The shipping company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.03. Ardmore Shipping had a return on equity of 6.69% and a net margin of 11.50%.The company had revenue of $81.25 million for the quarter, compared to analysts’ expectations of $48.38 million. During the same quarter in the prior year, the business posted $0.55 EPS. The business’s revenue was down 15.5% compared to the same quarter last year. Equities research analysts forecast that Ardmore Shipping Corporation will post 1.06 EPS for the current year.
Ardmore Shipping Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Friday, November 28th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, November 28th. This is an increase from Ardmore Shipping’s previous quarterly dividend of $0.07. This represents a $0.40 dividend on an annualized basis and a yield of 3.4%. Ardmore Shipping’s dividend payout ratio is 51.28%.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its position in Ardmore Shipping by 31.2% during the first quarter. AQR Capital Management LLC now owns 77,769 shares of the shipping company’s stock worth $761,000 after purchasing an additional 18,500 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Ardmore Shipping by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,701 shares of the shipping company’s stock worth $242,000 after buying an additional 1,102 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Ardmore Shipping by 7.5% during the 1st quarter. Empowered Funds LLC now owns 234,987 shares of the shipping company’s stock worth $2,301,000 after buying an additional 16,458 shares during the period. Strs Ohio acquired a new position in Ardmore Shipping in the 1st quarter valued at about $371,000. Finally, Kingstone Capital Partners Texas LLC bought a new stake in shares of Ardmore Shipping during the second quarter worth approximately $21,019,000. 62.22% of the stock is owned by institutional investors and hedge funds.
About Ardmore Shipping
Ardmore Shipping Corporation is a Bermuda-based provider of seaborne transportation services for refined petroleum products. The company owns and operates a modern fleet of product tankers, including medium-range (MR), long-range 2 (LR2) and Aframax vessels. Ardmore Shipping focuses on the ocean carriage of clean and dirty petroleum products under time charters, bareboat charters and spot voyages, serving a diverse customer base that includes major oil companies and trading houses.
Since its founding in 2005, Ardmore Shipping has grown its fleet through newbuilding contracts, second-hand acquisitions and fleet renewals, aiming to maintain a high quality, fuel-efficient profile.