Ardmore Shipping (ASC) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Ardmore Shipping (NYSE:ASC) from a hold rating to a sell rating in a report released on Thursday morning.

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. “

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Other analysts have also issued reports about the company. JPMorgan Chase raised their target price on Ardmore Shipping from $11.00 to $12.00 and gave the company an overweight rating in a research note on Friday, March 23rd. Seaport Global Securities set a $12.00 target price on Ardmore Shipping and gave the company a buy rating in a research note on Thursday, January 4th. Finally, Stifel Nicolaus set a $9.00 target price on Ardmore Shipping and gave the company a buy rating in a research note on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Ardmore Shipping presently has a consensus rating of Hold and an average price target of $10.42.

Shares of NYSE:ASC opened at $8.00 on Thursday. Ardmore Shipping has a twelve month low of $6.40 and a twelve month high of $9.05. The firm has a market capitalization of $266.93, a PE ratio of -21.62 and a beta of 0.95. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.44 and a quick ratio of 1.27.

Ardmore Shipping (NYSE:ASC) last announced its earnings results on Wednesday, February 7th. The shipping company reported ($0.12) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.03. Ardmore Shipping had a negative return on equity of 3.16% and a negative net margin of 6.37%. The company had revenue of $30.23 million during the quarter, compared to analyst estimates of $30.24 million. During the same period last year, the company posted ($0.11) earnings per share. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. equities analysts anticipate that Ardmore Shipping will post 0.09 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in ASC. Vanguard Group Inc. increased its position in Ardmore Shipping by 16.7% in the second quarter. Vanguard Group Inc. now owns 88,479 shares of the shipping company’s stock worth $721,000 after purchasing an additional 12,631 shares during the period. Bank of New York Mellon Corp increased its position in Ardmore Shipping by 336.0% in the third quarter. Bank of New York Mellon Corp now owns 521,853 shares of the shipping company’s stock worth $4,305,000 after purchasing an additional 402,158 shares during the period. Dimensional Fund Advisors LP increased its position in Ardmore Shipping by 46.7% in the third quarter. Dimensional Fund Advisors LP now owns 706,866 shares of the shipping company’s stock worth $5,832,000 after purchasing an additional 224,920 shares during the period. Boston Partners increased its position in Ardmore Shipping by 59.7% in the fourth quarter. Boston Partners now owns 1,669,220 shares of the shipping company’s stock worth $13,354,000 after purchasing an additional 623,752 shares during the period. Finally, American Century Companies Inc. increased its position in Ardmore Shipping by 3.7% in the fourth quarter. American Century Companies Inc. now owns 1,301,297 shares of the shipping company’s stock worth $10,410,000 after purchasing an additional 45,906 shares during the period. Hedge funds and other institutional investors own 88.06% of the company’s stock.

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Ardmore Shipping Company Profile

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals through product and chemical tankers worldwide. As of December 31, 2016, the company operated 27 vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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