Ardmore Shipping (NYSE:ASC) Reaches New 1-Year High – Still a Buy?

Ardmore Shipping Corporation (NYSE:ASC)’s stock price hit a new 52-week high during mid-day trading on Monday. The stock traded as high as $20.12 and last traded at $19.96, with a volume of 167,443 shares. The stock had previously closed at $19.28.

Wall Street Analyst Weigh In

ASC has been the subject of several recent research reports. Wall Street Zen raised Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 5th. Weiss Ratings upgraded shares of Ardmore Shipping from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, September 22nd. Three equities research analysts have rated the stock with a Buy rating. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $17.00.

Ardmore Shipping Trading Up 1.4%

The company has a quick ratio of 4.84, a current ratio of 5.45 and a debt-to-equity ratio of 0.05. The company has a market cap of $818.47 million, a P/E ratio of 8.43 and a beta of 0.11. The firm’s 50 day moving average is $18.15 and its two-hundred day moving average is $17.15.

Ardmore Shipping (NYSE:ASC) last announced its earnings results on Thursday, July 30th. The shipping company reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.07. The business had revenue of $116.21 million during the quarter, compared to analyst estimates of $86.30 million. Ardmore Shipping had a return on equity of 15.24% and a net margin of 29.67%.

Ardmore Shipping Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Friday, August 28th were issued a $0.79 dividend. The ex-dividend date was Friday, August 28th. This is an increase from Ardmore Shipping’s previous quarterly dividend of $0.39. This represents a $3.16 annualized dividend and a yield of 15.7%. Ardmore Shipping’s dividend payout ratio is currently 122.01%.

Institutional Investors Weigh In On Ardmore Shipping

Several hedge funds and other institutional investors have recently modified their holdings of ASC. Legal & General Group Plc purchased a new position in shares of Ardmore Shipping in the 2nd quarter worth approximately $49,000. Farther Finance Advisors LLC increased its position in shares of Ardmore Shipping by 49.6% during the third quarter. Farther Finance Advisors LLC now owns 4,309 shares of the shipping company’s stock valued at $80,000 after acquiring an additional 1,429 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Ardmore Shipping by 10.2% during the first quarter. EverSource Wealth Advisors LLC now owns 7,358 shares of the shipping company’s stock valued at $112,000 after acquiring an additional 680 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Ardmore Shipping by 20.1% during the third quarter. GAMMA Investing LLC now owns 8,629 shares of the shipping company’s stock valued at $161,000 after acquiring an additional 1,446 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in Ardmore Shipping during the second quarter worth $170,000. Institutional investors own 62.22% of the company’s stock.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation (NYSE: ASC) is a maritime transportation company that owns and operates a fleet of product and chemical tankers. The company transports refined petroleum products, such as gasoline, diesel and jet fuel, as well as chemicals and other liquid commodities for customers involved in the energy and industrial sectors.

Ardmore’s fleet primarily includes medium-range product tankers and chemical tankers designed to serve regional and international trade routes. Its vessels operate worldwide, supporting the movement of cargo between major refining, distribution and consumption markets.