Ardmore Shipping (NYSE:ASC) Stock Dropped to Buy by Wall Street Zen

Wall Street Zen downgraded shares of Ardmore Shipping (NYSE:ASC) from a strong-buy rating to a buy rating in a report published on Saturday,Wall Street Zen reports.

ASC has been the topic of a number of other reports. Weiss Ratings upgraded Ardmore Shipping from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, September 22nd. Evercore reaffirmed an “outperform” rating and set a $22.00 price target on shares of Ardmore Shipping in a report on Tuesday. Three research analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $18.50.

Ardmore Shipping Trading Down 1.5%

Shares of NYSE:ASC opened at $20.97 on Friday. Ardmore Shipping has a 52 week low of $10.31 and a 52 week high of $21.34. The company’s 50 day moving average is $18.80 and its two-hundred day moving average is $16.54. The company has a market cap of $854.11 million, a PE ratio of 8.10 and a beta of 0.11. The company has a current ratio of 5.45, a quick ratio of 4.84 and a debt-to-equity ratio of 0.05.

Ardmore Shipping (NYSE:ASC) last released its quarterly earnings data 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 analysts’ expectations of $86.30 million. Ardmore Shipping had a net margin of 29.67% and a return on equity of 15.24%.

Hedge Funds Weigh In On Ardmore Shipping

Several hedge funds have recently added to or reduced their stakes in ASC. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Ardmore Shipping during the 3rd quarter worth $252,000. U S Global Investors Inc. purchased a new stake in Ardmore Shipping in the third quarter valued at $353,000. Quadrant Capital Group LLC purchased a new stake in Ardmore Shipping in the third quarter valued at $228,000. Nisa Investment Advisors LLC lifted its position in Ardmore Shipping by 464.3% in the third quarter. Nisa Investment Advisors LLC now owns 6,320 shares of the shipping company’s stock valued at $118,000 after acquiring an additional 5,200 shares during the last quarter. Finally, SummerHaven Investment Management LLC purchased a new stake in Ardmore Shipping in the third quarter valued at $688,000. 62.22% of the stock is currently owned by hedge funds and other institutional investors.

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 provides seaborne transportation services for refined petroleum products, such as gasoline, diesel and jet fuel, as well as certain chemicals and other liquid cargoes.

Ardmore’s vessels primarily serve international trade routes, transporting cargoes between major energy and industrial markets. Its operations include commercial management, chartering and technical management of its fleet, with an emphasis on safe, efficient and environmentally responsible maritime transportation.

Founded in 2010, Ardmore Shipping is headquartered in Hamilton, Bermuda.