Ardmore Shipping Corporation $ASC Stock Sold by Private Management Group Inc.

Private Management Group Inc. trimmed its stake in shares of Ardmore Shipping Corporation (NYSE:ASC) by 5.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,012,410 shares of the shipping company’s stock after selling 55,940 shares during the period. Private Management Group Inc.’s holdings in Ardmore Shipping were worth $18,892,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Ethic Inc. lifted its stake in Ardmore Shipping by 15.8% in the 3rd quarter. Ethic Inc. now owns 19,742 shares of the shipping company’s stock valued at $368,000 after buying an additional 2,692 shares in the last quarter. Parallel Advisors LLC increased its stake in Ardmore Shipping by 51.0% during the 3rd quarter. Parallel Advisors LLC now owns 1,749 shares of the shipping company’s stock worth $33,000 after buying an additional 591 shares in the last quarter. Alps Advisors Inc. acquired a new position in shares of Ardmore Shipping during the third quarter valued at approximately $578,000. Commonwealth Equity Services LLC acquired a new position in shares of Ardmore Shipping during the third quarter valued at approximately $234,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Ardmore Shipping during the third quarter valued at approximately $252,000. Institutional investors and hedge funds own 62.22% of the company’s stock.

Ardmore Shipping Stock Performance

Shares of Ardmore Shipping stock opened at $17.28 on Tuesday. The business’s 50 day moving average price is $18.85 and its 200 day moving average price is $16.73. The company has a market cap of $703.81 million, a price-to-earnings ratio of 7.57 and a beta of 0.15. The company has a debt-to-equity ratio of 0.09, a quick ratio of 4.84 and a current ratio of 5.26. Ardmore Shipping Corporation has a one year low of $10.31 and a one year high of $21.34.

Ardmore Shipping (NYSE:ASC) last issued its earnings results on Tuesday, November 3rd. The shipping company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.01. Ardmore Shipping had a return on equity of 15.38% and a net margin of 30.11%. The company had revenue of $87.71 million during the quarter, compared to analysts’ expectations of $56.67 million.

Ardmore Shipping Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Friday, November 27th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 6.2%. The ex-dividend date of this dividend is Friday, November 27th. This is a negative change from Ardmore Shipping’s previous quarterly dividend of $0.79. Ardmore Shipping’s dividend payout ratio is presently 117.47%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Evercore restated an “outperform” rating and issued a $22.00 target price on shares of Ardmore Shipping in a research report on Tuesday, October 27th. Wall Street Zen cut Ardmore Shipping from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 31st. Finally, Weiss Ratings downgraded Ardmore Shipping from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, November 4th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

Ardmore Shipping 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.