Ardmore Shipping (NYSE:ASC) Stock Price Down 2.7% – What’s Next?

Ardmore Shipping Co. (NYSE:ASC) shares dropped 2.7% during mid-day trading on Tuesday . The stock traded as low as $13.15 and last traded at $13.23. Approximately 105,047 shares changed hands during trading, a decline of 85% from the average daily volume of 710,193 shares. The stock had previously closed at $13.60.

Wall Street Analyst Weigh In

ASC has been the subject of several research analyst reports. Jefferies Financial Group cut their price target on Ardmore Shipping from $20.00 to $17.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Fearnley Fonds upgraded Ardmore Shipping to a “hold” rating in a report on Friday, September 27th. Stifel Nicolaus cut Ardmore Shipping from a “buy” rating to a “hold” rating and cut their price target for the company from $24.00 to $17.00 in a report on Wednesday, October 23rd. Finally, StockNews.com cut Ardmore Shipping from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $20.00.

Ardmore Shipping Trading Down 5.2 %

The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.26 and a current ratio of 3.57. The stock has a market cap of $524.97 million, a PE ratio of 3.51 and a beta of 0.28. The stock has a fifty day moving average price of $11.95 and a 200 day moving average price of $16.14.

Ardmore Shipping Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.74%. The ex-dividend date of this dividend was Friday, November 29th. Ardmore Shipping’s dividend payout ratio is currently 20.17%.

Institutional Investors Weigh In On Ardmore Shipping

Institutional investors and hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. raised its position in Ardmore Shipping by 58.9% during the 3rd quarter. Victory Capital Management Inc. now owns 131,073 shares of the shipping company’s stock valued at $2,372,000 after purchasing an additional 48,598 shares in the last quarter. Walleye Capital LLC bought a new stake in Ardmore Shipping during the 3rd quarter valued at $1,164,000. Foundry Partners LLC raised its position in Ardmore Shipping by 217.5% during the 3rd quarter. Foundry Partners LLC now owns 565,300 shares of the shipping company’s stock valued at $10,232,000 after purchasing an additional 387,240 shares in the last quarter. American Century Companies Inc. raised its position in Ardmore Shipping by 27.4% during the 2nd quarter. American Century Companies Inc. now owns 1,124,835 shares of the shipping company’s stock valued at $25,343,000 after purchasing an additional 241,748 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. bought a new stake in Ardmore Shipping during the 3rd quarter valued at $799,000. 62.22% of the stock is owned by institutional investors.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.