Ardmore Shipping Corp (NYSE:ASC) – Equities research analysts at Jefferies Financial Group decreased their Q3 2018 earnings estimates for Ardmore Shipping in a research note issued on Monday, October 29th. Jefferies Financial Group analyst R. Giveans now forecasts that the shipping company will post earnings per share of ($0.37) for the quarter, down from their previous estimate of ($0.28). Jefferies Financial Group also issued estimates for Ardmore Shipping’s Q4 2018 earnings at ($0.31) EPS, FY2018 earnings at ($1.09) EPS and FY2019 earnings at ($0.60) EPS.
Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings data on Tuesday, July 31st. The shipping company reported ($0.26) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by ($0.01). Ardmore Shipping had a negative net margin of 11.15% and a negative return on equity of 5.70%. The firm had revenue of $28.20 million during the quarter, compared to the consensus estimate of $28.44 million. During the same period in the prior year, the firm earned ($0.06) earnings per share. The firm’s quarterly revenue was down 11.1% compared to the same quarter last year.
A number of other equities analysts also recently commented on ASC. Zacks Investment Research downgraded Ardmore Shipping from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. ValuEngine upgraded Ardmore Shipping from a “sell” rating to a “hold” rating in a research note on Sunday, July 8th. Morgan Stanley decreased their target price on Ardmore Shipping from $9.00 to $8.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 1st. Finally, Fearnley Fonds upgraded Ardmore Shipping from a “reduce” rating to a “buy” rating and lifted their target price for the company from $6.70 to $9.30 in a research note on Tuesday, September 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $10.22.
Shares of ASC stock opened at $6.74 on Wednesday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.42 and a quick ratio of 1.23. Ardmore Shipping has a 52 week low of $6.18 and a 52 week high of $9.00. The company has a market capitalization of $222.42 million, a price-to-earnings ratio of -18.35 and a beta of 0.89.
A number of hedge funds have recently modified their holdings of the business. Eqis Capital Management Inc. boosted its stake in Ardmore Shipping by 46.7% in the second quarter. Eqis Capital Management Inc. now owns 30,578 shares of the shipping company’s stock valued at $251,000 after acquiring an additional 9,735 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Ardmore Shipping by 26.0% during the first quarter. Schwab Charles Investment Management Inc. now owns 58,600 shares of the shipping company’s stock worth $446,000 after buying an additional 12,100 shares during the period. Northern Trust Corp boosted its position in shares of Ardmore Shipping by 1.5% during the first quarter. Northern Trust Corp now owns 878,622 shares of the shipping company’s stock worth $6,677,000 after buying an additional 12,587 shares during the period. A.R.T. Advisors LLC acquired a new position in shares of Ardmore Shipping during the first quarter worth approximately $117,000. Finally, Sei Investments Co. boosted its position in shares of Ardmore Shipping by 4.1% during the second quarter. Sei Investments Co. now owns 389,396 shares of the shipping company’s stock worth $3,193,000 after buying an additional 15,492 shares during the period. Institutional investors own 88.95% of the company’s stock.
About Ardmore Shipping
Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. The company operates a fleet of 28 double-hulled product and chemical tankers. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.
Further Reading: Price to Earnings Ratio (PE) Basics
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