Zacks Investment Research Upgrades Ardmore Shipping (NYSE:ASC) to “Hold”

Ardmore Shipping (NYSE:ASC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “

A number of other analysts have also issued reports on ASC. ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Morgan Stanley increased their price target on shares of Zynga and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Finally, Pareto Securities raised shares of Ardmore Shipping from a “hold” rating to a “buy” rating in a research report on Friday, June 28th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $8.68.

Shares of ASC traded up $0.08 during midday trading on Tuesday, hitting $8.65. The stock had a trading volume of 6,017 shares, compared to its average volume of 180,849. Ardmore Shipping has a fifty-two week low of $4.22 and a fifty-two week high of $8.77. The stock’s 50-day moving average price is $7.20. The company has a market capitalization of $287.29 million, a price-to-earnings ratio of -8.33 and a beta of 1.19. The company has a current ratio of 1.56, a quick ratio of 1.37 and a debt-to-equity ratio of 1.21.

Ardmore Shipping (NYSE:ASC) last announced its earnings results on Wednesday, May 1st. The shipping company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.02. The company had revenue of $62.30 million during the quarter, compared to analysts’ expectations of $33.04 million. Ardmore Shipping had a negative net margin of 21.14% and a negative return on equity of 8.92%. The business’s revenue for the quarter was up 23.4% on a year-over-year basis. During the same period last year, the company posted ($0.16) earnings per share. On average, equities analysts anticipate that Ardmore Shipping will post 0.06 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rhumbline Advisers boosted its holdings in Ardmore Shipping by 46.2% during the fourth quarter. Rhumbline Advisers now owns 46,314 shares of the shipping company’s stock worth $216,000 after buying an additional 14,635 shares in the last quarter. BlackRock Inc. boosted its holdings in Ardmore Shipping by 18.5% during the fourth quarter. BlackRock Inc. now owns 1,903,432 shares of the shipping company’s stock worth $8,889,000 after buying an additional 296,893 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Ardmore Shipping by 22.7% during the fourth quarter. Bank of New York Mellon Corp now owns 2,124,098 shares of the shipping company’s stock worth $9,919,000 after buying an additional 393,054 shares in the last quarter. Citigroup Inc. boosted its holdings in Ardmore Shipping by 39.9% during the fourth quarter. Citigroup Inc. now owns 14,933 shares of the shipping company’s stock worth $69,000 after buying an additional 4,259 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Ardmore Shipping by 14.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,680,982 shares of the shipping company’s stock worth $7,850,000 after buying an additional 210,973 shares in the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.

About Ardmore Shipping

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. As of January 31, 2019, the company operated a fleet of 27 double-hulled product and chemical tankers, including 21 Eco-design and 6 Eco-mod vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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