Ardmore Shipping (NYSE:ASC) Trading 6.1% Higher – Should You Buy?

Ardmore Shipping Co. (NYSE:ASC)’s stock price shot up 6.1% during mid-day trading on Friday . The company traded as high as $13.50 and last traded at $13.32. 180,853 shares traded hands during trading, a decline of 71% from the average session volume of 623,895 shares. The stock had previously closed at $12.56.

Analysts Set New Price Targets

Several research firms have weighed in on ASC. Fearnley Fonds upgraded Ardmore Shipping to a “hold” rating in a report on Friday, September 27th. Jefferies Financial Group decreased their price objective on shares of Ardmore Shipping from $20.00 to $17.00 and set a “buy” rating for the company in a report on Thursday, November 14th. StockNews.com lowered shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Finally, Stifel Nicolaus downgraded shares of Ardmore Shipping from a “buy” rating to a “hold” rating and decreased their price target for the stock from $24.00 to $17.00 in a research note on Wednesday, October 23rd. Three 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 an average rating of “Hold” and an average price target of $20.00.

Ardmore Shipping Price Performance

The firm has a market cap of $563.61 million, a PE ratio of 3.77 and a beta of 0.28. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.57 and a quick ratio of 3.26. The firm has a 50-day simple moving average of $11.97 and a 200 day simple moving average of $16.34.

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 given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.72 dividend on an annualized basis and a yield of 5.35%. Ardmore Shipping’s dividend payout ratio (DPR) is currently 20.17%.

Hedge Funds Weigh In On Ardmore Shipping

A number of institutional investors and hedge funds have recently made changes to their positions in ASC. GAMMA Investing LLC lifted its holdings in shares of Ardmore Shipping by 261.1% during the fourth quarter. GAMMA Investing LLC now owns 2,116 shares of the shipping company’s stock valued at $26,000 after purchasing an additional 1,530 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Ardmore Shipping during the second quarter valued at $29,000. Private Trust Co. NA bought a new stake in Ardmore Shipping in the third quarter worth $31,000. Nisa Investment Advisors LLC grew its stake in shares of Ardmore Shipping by 2,906.0% in the third quarter. Nisa Investment Advisors LLC now owns 3,006 shares of the shipping company’s stock worth $54,000 after acquiring an additional 2,906 shares during the last quarter. Finally, Quarry LP increased its holdings in shares of Ardmore Shipping by 829.0% during the third quarter. Quarry LP now owns 3,558 shares of the shipping company’s stock valued at $64,000 after acquiring an additional 3,175 shares in the last quarter. Institutional investors own 62.22% of the company’s stock.

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.