Ardmore Shipping (NYSE:ASC) Hits New 1-Year Low – Here’s Why

Ardmore Shipping Co. (NYSE:ASC) shares hit a new 52-week low during trading on Friday . The stock traded as low as $12.55 and last traded at $12.62, with a volume of 155987 shares trading hands. The stock had previously closed at $12.86.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Fearnley Fonds upgraded Ardmore Shipping to a “hold” rating in a research note on Friday, September 27th. Jefferies Financial Group boosted their target price on Ardmore Shipping from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. StockNews.com downgraded shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th. Evercore ISI boosted their price objective on shares of Ardmore Shipping from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Finally, Stifel Nicolaus cut shares of Ardmore Shipping from a “buy” rating to a “hold” rating and dropped their target price for the stock from $24.00 to $17.00 in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $22.33.

Ardmore Shipping Price Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 3.50 and a quick ratio of 3.18. The company has a market capitalization of $524.67 million, a P/E ratio of 3.66 and a beta of 0.37. The firm’s 50-day moving average is $16.87 and its 200-day moving average is $19.26.

Ardmore Shipping Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.18 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.72 annualized dividend and a dividend yield of 5.74%. Ardmore Shipping’s dividend payout ratio (DPR) is 43.30%.

Institutional Trading of Ardmore Shipping

Several hedge funds have recently bought and sold shares of the stock. Fortitude Family Office LLC lifted its position in shares of Ardmore Shipping by 322.0% during the 2nd quarter. Fortitude Family Office LLC now owns 1,249 shares of the shipping company’s stock valued at $28,000 after buying an additional 953 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Ardmore Shipping in the second quarter worth approximately $29,000. Larson Financial Group LLC purchased a new stake in shares of Ardmore Shipping in the second quarter worth $34,000. nVerses Capital LLC bought a new stake in shares of Ardmore Shipping during the 2nd quarter valued at $47,000. Finally, CWM LLC lifted its stake in shares of Ardmore Shipping by 72.7% during the 2nd quarter. CWM LLC now owns 2,110 shares of the shipping company’s stock valued at $48,000 after buying an additional 888 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.