Ardmore Shipping (NYSE:ASC) Raised to “Hold” at Fearnley Fonds

Ardmore Shipping (NYSE:ASC) was upgraded by research analysts at Fearnley Fonds to a “hold” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

A number of other analysts also recently issued reports on the company. Evercore ISI lifted their price target on Ardmore Shipping from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Stifel Nicolaus boosted their price target on shares of Ardmore Shipping from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Jefferies Financial Group raised their price objective on shares of Ardmore Shipping from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, StockNews.com downgraded shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Ardmore Shipping has an average rating of “Moderate Buy” and a consensus price target of $24.67.

Ardmore Shipping Price Performance

ASC stock opened at $18.10 on Friday. The firm has a 50 day moving average of $18.84 and a 200-day moving average of $19.31. The company has a current ratio of 3.50, a quick ratio of 3.18 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $735.15 million, a P/E ratio of 6.93 and a beta of 0.35. Ardmore Shipping has a 12 month low of $11.78 and a 12 month high of $23.44.

Ardmore Shipping (NYSE:ASC) last released its quarterly earnings results on Wednesday, July 31st. The shipping company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. Ardmore Shipping had a net margin of 36.31% and a return on equity of 24.26%. The firm had revenue of $121.30 million during the quarter, compared to analyst estimates of $80.51 million. During the same period in the previous year, the business earned $0.57 EPS. The business’s revenue for the quarter was up 32.0% on a year-over-year basis. As a group, sell-side analysts predict that Ardmore Shipping will post 3.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ardmore Shipping

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fortitude Family Office LLC boosted its holdings in shares of Ardmore Shipping by 322.0% during the second quarter. Fortitude Family Office LLC now owns 1,249 shares of the shipping company’s stock worth $28,000 after purchasing an additional 953 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Ardmore Shipping in the second quarter worth $29,000. Larson Financial Group LLC bought a new stake in Ardmore Shipping in the second quarter valued at $34,000. nVerses Capital LLC bought a new position in Ardmore Shipping in the 2nd quarter worth $47,000. Finally, CWM LLC lifted its position in shares of Ardmore Shipping by 72.7% in the 2nd quarter. CWM LLC now owns 2,110 shares of the shipping company’s stock worth $48,000 after purchasing an additional 888 shares during the period. 62.22% of the stock is currently 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.