Oppenheimer & Co. Inc. Acquires 40,092 Shares of Ardmore Shipping Co. (NYSE:ASC)

Oppenheimer & Co. Inc. increased its stake in shares of Ardmore Shipping Co. (NYSE:ASC) by 86.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,485 shares of the shipping company’s stock after buying an additional 40,092 shares during the quarter. Oppenheimer & Co. Inc. owned about 0.21% of Ardmore Shipping worth $1,565,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. CWM LLC grew its holdings 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 worth $48,000 after purchasing an additional 888 shares in the last quarter. Fortitude Family Office LLC increased its holdings in Ardmore Shipping by 322.0% in 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 during the period. Simplicity Wealth LLC raised its position in shares of Ardmore Shipping by 5.8% in the 2nd quarter. Simplicity Wealth LLC now owns 22,248 shares of the shipping company’s stock valued at $501,000 after buying an additional 1,212 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Ardmore Shipping during the 2nd quarter worth approximately $29,000. Finally, Larson Financial Group LLC acquired a new stake in shares of Ardmore Shipping during the 2nd quarter worth approximately $34,000. Institutional investors own 62.22% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on ASC shares. Jefferies Financial Group dropped their price objective on Ardmore Shipping from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday. Stifel Nicolaus downgraded Ardmore Shipping from a “buy” rating to a “hold” rating and decreased their price objective for the company from $24.00 to $17.00 in a report on Wednesday, October 23rd. StockNews.com downgraded Ardmore Shipping from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th. Fearnley Fonds raised Ardmore Shipping to a “hold” rating in a research note on Friday, September 27th. Finally, Evercore ISI upped their target price on Ardmore Shipping from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $20.00.

Ardmore Shipping Stock Performance

Shares of Ardmore Shipping stock opened at $11.77 on Monday. The business has a 50-day moving average price of $16.04 and a two-hundred day moving average price of $19.05. Ardmore Shipping Co. has a 1-year low of $11.59 and a 1-year high of $23.44. The company has a current ratio of 3.57, a quick ratio of 3.26 and a debt-to-equity ratio of 0.03. The company has a market cap of $492.48 million, a P/E ratio of 3.30 and a beta of 0.37.

Ardmore Shipping Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.72 annualized dividend and a yield of 6.12%. Ardmore Shipping’s dividend payout ratio is currently 20.17%.

About Ardmore Shipping

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.