Ardmore Shipping (NYSE:ASC) Stock Passes Below 200-Day Moving Average – Here’s What Happened

Ardmore Shipping Co. (NYSE:ASC) shares passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $17.24 and traded as low as $11.82. Ardmore Shipping shares last traded at $12.12, with a volume of 650,141 shares traded.

Analyst Upgrades and Downgrades

ASC has been the subject of a number of recent research reports. Jefferies Financial Group reduced their price objective on Ardmore Shipping from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. StockNews.com cut shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Stifel Nicolaus lowered shares of Ardmore Shipping from a “buy” rating to a “hold” rating and lowered their target price for the stock from $24.00 to $17.00 in a research note on Wednesday, October 23rd. Finally, Fearnley Fonds upgraded Ardmore Shipping to a “hold” rating in a research note on Friday, September 27th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $20.00.

Ardmore Shipping Stock Down 1.8 %

The business’s 50 day simple moving average is $12.64 and its 200 day simple moving average is $17.13. 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 company has a market capitalization of $497.92 million, a PE ratio of 3.33 and a beta of 0.31.

Ardmore Shipping Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 6.05%. The ex-dividend date of this dividend was Friday, November 29th. Ardmore Shipping’s dividend payout ratio is presently 20.17%.

Institutional Trading of Ardmore Shipping

Hedge funds and other institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC increased its holdings in Ardmore Shipping by 47.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,400,981 shares of the shipping company’s stock valued at $31,564,000 after purchasing an additional 449,200 shares during the last quarter. Foundry Partners LLC raised its holdings in shares of Ardmore Shipping by 217.5% in the 3rd quarter. Foundry Partners LLC now owns 565,300 shares of the shipping company’s stock valued at $10,232,000 after buying an additional 387,240 shares during the period. American Century Companies Inc. lifted its stake in Ardmore Shipping by 27.4% during the 2nd quarter. American Century Companies Inc. now owns 1,124,835 shares of the shipping company’s stock worth $25,343,000 after acquiring an additional 241,748 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Ardmore Shipping by 135.1% during the 2nd quarter. Acadian Asset Management LLC now owns 308,200 shares of the shipping company’s stock valued at $6,936,000 after acquiring an additional 177,130 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new position in Ardmore Shipping in the 2nd quarter valued at about $3,976,000. 62.22% of the stock is owned by institutional investors and hedge funds.

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.