Ardmore Shipping (NYSE:ASC) Shares Down 3.2% – Here’s Why

Ardmore Shipping Co. (NYSE:ASC)’s stock price dropped 3.2% on Friday . The company traded as low as $12.01 and last traded at $12.03. Approximately 107,241 shares changed hands during trading, a decline of 71% from the average daily volume of 374,123 shares. The stock had previously closed at $12.43.

Analyst Ratings Changes

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

Ardmore Shipping Stock Down 0.9 %

The stock has a market cap of $515.49 million, a price-to-earnings ratio of 3.45 and a beta of 0.31. The firm’s fifty day moving average price is $12.17 and its two-hundred day moving average price is $16.76. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.57 and a quick ratio of 3.26.

Ardmore Shipping Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued a $0.18 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.72 annualized dividend and a yield of 5.84%. Ardmore Shipping’s payout ratio is currently 20.17%.

Institutional Investors Weigh In On Ardmore Shipping

Several hedge funds and other institutional investors have recently modified their holdings of ASC. Bank of New York Mellon Corp increased its stake in Ardmore Shipping by 12.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 131,120 shares of the shipping company’s stock valued at $2,954,000 after purchasing an additional 14,147 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Ardmore Shipping by 8.2% during the second quarter. Principal Financial Group Inc. now owns 24,802 shares of the shipping company’s stock worth $559,000 after acquiring an additional 1,877 shares in the last quarter. nVerses Capital LLC bought a new position in Ardmore Shipping in the 2nd quarter valued at about $47,000. Rhumbline Advisers lifted its position in Ardmore Shipping by 2.5% in the 2nd quarter. Rhumbline Advisers now owns 110,808 shares of the shipping company’s stock valued at $2,496,000 after acquiring an additional 2,744 shares in the last quarter. Finally, Larson Financial Group LLC bought a new stake in Ardmore Shipping during the 2nd quarter worth approximately $34,000. 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.