Northern Trust Corp lifted its stake in shares of Ardmore Shipping Corporation (NYSE:ASC) by 88.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 919,286 shares of the shipping company’s stock after acquiring an additional 432,042 shares during the period. Northern Trust Corp owned approximately 2.74% of Ardmore Shipping Corporation worth $7,492,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. American International Group Inc. lifted its holdings in shares of Ardmore Shipping Corporation by 33.3% during the 1st quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock worth $135,000 after acquiring an additional 4,177 shares during the last quarter. Highbridge Capital Management LLC bought a new stake in shares of Ardmore Shipping Corporation during the 1st quarter worth $146,000. Alliancebernstein L.P. bought a new stake in shares of Ardmore Shipping Corporation during the 2nd quarter worth $155,000. GRT Capital Partners L.L.C. bought a new stake in shares of Ardmore Shipping Corporation during the 2nd quarter worth $303,000. Finally, OppenheimerFunds Inc. lifted its holdings in shares of Ardmore Shipping Corporation by 11.5% during the 1st quarter. OppenheimerFunds Inc. now owns 59,704 shares of the shipping company’s stock worth $481,000 after acquiring an additional 6,165 shares during the last quarter. 78.95% of the stock is owned by institutional investors.
Ardmore Shipping Corporation (NYSE ASC) opened at $8.60 on Friday. Ardmore Shipping Corporation has a 52-week low of $5.95 and a 52-week high of $9.05. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.41 and a current ratio of 1.57.
Ardmore Shipping Corporation (NYSE:ASC) last released its quarterly earnings data on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.14). Ardmore Shipping Corporation had a negative net margin of 6.45% and a negative return on equity of 3.08%. The firm had revenue of $48.70 million for the quarter, compared to analysts’ expectations of $29.99 million. During the same quarter in the previous year, the company earned ($0.05) earnings per share. The company’s revenue for the quarter was up 28.2% compared to the same quarter last year. research analysts forecast that Ardmore Shipping Corporation will post -0.34 EPS for the current year.
Ardmore Shipping Corporation declared that its board has initiated a share repurchase plan on Thursday, August 31st that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the shipping company to buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
ASC has been the subject of a number of research analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $10.00 price objective on shares of Ardmore Shipping Corporation in a report on Monday, October 16th. Zacks Investment Research upgraded shares of Ardmore Shipping Corporation from a “hold” rating to a “buy” rating and set a $9.50 target price on the stock in a research report on Tuesday, October 3rd. Stifel Nicolaus set a $10.00 target price on shares of Ardmore Shipping Corporation and gave the stock a “buy” rating in a research report on Monday, August 28th. Morgan Stanley lifted their target price on shares of Ardmore Shipping Corporation from $8.50 to $9.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. Finally, ValuEngine upgraded shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $10.00.
Ardmore Shipping Corporation Company Profile
Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.
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