Voya Investment Management LLC Boosts Stake in Ardmore Shipping Corporation (ASC)

Voya Investment Management LLC grew its holdings in shares of Ardmore Shipping Corporation (NYSE:ASC) by 32.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,753 shares of the shipping company’s stock after purchasing an additional 3,614 shares during the period. Voya Investment Management LLC’s holdings in Ardmore Shipping Corporation were worth $120,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in shares of Ardmore Shipping Corporation by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 119,695 shares of the shipping company’s stock valued at $975,000 after purchasing an additional 762 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Ardmore Shipping Corporation by 1.2% during the 1st quarter. Geode Capital Management LLC now owns 222,153 shares of the shipping company’s stock valued at $1,788,000 after purchasing an additional 2,530 shares in the last quarter. American International Group Inc. boosted its position 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 valued at $135,000 after purchasing an additional 4,177 shares in the last quarter. Sei Investments Co. boosted its position in shares of Ardmore Shipping Corporation by 3.3% during the 2nd quarter. Sei Investments Co. now owns 181,928 shares of the shipping company’s stock valued at $1,483,000 after purchasing an additional 5,793 shares in the last quarter. Finally, Ingalls & Snyder LLC boosted its position in shares of Ardmore Shipping Corporation by 2.6% during the 2nd quarter. Ingalls & Snyder LLC now owns 274,450 shares of the shipping company’s stock valued at $2,237,000 after purchasing an additional 7,080 shares in the last quarter. Institutional investors own 79.87% of the company’s stock.

Several research firms have recently weighed in on ASC. Jefferies Group LLC restated a “buy” rating and set a $10.00 price objective on shares of Ardmore Shipping Corporation in a research 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 price objective for the company in a research report on Tuesday, October 3rd. Stifel Nicolaus set a $10.00 price objective on shares of Ardmore Shipping Corporation and gave the company a “buy” rating in a research report on Sunday, October 29th. Morgan Stanley raised their price objective on shares of Ardmore Shipping Corporation from $8.50 to $9.00 and gave the company 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 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 an average rating of “Hold” and an average price target of $10.00.

Ardmore Shipping Corporation (NYSE:ASC) opened at $8.50 on Friday. Ardmore Shipping Corporation has a fifty-two week low of $6.36 and a fifty-two week high of $9.05. The company has a current ratio of 1.57, a quick ratio of 1.41 and a debt-to-equity ratio of 1.03.

Ardmore Shipping Corporation (NYSE:ASC) last announced its earnings results on Wednesday, November 1st. The shipping company reported ($0.14) EPS for the quarter, hitting the consensus estimate of ($0.14). Ardmore Shipping Corporation had a negative net margin of 6.45% and a negative return on equity of 3.08%. The company had revenue of $48.70 million during the quarter, compared to analysts’ expectations of $29.99 million. During the same period last year, the company posted ($0.05) earnings per share. The business’s revenue for the quarter was up 28.2% on a year-over-year basis. sell-side analysts expect that Ardmore Shipping Corporation will post -0.34 EPS for the current fiscal year.

Ardmore Shipping Corporation declared that its Board of Directors has approved a stock repurchase program on Thursday, August 31st that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the shipping company to purchase up to 9.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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About Ardmore Shipping Corporation

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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Institutional Ownership by Quarter for Ardmore Shipping Corporation (NYSE:ASC)

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