Ardmore Shipping (ASC) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of Ardmore Shipping (NYSE:ASC) from a hold rating to a sell rating in a report published on Tuesday, Zacks.com reports.

According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “

A number of other research analysts have also issued reports on the company. ValuEngine upgraded Ardmore Shipping from a sell rating to a hold rating in a research report on Friday, March 1st. Morgan Stanley set a $7.00 price objective on Ardmore Shipping and gave the company a hold rating in a research report on Friday, February 15th.

Shares of NYSE:ASC opened at $6.88 on Tuesday. The stock has a market cap of $227.71 million, a P/E ratio of -6.62 and a beta of 1.18. The company has a current ratio of 1.45, a quick ratio of 1.28 and a debt-to-equity ratio of 1.22. Ardmore Shipping has a one year low of $4.22 and a one year high of $8.75.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings data on Wednesday, February 6th. The shipping company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.02). The business had revenue of $58.40 million for the quarter, compared to analyst estimates of $30.45 million. Ardmore Shipping had a negative net margin of 20.43% and a negative return on equity of 9.38%. Ardmore Shipping’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter last year, the business earned ($0.12) EPS. On average, equities analysts forecast that Ardmore Shipping will post -0.13 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in ASC. Geode Capital Management LLC raised its stake in Ardmore Shipping by 7.3% during the 4th quarter. Geode Capital Management LLC now owns 117,534 shares of the shipping company’s stock valued at $548,000 after acquiring an additional 8,045 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Ardmore Shipping by 14.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,680,982 shares of the shipping company’s stock valued at $7,850,000 after buying an additional 210,973 shares in the last quarter. Macquarie Group Ltd. purchased a new position in shares of Ardmore Shipping during the fourth quarter valued at $36,000. Covington Capital Management purchased a new position in shares of Ardmore Shipping during the fourth quarter valued at $37,000. Finally, Bank of America Corp DE grew its holdings in shares of Ardmore Shipping by 241.8% during the fourth quarter. Bank of America Corp DE now owns 54,795 shares of the shipping company’s stock valued at $257,000 after buying an additional 38,763 shares in the last quarter. Institutional investors and hedge funds own 88.64% of the company’s stock.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. As of January 31, 2019, the company operated a fleet of 27 double-hulled product and chemical tankers, including 21 Eco-design and 6 Eco-mod vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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