Boston Partners lifted its stake in shares of Ardmore Shipping Corporation (NYSE:ASC) by 22.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,045,468 shares of the shipping company’s stock after acquiring an additional 191,270 shares during the quarter. Boston Partners owned 3.11% of Ardmore Shipping Corporation worth $8,626,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently bought and sold shares of the company. Voya Investment Management LLC increased its holdings in Ardmore Shipping Corporation by 32.4% in the second quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock valued at $120,000 after buying an additional 3,614 shares during the last quarter. American International Group Inc. increased its holdings in Ardmore Shipping Corporation by 33.3% in the first quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock valued at $135,000 after buying an additional 4,177 shares during the last quarter. Alliancebernstein L.P. purchased a new position in Ardmore Shipping Corporation in the second quarter valued at $155,000. Citadel Advisors LLC purchased a new position in Ardmore Shipping Corporation in the second quarter valued at $174,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Ardmore Shipping Corporation by 4.3% in the second quarter. The Manufacturers Life Insurance Company now owns 31,340 shares of the shipping company’s stock valued at $255,000 after buying an additional 1,306 shares during the last quarter. 80.34% of the stock is currently owned by institutional investors and hedge funds.
ASC has been the topic of several recent analyst reports. Zacks Investment Research raised Ardmore Shipping Corporation from a “hold” rating to a “buy” rating and set a $9.50 target price on the stock in a report on Tuesday, October 3rd. Stifel Nicolaus set a $10.00 target price on Ardmore Shipping Corporation and gave the company a “buy” rating in a report on Sunday, October 29th. BidaskClub lowered Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. ValuEngine downgraded shares of Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, September 6th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $10.00 price objective on shares of Ardmore Shipping Corporation in a research note on Monday, October 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Ardmore Shipping Corporation has a consensus rating of “Hold” and an average price target of $10.00.
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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 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 the consensus estimate of $29.99 million. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. Ardmore Shipping Corporation’s revenue for the quarter was up 28.2% on a year-over-year basis. research analysts expect that Ardmore Shipping Corporation will post -0.34 EPS for the current fiscal year.
Ardmore Shipping Corporation declared that its board has initiated a stock repurchase plan on Thursday, August 31st that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the shipping company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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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