Quarry LP Increases Stake in Ardmore Shipping Co. (NYSE:ASC)

Quarry LP raised its holdings in shares of Ardmore Shipping Co. (NYSE:ASC) by 37.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 4,890 shares of the shipping company’s stock after purchasing an additional 1,332 shares during the quarter. Quarry LP’s holdings in Ardmore Shipping were worth $59,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Signaturefd LLC grew its stake in Ardmore Shipping by 63.3% during the 4th quarter. Signaturefd LLC now owns 2,371 shares of the shipping company’s stock valued at $29,000 after acquiring an additional 919 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Ardmore Shipping by 18.5% during the 4th quarter. Legal & General Group Plc now owns 8,010 shares of the shipping company’s stock worth $97,000 after purchasing an additional 1,252 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Ardmore Shipping by 3.0% in the third quarter. Franklin Resources Inc. now owns 44,482 shares of the shipping company’s stock valued at $769,000 after purchasing an additional 1,304 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Ardmore Shipping by 261.1% in the fourth quarter. GAMMA Investing LLC now owns 2,116 shares of the shipping company’s stock valued at $26,000 after purchasing an additional 1,530 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Ardmore Shipping by 302.4% during the fourth quarter. Farther Finance Advisors LLC now owns 2,519 shares of the shipping company’s stock worth $31,000 after buying an additional 1,893 shares in the last quarter. 62.22% of the stock is currently owned by institutional investors and hedge funds.

Ardmore Shipping Price Performance

NYSE:ASC opened at $9.71 on Friday. Ardmore Shipping Co. has a 52 week low of $8.32 and a 52 week high of $23.44. The stock’s fifty day moving average is $9.51 and its two-hundred day moving average is $11.35. The company has a market capitalization of $392.62 million, a P/E ratio of 3.17 and a beta of 0.16. The company has a quick ratio of 3.86, a current ratio of 4.24 and a debt-to-equity ratio of 0.06.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings data on Thursday, February 13th. The shipping company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.08). Ardmore Shipping had a net margin of 32.78% and a return on equity of 20.48%. Equities analysts expect that Ardmore Shipping Co. will post 1.06 EPS for the current year.

Ardmore Shipping Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a $0.08 dividend. The ex-dividend date was Friday, February 28th. This represents a $0.32 annualized dividend and a dividend yield of 3.30%. Ardmore Shipping’s dividend payout ratio is currently 10.46%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ASC. Stifel Nicolaus dropped their target price on Ardmore Shipping from $13.00 to $11.00 and set a “hold” rating for the company in a report on Friday, February 14th. Evercore ISI lowered their price target on shares of Ardmore Shipping from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 22nd. Finally, Jefferies Financial Group restated a “buy” rating and set a $17.00 price objective on shares of Ardmore Shipping in a research report on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $13.67.

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.