Ardmore Shipping (NYSE:ASC) Announces Quarterly Earnings Results

Ardmore Shipping (NYSE:ASC - Get Free Report) posted its earnings results on Wednesday. The shipping company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.28 by $0.03, Zacks reports. Ardmore Shipping had a return on equity of 8.46% and a net margin of 14.48%.The firm had revenue of $81.25 million during the quarter, compared to the consensus estimate of $48.38 million. During the same period last year, the company earned $0.55 earnings per share. The business's quarterly revenue was down 15.5% on a year-over-year basis.

Ardmore Shipping Price Performance

Shares of NYSE:ASC traded up $0.18 during mid-day trading on Wednesday, reaching $12.46. The stock had a trading volume of 507,071 shares, compared to its average volume of 478,235. The business's 50 day moving average price is $12.09 and its 200 day moving average price is $10.82. Ardmore Shipping has a 1 year low of $8.32 and a 1 year high of $13.85. The company has a current ratio of 3.88, a quick ratio of 3.56 and a debt-to-equity ratio of 0.04. The company has a market cap of $506.13 million, a P/E ratio of 12.10 and a beta of 0.01.

Ardmore Shipping Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.2%. This is a boost from Ardmore Shipping's previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Friday, November 28th. Ardmore Shipping's payout ratio is presently 27.18%.

Hedge Funds Weigh In On Ardmore Shipping

Hedge funds have recently bought and sold shares of the business. Qube Research & Technologies Ltd grew its holdings in Ardmore Shipping by 7.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 496,757 shares of the shipping company's stock worth $4,769,000 after acquiring an additional 32,347 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Ardmore Shipping by 1.2% during the second quarter. Sei Investments Co. now owns 359,623 shares of the shipping company's stock valued at $3,452,000 after buying an additional 4,190 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Ardmore Shipping by 23.1% in the second quarter. JPMorgan Chase & Co. now owns 311,162 shares of the shipping company's stock valued at $2,987,000 after buying an additional 58,330 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Ardmore Shipping by 1.9% during the second quarter. Federated Hermes Inc. now owns 280,418 shares of the shipping company's stock worth $2,692,000 after purchasing an additional 5,356 shares during the last quarter. Finally, Empowered Funds LLC raised its stake in shares of Ardmore Shipping by 7.5% during the 1st quarter. Empowered Funds LLC now owns 234,987 shares of the shipping company's stock valued at $2,301,000 after buying an additional 16,458 shares during the last quarter. Institutional investors own 62.22% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ASC shares. Zacks Research downgraded shares of Ardmore Shipping from a "strong-buy" rating to a "hold" rating in a report on Monday, September 29th. Weiss Ratings restated a "hold (c)" rating on shares of Ardmore Shipping in a research note on Wednesday, October 8th. Evercore ISI increased their price objective on Ardmore Shipping from $13.00 to $15.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 28th. Finally, Jefferies Financial Group restated a "buy" rating and set a $15.00 price objective on shares of Ardmore Shipping in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.67.

View Our Latest Analysis on Ardmore Shipping

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.

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