Ardmore Shipping Corporation (ASC) Releases Quarterly Earnings Results, Meets Estimates

Ardmore Shipping Corporation (ASC) Releases Quarterly  Earnings Results, Meets Estimates

Ardmore Shipping Corporation (NYSE:ASC) announced its earnings results on Tuesday. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). The company had revenue of $43.20 million for the quarter, compared to analysts’ expectations of $32.52 million. Ardmore Shipping Corporation had a return on equity of 4.09% and a net margin of 7.85%. The business’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.21 earnings per share.

Ardmore Shipping Corporation (NYSE:ASC) opened at 6.80 on Wednesday. The stock’s 50 day moving average price is $7.39 and its 200 day moving average price is $7.07. The firm has a market cap of $228.31 million, a price-to-earnings ratio of 15.01 and a beta of 1.52. Ardmore Shipping Corporation has a 52 week low of $5.00 and a 52 week high of $9.96.

Hedge funds have recently added to or reduced their stakes in the company. DIAM Co. Ltd. boosted its position in shares of Ardmore Shipping Corporation by 4.7% in the third quarter. DIAM Co. Ltd. now owns 33,700 shares of the company’s stock valued at $237,000 after buying an additional 1,500 shares in the last quarter. Eagle Boston Investment Management Inc. boosted its position in shares of Ardmore Shipping Corporation by 0.8% in the third quarter. Eagle Boston Investment Management Inc. now owns 861,242 shares of the company’s stock valued at $6,063,000 after buying an additional 6,502 shares in the last quarter. California State Teachers Retirement System boosted its position in shares of Ardmore Shipping Corporation by 20.5% in the second quarter. California State Teachers Retirement System now owns 45,763 shares of the company’s stock valued at $310,000 after buying an additional 7,782 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Ardmore Shipping Corporation by 12.6% in the third quarter. Prudential Financial Inc. now owns 73,440 shares of the company’s stock valued at $517,000 after buying an additional 8,240 shares in the last quarter. Finally, Boston Partners boosted its position in shares of Ardmore Shipping Corporation by 1.8% in the third quarter. Boston Partners now owns 647,618 shares of the company’s stock valued at $4,559,000 after buying an additional 11,440 shares in the last quarter. 69.62% of the stock is owned by institutional investors and hedge funds.

Separately, Zacks Investment Research upgraded Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, December 27th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Ardmore Shipping Corporation presently has an average rating of “Buy” and a consensus target price of $11.60.

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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