Ardmore Shipping Corporation (NYSE:ASC) Receives Buy Rating from Jefferies Group LLC

Jefferies Group LLC reissued their buy rating on shares of Ardmore Shipping Corporation (NYSE:ASC) in a research report sent to investors on Tuesday, July 4th. Jefferies Group LLC currently has a $10.00 price objective on the shipping company’s stock.

A number of other brokerages have also commented on ASC. ValuEngine raised shares of Ardmore Shipping Corporation from a sell rating to a hold rating in a report on Tuesday, June 27th. TheStreet lowered shares of Ardmore Shipping Corporation from a c- rating to a d rating in a report on Wednesday, May 24th. Zacks Investment Research lowered shares of Ardmore Shipping Corporation from a hold rating to a sell rating in a report on Tuesday, March 21st. Finally, ABN Amro raised shares of Ardmore Shipping Corporation from a hold rating to a buy rating and set a $11.50 target price on the stock in a report on Monday, March 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $9.88.

Shares of Ardmore Shipping Corporation (NYSE ASC) remained flat at $7.95 during midday trading on Tuesday. The company had a trading volume of 111,911 shares. Ardmore Shipping Corporation has a 52 week low of $5.00 and a 52 week high of $8.75. The company has a 50 day moving average price of $7.96 and a 200-day moving average price of $7.59. The firm’s market cap is $266.92 million.

Ardmore Shipping Corporation (NYSE:ASC) last posted its earnings results on Wednesday, May 3rd. The shipping company reported ($0.06) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.04. The business had revenue of $49.67 million for the quarter, compared to analyst estimates of $30.75 million. Ardmore Shipping Corporation had a negative net margin of 3.03% and a negative return on equity of 0.60%. Ardmore Shipping Corporation’s revenue was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 EPS. On average, equities analysts expect that Ardmore Shipping Corporation will post ($0.05) EPS for the current year.

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A number of large investors have recently made changes to their positions in ASC. Parametric Portfolio Associates LLC increased its stake in shares of Ardmore Shipping Corporation by 0.3% in the first quarter. Parametric Portfolio Associates LLC now owns 170,457 shares of the shipping company’s stock valued at $1,372,000 after buying an additional 481 shares during the period. Geode Capital Management LLC increased its stake in shares of Ardmore Shipping Corporation by 1.2% in the first quarter. Geode Capital Management LLC now owns 222,153 shares of the shipping company’s stock valued at $1,788,000 after buying an additional 2,530 shares during the period. Nationwide Fund Advisors increased its stake in shares of Ardmore Shipping Corporation by 15.8% in the first quarter. Nationwide Fund Advisors now owns 20,423 shares of the shipping company’s stock valued at $164,000 after buying an additional 2,792 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Ardmore Shipping Corporation by 3.4% in the first quarter. Bank of New York Mellon Corp now owns 118,933 shares of the shipping company’s stock valued at $957,000 after buying an additional 3,900 shares during the period. Finally, American International Group Inc. increased its stake in shares of 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 period. 76.34% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Ardmore Shipping Corporation (NYSE:ASC)

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