The Manufacturers Life Insurance Company grew its holdings in Ardmore Shipping Corporation (NYSE:ASC) by 4.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 31,340 shares of the shipping company’s stock after acquiring an additional 1,306 shares during the quarter. The Manufacturers Life Insurance Company owned 0.09% of Ardmore Shipping worth $255,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of ASC. Voya Investment Management LLC lifted its holdings in shares of Ardmore Shipping by 32.4% during the second quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock worth $120,000 after purchasing an additional 3,614 shares during the period. Alliancebernstein L.P. acquired a new stake in shares of Ardmore Shipping during the second quarter worth about $155,000. Citadel Advisors LLC acquired a new stake in shares of Ardmore Shipping during the second quarter worth about $174,000. GRT Capital Partners L.L.C. acquired a new stake in shares of Ardmore Shipping during the second quarter worth about $303,000. Finally, TIAA CREF Investment Management LLC raised its position in Ardmore Shipping by 12.2% during the second quarter. TIAA CREF Investment Management LLC now owns 75,564 shares of the shipping company’s stock valued at $616,000 after acquiring an additional 8,212 shares in the last quarter. 77.29% of the stock is owned by institutional investors and hedge funds.
Several research analysts recently weighed in on ASC shares. Jefferies Group reiterated a “buy” rating and set a $10.00 price target on shares of Ardmore Shipping in a research report on Monday, October 16th. Zacks Investment Research upgraded Ardmore Shipping from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a research report on Tuesday, October 3rd. Stifel Nicolaus set a $10.00 price target on Ardmore Shipping and gave the company a “buy” rating in a research report on Monday, August 28th. Morgan Stanley lifted their price target on Ardmore Shipping from $8.50 to $9.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. Finally, ValuEngine upgraded Ardmore Shipping from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $10.00.
Ardmore Shipping (NYSE:ASC) last posted its quarterly earnings data on Wednesday, November 1st. The shipping company reported ($0.14) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.14). The business had revenue of $48.70 million during the quarter, compared to analysts’ expectations of $29.99 million. Ardmore Shipping had a negative return on equity of 3.08% and a negative net margin of 6.45%. The business’s revenue was up 28.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.05) earnings per share. sell-side analysts anticipate that Ardmore Shipping Corporation will post -0.35 EPS for the current fiscal year.
Ardmore Shipping announced that its board has approved a share buyback plan on Thursday, August 31st that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the shipping company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Ardmore Shipping 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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