Ardmore Shipping (ASC) Upgraded to Buy by Zacks Investment Research

Ardmore Shipping (NYSE:ASC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Zacks.com reports. The firm presently has a $8.25 target price on the shipping company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 9.42% from the stock’s current price.

According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “

A number of other brokerages have also recently commented on ASC. Morgan Stanley set a $8.00 target price on Ardmore Shipping and gave the company a “hold” rating in a report on Thursday, May 2nd. ValuEngine raised Ardmore Shipping from a “sell” rating to a “hold” rating in a report on Friday, March 1st.

NYSE ASC opened at $7.54 on Tuesday. The stock has a market capitalization of $241.96 million, a P/E ratio of -7.25 and a beta of 1.23. Ardmore Shipping has a twelve month low of $4.22 and a twelve month high of $8.65. The company has a quick ratio of 1.37, a current ratio of 1.56 and a debt-to-equity ratio of 1.21.

Ardmore Shipping (NYSE:ASC) last released its quarterly earnings results on Wednesday, May 1st. The shipping company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. The company had revenue of $62.30 million during the quarter, compared to analysts’ expectations of $33.04 million. Ardmore Shipping had a negative return on equity of 8.92% and a negative net margin of 21.14%. Ardmore Shipping’s quarterly revenue was up 23.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.16) EPS. As a group, equities research analysts expect that Ardmore Shipping will post -0.07 EPS for the current year.

Several institutional investors have recently made changes to their positions in ASC. Donald Smith & CO. Inc. grew its position in shares of Ardmore Shipping by 4.6% in the fourth quarter. Donald Smith & CO. Inc. now owns 3,041,010 shares of the shipping company’s stock valued at $14,202,000 after purchasing an additional 135,097 shares in the last quarter. Boston Partners grew its position in shares of Ardmore Shipping by 46.1% in the fourth quarter. Boston Partners now owns 2,148,566 shares of the shipping company’s stock valued at $10,034,000 after purchasing an additional 677,916 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Ardmore Shipping by 22.7% in the fourth quarter. Bank of New York Mellon Corp now owns 2,124,098 shares of the shipping company’s stock valued at $9,919,000 after purchasing an additional 393,054 shares in the last quarter. BlackRock Inc. grew its position in shares of Ardmore Shipping by 18.5% in the fourth quarter. BlackRock Inc. now owns 1,903,432 shares of the shipping company’s stock valued at $8,889,000 after purchasing an additional 296,893 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Ardmore Shipping by 9.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,846,653 shares of the shipping company’s stock valued at $11,375,000 after purchasing an additional 165,671 shares in the last quarter. 87.68% of the stock is owned by institutional investors and hedge funds.

About Ardmore Shipping

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. As of January 31, 2019, the company operated a fleet of 27 double-hulled product and chemical tankers, including 21 Eco-design and 6 Eco-mod vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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