Ardmore Shipping (ASC) Cut to Hold at Pareto Securities

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Pareto Securities downgraded shares of Ardmore Shipping (NYSE:ASC) from a buy rating to a hold rating in a research note published on Thursday morning, The Fly reports.

A number of other equities analysts have also commented on ASC. Zacks Investment Research lowered shares of Ardmore Shipping from a buy rating to a hold rating in a research report on Wednesday, May 8th. Morgan Stanley set a $8.00 price target on shares of Ardmore Shipping and gave the stock a hold rating in a research report on Thursday, May 2nd. Finally, ValuEngine lowered shares of Ardmore Shipping from a hold rating to a sell rating in a research report on Tuesday, February 19th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $8.68.

Shares of ASC opened at $7.07 on Thursday. The stock has a market capitalization of $255.18 million, a PE ratio of -6.80 and a beta of 1.23. Ardmore Shipping has a fifty-two week low of $4.22 and a fifty-two week high of $8.65. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.37 and a current ratio of 1.56.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings data on Wednesday, May 1st. The shipping company reported ($0.08) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.02. The company had revenue of $62.30 million for the quarter, compared to analyst estimates of $33.04 million. Ardmore Shipping had a negative net margin of 21.14% and a negative return on equity of 8.92%. The company’s revenue was up 23.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.16) earnings per share. Equities research analysts anticipate that Ardmore Shipping will post -0.02 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA increased its position in Ardmore Shipping by 591.6% during the first quarter. BNP Paribas Arbitrage SA now owns 6,978 shares of the shipping company’s stock worth $43,000 after acquiring an additional 5,969 shares during the period. Macquarie Group Ltd. bought a new position in Ardmore Shipping during the fourth quarter worth about $36,000. Covington Capital Management bought a new position in Ardmore Shipping during the fourth quarter worth about $37,000. Jefferies Group LLC bought a new position in Ardmore Shipping during the first quarter worth about $80,000. Finally, Citigroup Inc. increased its position in Ardmore Shipping by 39.9% during the fourth quarter. Citigroup Inc. now owns 14,933 shares of the shipping company’s stock worth $69,000 after acquiring an additional 4,259 shares during the period. 84.89% of the stock is currently owned by institutional investors and hedge funds.

Ardmore Shipping Company Profile

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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