Ardmore Shipping (ASC) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Ardmore Shipping (NYSE:ASC) from a hold rating to a sell rating in a report released on Tuesday.

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 equities analysts have also weighed in on the stock. ValuEngine upgraded shares of Ardmore Shipping from a sell rating to a hold rating in a report on Sunday, July 8th. Fearnley Fonds upgraded shares of Ardmore Shipping from a reduce rating to a buy rating and boosted their price objective for the stock from $6.70 to $9.30 in a report on Tuesday, September 25th. Finally, Morgan Stanley decreased their price objective on shares of Ardmore Shipping from $9.00 to $8.00 and set an equal weight rating for the company in a report on Wednesday, August 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The company has a consensus rating of Buy and an average price target of $10.22.



Shares of NYSE:ASC opened at $6.37 on Tuesday. The firm has a market cap of $222.42 million, a price-to-earnings ratio of -17.22 and a beta of 0.89. Ardmore Shipping has a 12-month low of $6.18 and a 12-month high of $9.00. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.42 and a quick ratio of 1.23.

Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings data on Tuesday, July 31st. The shipping company reported ($0.26) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.25) by ($0.01). The company had revenue of $28.20 million for the quarter, compared to analysts’ expectations of $28.44 million. Ardmore Shipping had a negative net margin of 11.15% and a negative return on equity of 5.70%. The firm’s quarterly revenue was down 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.06) EPS. As a group, research analysts anticipate that Ardmore Shipping will post -0.77 EPS for the current year.

A number of large investors have recently modified their holdings of ASC. Dimensional Fund Advisors LP raised its position in Ardmore Shipping by 24.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,247,039 shares of the shipping company’s stock worth $10,226,000 after buying an additional 244,012 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Ardmore Shipping by 16.6% during the second quarter. BlackRock Inc. now owns 1,584,561 shares of the shipping company’s stock valued at $12,994,000 after purchasing an additional 225,693 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Ardmore Shipping by 1,025.1% during the second quarter. Renaissance Technologies LLC now owns 247,522 shares of the shipping company’s stock valued at $2,030,000 after purchasing an additional 225,522 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Ardmore Shipping by 4.6% during the second quarter. Bank of New York Mellon Corp now owns 1,491,417 shares of the shipping company’s stock valued at $12,230,000 after purchasing an additional 65,753 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new position in shares of Ardmore Shipping during the second quarter valued at approximately $448,000. 88.93% of the stock is 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. The company operates a fleet of 28 double-hulled product and chemical tankers. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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