Ardmore Shipping (NYSE:ASC) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Ardmore Shipping (NYSE:ASC) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

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. “

ASC has been the subject of a number of other research reports. ValuEngine lowered Ardmore Shipping from a buy rating to a hold rating in a research report on Thursday, August 1st. Pareto Securities upgraded Ardmore Shipping from a hold rating to a buy rating in a research report on Friday, June 28th.

ASC stock traded up $0.50 during trading hours on Wednesday, hitting $7.61. 239,600 shares of the stock traded hands, compared to its average volume of 194,907. The company has a current ratio of 1.59, a quick ratio of 1.43 and a debt-to-equity ratio of 1.21. Ardmore Shipping has a one year low of $4.22 and a one year high of $8.77. The company has a market cap of $246.26 million, a P/E ratio of -7.32 and a beta of 1.20. The stock has a 50-day simple moving average of $6.51 and a 200 day simple moving average of $6.91.

Ardmore Shipping (NYSE:ASC) last released its quarterly earnings results on Wednesday, July 31st. The shipping company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.01). Ardmore Shipping had a negative net margin of 21.50% and a negative return on equity of 7.82%. The company had revenue of $55.00 million during the quarter, compared to analyst estimates of $32.16 million. During the same quarter last year, the business earned ($0.26) EPS. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. Analysts forecast that Ardmore Shipping will post -0.12 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can boosted its position in shares of Ardmore Shipping by 17,931.6% in the 2nd quarter. Bank of Montreal Can now owns 3,426 shares of the shipping company’s stock valued at $28,000 after purchasing an additional 3,407 shares during the period. Vanguard Group Inc. boosted its position in shares of Ardmore Shipping by 5.1% in the 2nd quarter. Vanguard Group Inc. now owns 81,020 shares of the shipping company’s stock valued at $660,000 after purchasing an additional 3,958 shares during the period. Adirondack Research & Management Inc. boosted its position in Ardmore Shipping by 1.0% during the 1st quarter. Adirondack Research & Management Inc. now owns 398,837 shares of the shipping company’s stock worth $2,457,000 after acquiring an additional 4,000 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Ardmore Shipping by 7.3% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 70,072 shares of the shipping company’s stock worth $572,000 after acquiring an additional 4,782 shares during the period. Finally, Parametric Portfolio Associates LLC boosted its position in Ardmore Shipping by 12.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 50,957 shares of the shipping company’s stock worth $415,000 after acquiring an additional 5,720 shares during the period. Institutional investors and hedge funds own 86.48% of the company’s stock.

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.

See Also: The four types of profit margin

Get a free copy of the Zacks research report on Ardmore Shipping (ASC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Ardmore Shipping Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ardmore Shipping and related companies with MarketBeat.com's FREE daily email newsletter.