Great Lakes Advisors LLC Purchases 4,482 Shares of Ardmore Shipping Co. (NYSE:ASC)

Great Lakes Advisors LLC raised its position in shares of Ardmore Shipping Co. (NYSE:ASC) by 1.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 384,308 shares of the shipping company’s stock after acquiring an additional 4,482 shares during the period. Great Lakes Advisors LLC owned approximately 0.90% of Ardmore Shipping worth $4,746,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quadrant Capital Group LLC boosted its stake in Ardmore Shipping by 95.5% during the 2nd quarter. Quadrant Capital Group LLC now owns 2,725 shares of the shipping company’s stock valued at $34,000 after purchasing an additional 1,331 shares during the period. Clear Street Markets LLC acquired a new stake in shares of Ardmore Shipping in the first quarter worth $36,000. Eqis Capital Management Inc. bought a new position in Ardmore Shipping during the first quarter worth $46,000. Virtu Financial LLC acquired a new position in Ardmore Shipping during the 1st quarter valued at $68,000. Finally, Spire Wealth Management boosted its holdings in Ardmore Shipping by 48.8% in the 1st quarter. Spire Wealth Management now owns 4,620 shares of the shipping company’s stock valued at $69,000 after purchasing an additional 1,515 shares during the period. 71.45% of the stock is owned by institutional investors and hedge funds.

Ardmore Shipping Stock Performance

NYSE ASC opened at $13.26 on Tuesday. Ardmore Shipping Co. has a twelve month low of $11.59 and a twelve month high of $19.41. The company has a quick ratio of 2.55, a current ratio of 2.90 and a debt-to-equity ratio of 0.17. The stock has a market cap of $565.54 million, a P/E ratio of 3.92 and a beta of 0.57. The company’s 50-day simple moving average is $13.03 and its 200 day simple moving average is $12.83.

Ardmore Shipping Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be paid a $0.16 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $0.64 annualized dividend and a dividend yield of 4.83%. Ardmore Shipping’s dividend payout ratio is currently 18.93%.

Wall Street Analyst Weigh In

ASC has been the subject of a number of research analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and set a $18.00 price objective (up previously from $16.00) on shares of Ardmore Shipping in a research report on Tuesday, August 1st. StockNews.com downgraded Ardmore Shipping from a “buy” rating to a “hold” rating in a research report on Thursday, November 16th.

About Ardmore Shipping

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. As of March 15, 2023, the company operated a fleet of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and five chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.