Drive Wealth Management LLC Purchases New Shares in Ardmore Shipping Co. (NYSE:ASC)

Drive Wealth Management LLC bought a new stake in shares of Ardmore Shipping Co. (NYSE:ASC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 10,261 shares of the shipping company’s stock, valued at approximately $125,000.

A number of other hedge funds have also recently modified their holdings of ASC. Foundry Partners LLC boosted its holdings in shares of Ardmore Shipping by 217.5% during the 3rd quarter. Foundry Partners LLC now owns 565,300 shares of the shipping company’s stock valued at $10,232,000 after buying an additional 387,240 shares in the last quarter. Walleye Capital LLC bought a new position in Ardmore Shipping in the 3rd quarter worth about $1,164,000. Victory Capital Management Inc. boosted its stake in Ardmore Shipping by 58.9% in the 3rd quarter. Victory Capital Management Inc. now owns 131,073 shares of the shipping company’s stock worth $2,372,000 after purchasing an additional 48,598 shares in the last quarter. Inspire Investing LLC bought a new position in Ardmore Shipping in the 3rd quarter worth about $868,000. Finally, Robeco Institutional Asset Management B.V. bought a new position in Ardmore Shipping in the 3rd quarter worth about $799,000. Institutional investors own 62.22% of the company’s stock.

Ardmore Shipping Price Performance

Shares of NYSE:ASC opened at $11.14 on Wednesday. Ardmore Shipping Co. has a fifty-two week low of $10.86 and a fifty-two week high of $23.44. The business has a 50-day simple moving average of $11.88 and a two-hundred day simple moving average of $15.57. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.26 and a current ratio of 3.57. The firm has a market cap of $466.26 million, a price-to-earnings ratio of 3.12 and a beta of 0.28.

Ardmore Shipping Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 6.46%. The ex-dividend date was Friday, November 29th. Ardmore Shipping’s dividend payout ratio (DPR) is 20.17%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Jefferies Financial Group dropped their price target on shares of Ardmore Shipping from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Stifel Nicolaus cut shares of Ardmore Shipping from a “buy” rating to a “hold” rating and dropped their price target for the stock from $24.00 to $17.00 in a research note on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.00.

Ardmore Shipping Profile

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.