Ardmore Shipping (ASC) Downgraded by Pareto Securities

Ardmore Shipping (NYSE:ASC) was downgraded by equities research analysts at Pareto Securities from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, The Fly reports.

Several other research analysts also recently weighed in on the company. Morgan Stanley set a $7.00 price target on Ardmore Shipping and gave the company a “hold” rating in a report on Friday, February 15th. ValuEngine downgraded Ardmore Shipping from a “hold” rating to a “sell” rating in a report on Tuesday, February 19th. Finally, Zacks Investment Research downgraded Ardmore Shipping from a “hold” rating to a “sell” rating in a report on Tuesday, April 16th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $8.68.

Shares of ASC opened at $7.68 on Thursday. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.56 and a quick ratio of 1.37. The firm has a market capitalization of $255.18 million, a price-to-earnings ratio of -7.38 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.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $33.04 million. Ardmore Shipping had a negative return on equity of 8.92% and a negative net margin of 21.14%. Ardmore Shipping’s revenue was up 23.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.16) EPS. On average, analysts forecast that Ardmore Shipping will post -0.02 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Ardmore Shipping by 1.4% during the 3rd quarter. BlackRock Inc. now owns 1,606,539 shares of the shipping company’s stock worth $10,443,000 after buying an additional 21,978 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Ardmore Shipping by 46.2% during the 4th quarter. Rhumbline Advisers now owns 46,314 shares of the shipping company’s stock worth $216,000 after buying an additional 14,635 shares during the last quarter. Donald Smith & CO. Inc. increased its holdings in shares of Ardmore Shipping by 4.6% during the 4th quarter. Donald Smith & CO. Inc. now owns 3,041,010 shares of the shipping company’s stock worth $14,202,000 after buying an additional 135,097 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Ardmore Shipping by 16.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,731,044 shares of the shipping company’s stock worth $11,252,000 after buying an additional 239,627 shares during the last quarter. Finally, Private Management Group Inc. increased its holdings in shares of Ardmore Shipping by 31.8% during the 4th quarter. Private Management Group Inc. now owns 828,650 shares of the shipping company’s stock worth $3,870,000 after buying an additional 199,806 shares during the last quarter. Institutional investors and hedge funds own 84.89% of the company’s stock.

About Ardmore Shipping

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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