Key Points
- Ardmore Shipping director Curtis Mcwilliams sold 2,572 shares on May 12 at an average price of $19.05, totaling about $48,996.60. After the sale, he still held 78,101 shares, a 3.19% reduction in his stake.
- The company reported stronger-than-expected quarterly results, with EPS of $0.58 versus the $0.51 consensus and revenue of $87.92 million, well above estimates of $58.08 million.
- Ardmore Shipping raised its quarterly dividend sharply to $0.39 per share from $0.09, implying an annualized yield of 8.3% and reflecting a payout ratio of 27.07%.
Ardmore Shipping Corporation (NYSE:ASC - Get Free Report) Director Curtis Mcwilliams sold 2,572 shares of the firm's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $19.05, for a total value of $48,996.60. Following the completion of the sale, the director directly owned 78,101 shares in the company, valued at approximately $1,487,824.05. This represents a 3.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Ardmore Shipping Price Performance
NYSE ASC opened at $18.77 on Friday. Ardmore Shipping Corporation has a twelve month low of $9.18 and a twelve month high of $20.02. The company has a debt-to-equity ratio of 0.16, a quick ratio of 4.43 and a current ratio of 4.87. The stock has a market capitalization of $764.67 million, a PE ratio of 14.12 and a beta of 0.03. The stock has a 50-day simple moving average of $16.12 and a 200 day simple moving average of $13.76.
Ardmore Shipping (NYSE:ASC - Get Free Report) last released its earnings results on Thursday, May 7th. The shipping company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.07. The firm had revenue of $87.92 million for the quarter, compared to analyst estimates of $58.08 million. Ardmore Shipping had a return on equity of 9.63% and a net margin of 18.00%.
Ardmore Shipping Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be paid a $0.39 dividend. The ex-dividend date is Friday, May 29th. This is a positive change from Ardmore Shipping's previous quarterly dividend of $0.09. This represents a $1.56 annualized dividend and a dividend yield of 8.3%. Ardmore Shipping's dividend payout ratio is 27.07%.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on ASC. Wall Street Zen raised shares of Ardmore Shipping from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 9th. Evercore set a $19.00 price target on shares of Ardmore Shipping in a research report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $17.00.
Check Out Our Latest Analysis on Ardmore Shipping
Hedge Funds Weigh In On Ardmore Shipping
Large investors have recently added to or reduced their stakes in the company. Zions Bancorporation National Association UT bought a new stake in shares of Ardmore Shipping in the 4th quarter worth approximately $25,000. Raymond James Financial Inc. bought a new stake in shares of Ardmore Shipping during the second quarter valued at approximately $38,000. Ameriflex Group Inc. acquired a new position in shares of Ardmore Shipping in the third quarter valued at $59,000. EverSource Wealth Advisors LLC raised its stake in shares of Ardmore Shipping by 1,689.0% in the second quarter. EverSource Wealth Advisors LLC now owns 8,444 shares of the shipping company's stock valued at $81,000 after purchasing an additional 7,972 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in Ardmore Shipping by 536.3% in the second quarter. Tower Research Capital LLC TRC now owns 8,737 shares of the shipping company's stock worth $84,000 after purchasing an additional 7,364 shares during the period. Institutional investors and hedge funds own 62.22% of the company's stock.
Ardmore Shipping Company Profile
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Get Free Report)
Ardmore Shipping Corporation is a Bermuda-based provider of seaborne transportation services for refined petroleum products. The company owns and operates a modern fleet of product tankers, including medium-range (MR), long-range 2 (LR2) and Aframax vessels. Ardmore Shipping focuses on the ocean carriage of clean and dirty petroleum products under time charters, bareboat charters and spot voyages, serving a diverse customer base that includes major oil companies and trading houses.
Since its founding in 2005, Ardmore Shipping has grown its fleet through newbuilding contracts, second-hand acquisitions and fleet renewals, aiming to maintain a high quality, fuel-efficient profile.
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