Key Points
- Director Curtis Mcwilliams sold 16,277 shares of Ardmore Shipping at an average price of $19.38, reducing his position by 21.15% and generating about $315,448.
- Ardmore Shipping beat quarterly estimates, reporting EPS of $0.58 versus $0.51 expected and revenue of $87.92 million versus $58.08 million anticipated.
- The company raised its quarterly dividend sharply to $0.39 per share from $0.09, implying an annualized yield of 8.3% and a payout ratio of 27.07%.
Ardmore Shipping Corporation (NYSE:ASC - Get Free Report) Director Curtis Mcwilliams sold 848 shares of the firm's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $19.01, for a total value of $16,120.48. Following the transaction, the director directly owned 76,950 shares of the company's stock, valued at $1,462,819.50. This represents a 1.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Ardmore Shipping Price Performance
NYSE:ASC opened at $18.83 on Wednesday. The company has a quick ratio of 4.43, a current ratio of 4.87 and a debt-to-equity ratio of 0.16. The business's 50-day moving average price is $16.29 and its 200 day moving average price is $13.89. Ardmore Shipping Corporation has a 52-week low of $9.18 and a 52-week high of $20.02. The firm has a market cap of $767.07 million, a P/E ratio of 14.16 and a beta of 0.03.
Ardmore Shipping (NYSE:ASC - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The shipping company reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.07. Ardmore Shipping had a net margin of 18.00% and a return on equity of 9.63%. The company had revenue of $87.92 million during the quarter, compared to the consensus estimate of $58.08 million.
Ardmore Shipping Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be paid a dividend of $0.39 per share. This is a boost from Ardmore Shipping's previous quarterly dividend of $0.09. This represents a $1.56 annualized dividend and a yield of 8.3%. The ex-dividend date of this dividend is Friday, May 29th. Ardmore Shipping's dividend payout ratio (DPR) is currently 27.07%.
Institutional Trading of Ardmore Shipping
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Zions Bancorporation National Association UT acquired a new position in shares of Ardmore Shipping in the fourth quarter worth about $25,000. Raymond James Financial Inc. purchased a new stake in shares of Ardmore Shipping in the 2nd quarter valued at approximately $38,000. Ameriflex Group Inc. purchased a new stake in shares of Ardmore Shipping in the 3rd quarter valued at approximately $59,000. EverSource Wealth Advisors LLC boosted its stake in Ardmore Shipping by 10.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 7,358 shares of the shipping company's stock worth $112,000 after purchasing an additional 680 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in Ardmore Shipping by 536.3% in the 2nd 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.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on ASC shares. Wall Street Zen upgraded 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 objective on Ardmore Shipping in a research note on Tuesday, April 21st. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Ardmore Shipping currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.
Read Our Latest Report on Ardmore Shipping
Ardmore Shipping Company Profile
(
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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