Point72 Asset Management L.P. Purchases New Holdings in Ardmore Shipping Co. (NYSE:ASC)

Point72 Asset Management L.P. acquired a new stake in shares of Ardmore Shipping Co. (NYSE:ASC) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 9,100 shares of the shipping company’s stock, valued at approximately $205,000.

Other hedge funds also recently added to or reduced their stakes in the company. Fortitude Family Office LLC raised its stake in shares of Ardmore Shipping by 322.0% during the second quarter. Fortitude Family Office LLC now owns 1,249 shares of the shipping company’s stock worth $28,000 after purchasing an additional 953 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Ardmore Shipping in the 2nd quarter valued at $29,000. Larson Financial Group LLC purchased a new position in Ardmore Shipping during the 2nd quarter worth $34,000. nVerses Capital LLC acquired a new stake in shares of Ardmore Shipping in the 2nd quarter worth $47,000. Finally, CWM LLC boosted its holdings in shares of Ardmore Shipping by 72.7% in the second quarter. CWM LLC now owns 2,110 shares of the shipping company’s stock valued at $48,000 after acquiring an additional 888 shares in the last quarter. 62.22% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Jefferies Financial Group boosted their target price on Ardmore Shipping from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Fearnley Fonds upgraded Ardmore Shipping to a “hold” rating in a research report on Friday, September 27th. Evercore ISI raised their target price on Ardmore Shipping from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Stifel Nicolaus upped their price target on shares of Ardmore Shipping from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, StockNews.com cut shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.67.

Ardmore Shipping Stock Performance

Ardmore Shipping stock opened at $18.32 on Friday. Ardmore Shipping Co. has a fifty-two week low of $11.83 and a fifty-two week high of $23.44. The company has a market capitalization of $744.29 million, a price-to-earnings ratio of 7.02 and a beta of 0.35. The stock has a fifty day moving average of $18.64 and a two-hundred day moving average of $19.34. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.18 and a current ratio of 3.50.

Ardmore Shipping (NYSE:ASC) last announced its earnings results on Wednesday, July 31st. The shipping company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.05. The firm had revenue of $121.30 million during the quarter, compared to the consensus estimate of $80.51 million. Ardmore Shipping had a net margin of 36.31% and a return on equity of 24.26%. The firm’s revenue for the quarter was up 32.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.57 EPS. On average, analysts anticipate that Ardmore Shipping Co. will post 3.46 EPS for the current fiscal year.

Ardmore Shipping Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 8.30%. The ex-dividend date was Friday, August 30th. Ardmore Shipping’s dividend payout ratio (DPR) is 58.24%.

Ardmore Shipping Company 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.