Ardmore Shipping Co. (NYSE:ASC) Shares Purchased by State Street Corp

State Street Corp boosted its stake in Ardmore Shipping Co. (NYSE:ASC) by 0.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 782,368 shares of the shipping company’s stock after purchasing an additional 2,922 shares during the quarter. State Street Corp owned about 1.87% of Ardmore Shipping worth $14,161,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ASC. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Ardmore Shipping during the second quarter valued at approximately $29,000. Private Trust Co. NA acquired a new position in Ardmore Shipping during the 3rd quarter valued at approximately $31,000. Larson Financial Group LLC acquired a new position in Ardmore Shipping during the 2nd quarter valued at about $34,000. nVerses Capital LLC bought a new position in shares of Ardmore Shipping in the second quarter worth $47,000. Finally, Nisa Investment Advisors LLC increased its stake in shares of Ardmore Shipping by 2,906.0% during the third quarter. Nisa Investment Advisors LLC now owns 3,006 shares of the shipping company’s stock valued at $54,000 after acquiring an additional 2,906 shares during the period. Institutional investors and hedge funds own 62.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. StockNews.com cut shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th. Jefferies Financial Group decreased their price target on shares of Ardmore Shipping from $20.00 to $17.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Fearnley Fonds upgraded Ardmore Shipping to a “hold” rating in a research report on Friday, September 27th. Finally, Stifel Nicolaus lowered Ardmore Shipping from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $24.00 to $17.00 in a research note on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $20.00.

Ardmore Shipping Trading Up 2.0 %

Shares of Ardmore Shipping stock opened at $12.12 on Wednesday. Ardmore Shipping Co. has a 12-month low of $10.86 and a 12-month high of $23.44. The company has a quick ratio of 3.26, a current ratio of 3.57 and a debt-to-equity ratio of 0.03. The business’s 50 day moving average is $12.82 and its 200-day moving average is $17.24. The stock has a market cap of $507.13 million, a P/E ratio of 3.39 and a beta of 0.31.

Ardmore Shipping Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 5.94%. The ex-dividend date of this dividend was Friday, November 29th. Ardmore Shipping’s payout ratio is 20.17%.

About Ardmore Shipping

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.