Short Interest in Ardmore Shipping Co. (NYSE:ASC) Decreases By 15.9%

Ardmore Shipping Co. (NYSE:ASC) was the target of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 1,850,000 shares, a drop of 15.9% from the February 28th total of 2,200,000 shares. Based on an average daily volume of 749,300 shares, the short-interest ratio is currently 2.5 days. Approximately 4.6% of the company’s shares are short sold.

Ardmore Shipping Stock Performance

Shares of ASC stock traded down $0.38 during trading hours on Thursday, hitting $9.28. The company’s stock had a trading volume of 362,195 shares, compared to its average volume of 697,728. The company has a current ratio of 4.24, a quick ratio of 3.86 and a debt-to-equity ratio of 0.06. The company has a 50 day moving average of $10.45 and a 200 day moving average of $12.66. Ardmore Shipping has a 12-month low of $8.83 and a 12-month high of $23.44. The stock has a market cap of $375.42 million, a PE ratio of 3.03 and a beta of 0.16.

Ardmore Shipping (NYSE:ASC) last posted its earnings results on Thursday, February 13th. The shipping company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.08). Ardmore Shipping had a return on equity of 20.48% and a net margin of 32.78%. On average, sell-side analysts forecast that Ardmore Shipping will post 1.06 EPS for the current fiscal year.

Ardmore Shipping Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.32 annualized dividend and a yield of 3.45%. Ardmore Shipping’s dividend payout ratio is presently 10.46%.

Institutional Investors Weigh In On Ardmore Shipping

Institutional investors have recently modified their holdings of the business. Intech Investment Management LLC acquired a new stake in Ardmore Shipping in the third quarter valued at approximately $259,000. Charles Schwab Investment Management Inc. raised its holdings in Ardmore Shipping by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 99,389 shares of the shipping company’s stock valued at $1,799,000 after acquiring an additional 1,302 shares during the last quarter. FMR LLC increased its holdings in shares of Ardmore Shipping by 2.9% in the third quarter. FMR LLC now owns 80,449 shares of the shipping company’s stock valued at $1,456,000 after purchasing an additional 2,252 shares during the last quarter. Walleye Capital LLC acquired a new position in Ardmore Shipping during the third quarter worth $1,164,000. Finally, Centiva Capital LP raised its holdings in shares of Ardmore Shipping by 15.7% during the 3rd quarter. Centiva Capital LP now owns 29,224 shares of the shipping company’s stock worth $529,000 after acquiring an additional 3,969 shares during the period. 62.22% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Jefferies Financial Group reiterated a “buy” rating and issued a $17.00 target price on shares of Ardmore Shipping in a research note on Thursday, February 13th. Stifel Nicolaus dropped their price target on Ardmore Shipping from $13.00 to $11.00 and set a “hold” rating on the stock in a research report on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Ardmore Shipping presently has an average rating of “Hold” and an average target price of $18.00.

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.