Foundry Partners LLC grew its position in shares of Ardmore Shipping Co. (NYSE:ASC - Free Report) by 217.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 565,300 shares of the shipping company's stock after purchasing an additional 387,240 shares during the quarter. Foundry Partners LLC owned 1.35% of Ardmore Shipping worth $10,232,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Intech Investment Management LLC bought a new stake in shares of Ardmore Shipping in the 3rd quarter worth approximately $259,000. Empowered Funds LLC grew its position in Ardmore Shipping by 5.4% in the third quarter. Empowered Funds LLC now owns 207,875 shares of the shipping company's stock worth $3,763,000 after buying an additional 10,586 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Ardmore Shipping by 86.4% in the third quarter. Oppenheimer & Co. Inc. now owns 86,485 shares of the shipping company's stock valued at $1,565,000 after buying an additional 40,092 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Ardmore Shipping by 58.9% in the third quarter. Victory Capital Management Inc. now owns 131,073 shares of the shipping company's stock valued at $2,372,000 after buying an additional 48,598 shares in the last quarter. Finally, Summit Global Investments lifted its position in shares of Ardmore Shipping by 17.5% during the 3rd quarter. Summit Global Investments now owns 62,329 shares of the shipping company's stock valued at $1,128,000 after acquiring an additional 9,269 shares during the last quarter. Institutional investors own 62.22% of the company's stock.
Ardmore Shipping Stock Down 3.5 %
Shares of ASC stock traded down $0.43 during trading on Thursday, hitting $11.89. 1,278,230 shares of the company were exchanged, compared to its average volume of 654,810. The firm has a market capitalization of $497.48 million, a price-to-earnings ratio of 3.44 and a beta of 0.37. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.26 and a current ratio of 3.57. The business's 50-day simple moving average is $15.75 and its 200 day simple moving average is $18.94. Ardmore Shipping Co. has a twelve month low of $11.59 and a twelve month high of $23.44.
Ardmore Shipping Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 6.06%. The ex-dividend date of this dividend is Friday, November 29th. Ardmore Shipping's dividend payout ratio is currently 42.58%.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on ASC shares. Jefferies Financial Group decreased their target price on Ardmore Shipping from $20.00 to $17.00 and set a "buy" rating on the stock in a report on Thursday, November 14th. Stifel Nicolaus lowered shares of Ardmore Shipping from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $24.00 to $17.00 in a research note on Wednesday, October 23rd. Fearnley Fonds raised shares of Ardmore Shipping to a "hold" rating in a research note on Friday, September 27th. Finally, StockNews.com cut Ardmore Shipping from a "buy" rating to a "hold" rating in a research report on Wednesday, September 25th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $20.00.
Read Our Latest Stock Report on ASC
Ardmore Shipping Company Profile
(
Free Report)
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.
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