Ardmore Shipping Co. (NYSE:ASC) Shares Acquired by Foundry Partners LLC

Foundry Partners LLC raised its position in shares of Ardmore Shipping Co. (NYSE:ASC - Free Report) by 217.5% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 565,300 shares of the shipping company's stock after purchasing an additional 387,240 shares during the quarter. Foundry Partners LLC owned about 1.35% of Ardmore Shipping worth $10,232,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ASC. Intech Investment Management LLC acquired a new position in shares of Ardmore Shipping in the 3rd quarter worth $259,000. Empowered Funds LLC raised its holdings in shares of Ardmore Shipping by 5.4% during the third quarter. Empowered Funds LLC now owns 207,875 shares of the shipping company's stock worth $3,763,000 after acquiring an additional 10,586 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Ardmore Shipping by 86.4% during the 3rd 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 during the last quarter. Victory Capital Management Inc. lifted its stake in 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 acquiring an additional 48,598 shares during the last quarter. Finally, Summit Global Investments boosted its holdings in Ardmore Shipping by 17.5% in the third quarter. Summit Global Investments now owns 62,329 shares of the shipping company's stock worth $1,128,000 after purchasing an additional 9,269 shares in the last quarter. 62.22% of the stock is owned by institutional investors and hedge funds.

Ardmore Shipping Price Performance

Shares of ASC stock opened at $12.30 on Thursday. The stock's fifty day moving average is $15.75 and its 200-day moving average is $18.94. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.26 and a current ratio of 3.57. Ardmore Shipping Co. has a 52 week low of $11.59 and a 52 week high of $23.44. The stock has a market capitalization of $514.42 million, a PE ratio of 3.44 and a beta of 0.37.

Ardmore Shipping Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.86%. The ex-dividend date is Friday, November 29th. Ardmore Shipping's dividend payout ratio is currently 42.58%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ASC. StockNews.com downgraded Ardmore Shipping from a "buy" rating to a "hold" rating in a report on Wednesday, September 25th. Fearnley Fonds upgraded Ardmore Shipping to a "hold" rating in a research note on Friday, September 27th. Jefferies Financial Group dropped their price objective on shares of Ardmore Shipping from $20.00 to $17.00 and set a "buy" rating for the company in a research note on Thursday, November 14th. Finally, Stifel Nicolaus downgraded Ardmore Shipping from a "buy" rating to a "hold" rating and cut their target price for the stock from $24.00 to $17.00 in a research report on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $20.00.

Ardmore Shipping 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.

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