Ardmore Shipping Co. (NYSE:ASC) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. grew its position in Ardmore Shipping Co. (NYSE:ASC - Free Report) by 58.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,073 shares of the shipping company's stock after purchasing an additional 48,598 shares during the quarter. Victory Capital Management Inc. owned approximately 0.31% of Ardmore Shipping worth $2,372,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Fortitude Family Office LLC raised its stake in Ardmore Shipping by 322.0% during the second quarter. Fortitude Family Office LLC now owns 1,249 shares of the shipping company's stock valued at $28,000 after purchasing an additional 953 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Ardmore Shipping during the second quarter valued at $29,000. Larson Financial Group LLC purchased a new stake in Ardmore Shipping during the second quarter valued at $34,000. nVerses Capital LLC purchased a new stake in shares of Ardmore Shipping in the second quarter valued at $47,000. Finally, CWM LLC raised its stake 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 during the period. 62.22% of the stock is currently owned by institutional investors.

Ardmore Shipping Stock Performance

ASC traded down $0.09 during midday trading on Monday, hitting $11.76. 483,526 shares of the company were exchanged, compared to its average volume of 656,090. Ardmore Shipping Co. has a 1-year low of $11.59 and a 1-year high of $23.44. The company has a current ratio of 3.57, a quick ratio of 3.26 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $492.04 million, a price-to-earnings ratio of 3.32 and a beta of 0.37. The company's 50 day simple moving average is $15.53 and its 200 day simple moving average is $18.85.

Ardmore Shipping Cuts Dividend

The company 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 dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 6.12%. The ex-dividend date is Friday, November 29th. Ardmore Shipping's dividend payout ratio (DPR) is presently 42.58%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ASC shares. Jefferies Financial Group reduced their price target on shares of Ardmore Shipping from $20.00 to $17.00 and set a "buy" rating on the stock in a research note on Thursday, November 14th. Stifel Nicolaus downgraded shares of Ardmore Shipping from a "buy" rating to a "hold" rating and reduced their price target 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 downgraded shares of Ardmore Shipping from a "buy" rating to a "hold" rating in a research note on Wednesday, September 25th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average 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.