Ardmore Shipping (NYSE:ASC) Shares Down 2.7% - Here's What Happened

Ardmore Shipping Co. (NYSE:ASC - Get Free Report) shares traded down 2.7% during trading on Tuesday . The stock traded as low as $13.15 and last traded at $13.23. 105,047 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 710,193 shares. The stock had previously closed at $13.60.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. StockNews.com cut Ardmore Shipping from a "buy" rating to a "hold" rating in a report on Wednesday, September 25th. Stifel Nicolaus cut shares of Ardmore Shipping from a "buy" rating to a "hold" rating and lowered their target price 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, Jefferies Financial Group decreased their target price 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. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $20.00.

Ardmore Shipping Stock Performance

The stock has a market capitalization of $547.71 million, a PE ratio of 3.67 and a beta of 0.28. 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 stock has a fifty day moving average of $11.96 and a 200-day moving average of $16.23.

Ardmore Shipping Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a dividend of $0.18 per share. The ex-dividend date was Friday, November 29th. This represents a $0.72 annualized dividend and a dividend yield of 5.50%. Ardmore Shipping's dividend payout ratio (DPR) is currently 20.17%.

Hedge Funds Weigh In On Ardmore Shipping

Several hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC boosted its position in shares of Ardmore Shipping by 47.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,400,981 shares of the shipping company's stock valued at $31,564,000 after purchasing an additional 449,200 shares during the period. American Century Companies Inc. boosted its holdings in shares of Ardmore Shipping by 27.4% in the second quarter. American Century Companies Inc. now owns 1,124,835 shares of the shipping company's stock valued at $25,343,000 after acquiring an additional 241,748 shares during the period. State Street Corp boosted its holdings in shares of Ardmore Shipping by 0.4% in the third quarter. State Street Corp now owns 782,368 shares of the shipping company's stock valued at $14,161,000 after acquiring an additional 2,922 shares during the period. Foundry Partners LLC grew its position in shares of Ardmore Shipping by 217.5% during the third quarter. Foundry Partners LLC now owns 565,300 shares of the shipping company's stock worth $10,232,000 after acquiring an additional 387,240 shares during the last quarter. Finally, Empowered Funds LLC increased its holdings in shares of Ardmore Shipping by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 207,875 shares of the shipping company's stock valued at $3,763,000 after acquiring an additional 10,586 shares during the period. 62.22% of the stock is currently owned by hedge funds and other institutional investors.

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.