Ardmore Shipping (NYSE:ASC) Stock Crosses Below 200 Day Moving Average - Here's What Happened

Shares of Ardmore Shipping Co. (NYSE:ASC - Get Free Report) passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $17.24 and traded as low as $11.82. Ardmore Shipping shares last traded at $12.12, with a volume of 650,141 shares trading hands.

Wall Street Analysts Forecast Growth

ASC has been the subject of a number of analyst reports. Jefferies Financial Group reduced their target price 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. Stifel Nicolaus downgraded Ardmore Shipping from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $24.00 to $17.00 in a research report on Wednesday, October 23rd. StockNews.com cut Ardmore Shipping from a "buy" rating to a "hold" rating in a research report on Wednesday, September 25th. Finally, Fearnley Fonds upgraded Ardmore Shipping to a "hold" rating in a research report on Friday, September 27th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $20.00.

Ardmore Shipping Stock Up 2.0 %

The company has a debt-to-equity ratio of 0.03, a current ratio of 3.57 and a quick ratio of 3.26. The firm has a market capitalization of $507.13 million, a P/E ratio of 3.39 and a beta of 0.31. The firm's fifty day moving average price is $12.73 and its 200-day moving average price is $17.17.

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 issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.72 annualized dividend and a dividend yield of 5.94%. Ardmore Shipping's dividend payout ratio (DPR) is 20.17%.

Hedge Funds Weigh In On Ardmore Shipping

Several hedge funds have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. acquired a new position in Ardmore Shipping in the second quarter worth approximately $29,000. Larson Financial Group LLC purchased a new stake in shares of Ardmore Shipping during the second quarter valued at $34,000. Private Trust Co. NA acquired a new position in shares of Ardmore Shipping in the 3rd quarter valued at $31,000. nVerses Capital LLC purchased a new position in Ardmore Shipping in the 2nd quarter worth about $47,000. Finally, Nisa Investment Advisors LLC raised its holdings in Ardmore Shipping by 2,906.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,006 shares of the shipping company's stock worth $54,000 after buying an additional 2,906 shares during the period. Institutional investors and hedge funds own 62.22% of the company's stock.

About Ardmore Shipping

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.