Bleakley Financial Group LLC Acquires 78,524 Shares of Ardmore Shipping Co. (NYSE:ASC)

Bleakley Financial Group LLC increased its position in Ardmore Shipping Co. (NYSE:ASC - Free Report) by 406.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 97,836 shares of the shipping company's stock after purchasing an additional 78,524 shares during the quarter. Bleakley Financial Group LLC owned approximately 0.23% of Ardmore Shipping worth $1,189,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Foundry Partners LLC raised its stake in Ardmore Shipping by 217.5% during the third quarter. Foundry Partners LLC now owns 565,300 shares of the shipping company's stock valued at $10,232,000 after buying an additional 387,240 shares during the last quarter. Private Management Group Inc. raised its stake in Ardmore Shipping by 16.3% during the fourth quarter. Private Management Group Inc. now owns 1,204,828 shares of the shipping company's stock valued at $14,639,000 after buying an additional 168,731 shares during the last quarter. Walleye Capital LLC purchased a new position in Ardmore Shipping during the third quarter valued at $1,164,000. Victory Capital Management Inc. raised its stake in Ardmore Shipping by 58.9% during 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 during the last quarter. Finally, Inspire Investing LLC purchased a new position in Ardmore Shipping during the third quarter valued at $868,000. Hedge funds and other institutional investors own 62.22% of the company's stock.

Ardmore Shipping Stock Performance

Shares of ASC traded down $0.19 during trading hours on Wednesday, hitting $11.60. The stock had a trading volume of 730,689 shares, compared to its average volume of 722,246. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.57 and a quick ratio of 3.26. Ardmore Shipping Co. has a 12 month low of $10.86 and a 12 month high of $23.44. The firm has a market capitalization of $485.13 million, a PE ratio of 3.25 and a beta of 0.25. The stock has a fifty day moving average price of $11.89 and a 200 day moving average price of $14.89.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Stifel Nicolaus cut Ardmore Shipping from a "buy" rating to a "hold" rating and decreased their price target for the stock from $24.00 to $17.00 in a research note on Wednesday, October 23rd. Jefferies Financial Group decreased their price target on Ardmore Shipping from $20.00 to $17.00 and set a "buy" rating for the company 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 company's stock. According to data from MarketBeat.com, Ardmore Shipping presently has an average rating of "Hold" and a consensus target price of $20.00.

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.