JPMorgan Chase & Co. Sells 249,642 Shares of Ardmore Shipping Co. (NYSE:ASC)

JPMorgan Chase & Co. lowered its stake in Ardmore Shipping Co. (NYSE:ASC - Free Report) by 32.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 518,189 shares of the shipping company's stock after selling 249,642 shares during the period. JPMorgan Chase & Co. owned approximately 1.24% of Ardmore Shipping worth $9,379,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its position in Ardmore Shipping by 47.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,400,981 shares of the shipping company's stock worth $31,564,000 after acquiring an additional 449,200 shares during the last quarter. Foundry Partners LLC increased its stake in shares of Ardmore Shipping by 217.5% in the third quarter. Foundry Partners LLC now owns 565,300 shares of the shipping company's stock worth $10,232,000 after purchasing an additional 387,240 shares during the period. American Century Companies Inc. lifted its position in shares of Ardmore Shipping by 27.4% during the 2nd quarter. American Century Companies Inc. now owns 1,124,835 shares of the shipping company's stock worth $25,343,000 after purchasing an additional 241,748 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of Ardmore Shipping during the 2nd quarter worth about $3,976,000. Finally, Walleye Capital LLC bought a new stake in Ardmore Shipping during the 3rd quarter valued at approximately $1,164,000. Institutional investors own 62.22% of the company's stock.

Analysts Set New Price Targets

ASC has been the topic of several recent analyst reports. Stifel Nicolaus downgraded Ardmore Shipping from a "buy" rating to a "hold" rating and dropped their price target for the stock from $24.00 to $17.00 in a research report on Wednesday, October 23rd. Fearnley Fonds raised shares of Ardmore Shipping to a "hold" rating in a research report on Friday, September 27th. StockNews.com cut shares of Ardmore Shipping from a "buy" rating to a "hold" rating in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group decreased 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 report on Thursday, November 14th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $20.00.

Ardmore Shipping Stock Performance

Ardmore Shipping stock traded down $0.51 on Tuesday, hitting $13.09. The company's stock had a trading volume of 986,352 shares, compared to its average volume of 832,006. The company has a fifty day moving average price of $11.95 and a 200-day moving average price of $16.16. The firm has a market cap of $547.71 million, a P/E ratio of 3.67 and a beta of 0.28. Ardmore Shipping Co. has a one year low of $10.86 and a one year high of $23.44. The company has a quick ratio of 3.26, a current ratio of 3.57 and a debt-to-equity ratio of 0.03.

Ardmore Shipping Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 5.50%. The ex-dividend date of this dividend was Friday, November 29th. Ardmore Shipping's payout ratio is 20.17%.

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.