Ardmore Shipping Co. (NYSE:ASC) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lessened its position in shares of Ardmore Shipping Co. (NYSE:ASC - Free Report) by 9.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,134,151 shares of the shipping company's stock after selling 122,202 shares during the quarter. Wellington Management Group LLP owned about 2.71% of Ardmore Shipping worth $20,528,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ASC. Point72 Asia Singapore Pte. Ltd. purchased a new position in Ardmore Shipping in the second quarter worth $29,000. Private Trust Co. NA acquired a new position in Ardmore Shipping during the third quarter worth $31,000. Larson Financial Group LLC purchased a new stake in Ardmore Shipping during the second quarter worth $34,000. nVerses Capital LLC acquired a new stake in Ardmore Shipping in the second quarter valued at $47,000. Finally, CWM LLC raised its stake in shares of Ardmore Shipping by 72.7% during the 2nd quarter. CWM LLC now owns 2,110 shares of the shipping company's stock worth $48,000 after buying an additional 888 shares during the last quarter. Hedge funds and other institutional investors own 62.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. StockNews.com downgraded shares of Ardmore Shipping from a "buy" rating to a "hold" rating in a report on Wednesday, September 25th. Stifel Nicolaus lowered Ardmore Shipping from a "buy" rating to a "hold" rating and decreased their price objective for the company 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 reduced their price objective 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 research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Ardmore Shipping currently has a consensus rating of "Hold" and an average price target of $20.00.

Ardmore Shipping Trading Up 1.2 %

ASC stock traded up $0.14 during trading on Friday, reaching $11.35. 651,411 shares of the stock traded hands, compared to its average volume of 679,732. The business's 50 day moving average price is $13.59 and its 200-day moving average price is $17.78. The firm has a market capitalization of $474.88 million, a PE ratio of 3.18 and a beta of 0.31. 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 52-week low of $10.86 and a 52-week high of $23.44.

Ardmore Shipping Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a $0.18 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.34%. Ardmore Shipping's dividend payout ratio (DPR) is presently 20.17%.

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.