Summit Global Investments Buys 9,269 Shares of Ardmore Shipping Co. (NYSE:ASC)

Summit Global Investments grew its stake in shares of Ardmore Shipping Co. (NYSE:ASC) by 17.5% during the third quarter, HoldingsChannel reports. The firm owned 62,329 shares of the shipping company’s stock after purchasing an additional 9,269 shares during the quarter. Summit Global Investments’ holdings in Ardmore Shipping were worth $1,128,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fortitude Family Office LLC lifted its holdings in Ardmore Shipping by 322.0% in the second quarter. Fortitude Family Office LLC now owns 1,249 shares of the shipping company’s stock worth $28,000 after buying an additional 953 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Ardmore Shipping in the 2nd quarter valued at approximately $29,000. Larson Financial Group LLC bought a new stake in shares of Ardmore Shipping during the second quarter valued at approximately $34,000. nVerses Capital LLC purchased a new stake in Ardmore Shipping in the second quarter worth $47,000. Finally, CWM LLC raised its holdings in Ardmore Shipping by 72.7% in the second quarter. CWM LLC now owns 2,110 shares of the shipping company’s stock worth $48,000 after purchasing an additional 888 shares in the last quarter. Hedge funds and other institutional investors own 62.22% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on ASC. Evercore ISI boosted their target price on shares of Ardmore Shipping from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Jefferies Financial Group boosted their price objective on shares of Ardmore Shipping from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Fearnley Fonds raised shares of Ardmore Shipping to a “hold” rating in a research note on Friday, September 27th. Stifel Nicolaus cut 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. Finally, StockNews.com cut Ardmore Shipping from a “buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $22.33.

Ardmore Shipping Trading Down 5.6 %

NYSE:ASC opened at $12.15 on Friday. The stock has a market cap of $508.15 million, a price-to-earnings ratio of 3.46 and a beta of 0.37. The company has a quick ratio of 3.18, a current ratio of 3.50 and a debt-to-equity ratio of 0.07. The company’s 50 day moving average price is $16.62 and its 200-day moving average price is $19.19. Ardmore Shipping Co. has a 52 week low of $12.06 and a 52 week high of $23.44.

Ardmore Shipping Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.93%. The ex-dividend date of this dividend is Friday, November 29th. Ardmore Shipping’s payout ratio is 43.30%.

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.