Quarry LP Purchases 3,175 Shares of Ardmore Shipping Co. (NYSE:ASC)

Quarry LP grew its holdings in shares of Ardmore Shipping Co. (NYSE:ASC) by 829.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,558 shares of the shipping company’s stock after purchasing an additional 3,175 shares during the quarter. Quarry LP’s holdings in Ardmore Shipping were worth $64,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of ASC. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Ardmore Shipping during the second quarter valued at about $29,000. Private Trust Co. NA purchased a new position in Ardmore Shipping during the third quarter valued at approximately $31,000. Larson Financial Group LLC bought a new stake in Ardmore Shipping during the 2nd quarter worth approximately $34,000. nVerses Capital LLC purchased a new stake in Ardmore Shipping in the 2nd quarter worth approximately $47,000. Finally, CWM LLC boosted its holdings in Ardmore Shipping by 72.7% in the 2nd quarter. CWM LLC now owns 2,110 shares of the shipping company’s stock valued at $48,000 after purchasing an additional 888 shares during the period. Hedge funds and other institutional investors own 62.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ASC. 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 report on Thursday, November 14th. Fearnley Fonds raised Ardmore Shipping to a “hold” rating in a report on Friday, September 27th. Stifel Nicolaus downgraded Ardmore Shipping from a “buy” rating to a “hold” rating and dropped their price target for the company from $24.00 to $17.00 in a research report on Wednesday, October 23rd. Finally, StockNews.com cut shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Ardmore Shipping presently has an average rating of “Hold” and a consensus price target of $20.00.

Ardmore Shipping Trading Up 2.9 %

NYSE ASC opened at $11.66 on Tuesday. The stock’s 50-day simple moving average is $14.14 and its two-hundred day simple moving average is $18.03. Ardmore Shipping Co. has a twelve month low of $10.86 and a twelve month 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. The company has a market capitalization of $487.85 million, a price-to-earnings ratio of 3.27 and a beta of 0.31.

Ardmore Shipping Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 6.17%. The ex-dividend date of this dividend is Friday, November 29th. Ardmore Shipping’s dividend payout ratio is currently 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.