Summit Global Investments Sells 6,838 Shares of Ardmore Shipping Co. (NYSE:ASC)

Summit Global Investments decreased its position in Ardmore Shipping Co. (NYSE:ASC) by 11.4% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 53,060 shares of the shipping company’s stock after selling 6,838 shares during the period. Summit Global Investments owned about 0.13% of Ardmore Shipping worth $1,195,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in shares of Ardmore Shipping by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,758,657 shares of the shipping company’s stock worth $38,870,000 after purchasing an additional 56,984 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Ardmore Shipping by 23.9% during the 4th quarter. Wellington Management Group LLP now owns 696,697 shares of the shipping company’s stock worth $9,816,000 after purchasing an additional 134,233 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Ardmore Shipping by 51.1% during the 4th quarter. Russell Investments Group Ltd. now owns 606,898 shares of the shipping company’s stock worth $8,551,000 after purchasing an additional 205,245 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Ardmore Shipping by 51.0% during the 1st quarter. Vanguard Group Inc. now owns 541,103 shares of the shipping company’s stock worth $8,885,000 after purchasing an additional 182,650 shares in the last quarter. Finally, Sei Investments Co. raised its stake in shares of Ardmore Shipping by 15.0% during the 1st quarter. Sei Investments Co. now owns 495,593 shares of the shipping company’s stock worth $8,138,000 after purchasing an additional 64,805 shares in the last quarter. Institutional investors own 62.22% of the company’s stock.

Ardmore Shipping Stock Performance

Shares of ASC stock traded down $0.27 during trading on Wednesday, reaching $18.88. 441,692 shares of the company’s stock were exchanged, compared to its average volume of 670,305. The company has a quick ratio of 1.79, a current ratio of 3.50 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $767.04 million, a PE ratio of 7.21 and a beta of 0.39. Ardmore Shipping Co. has a twelve month low of $11.78 and a twelve month high of $23.44. The firm’s fifty day moving average price is $20.79 and its 200-day moving average price is $18.93.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings data on Wednesday, July 31st. The shipping company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. Ardmore Shipping had a return on equity of 24.26% and a net margin of 36.31%. The firm had revenue of $121.30 million for the quarter, compared to analyst estimates of $80.51 million. During the same period in the prior year, the firm posted $0.57 EPS. The company’s revenue for the quarter was up 32.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Ardmore Shipping Co. will post 3.49 EPS for the current year.

Ardmore Shipping Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 8.05%. The ex-dividend date is Friday, August 30th. Ardmore Shipping’s dividend payout ratio is 58.24%.

Analyst Ratings Changes

ASC has been the topic of a number of analyst reports. Stifel Nicolaus upped their price objective on Ardmore Shipping from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. StockNews.com upgraded Ardmore Shipping from a “hold” rating to a “buy” rating in a research note on Wednesday, May 15th. Evercore ISI boosted their target price on Ardmore Shipping from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, Jefferies Financial Group boosted their target price on Ardmore Shipping from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st.

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.