Martingale Asset Management L P Sells 22,663 Shares of Ardmore Shipping Co. (NYSE:ASC)

Martingale Asset Management L P cut its stake in shares of Ardmore Shipping Co. (NYSE:ASC) by 20.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,661 shares of the shipping company’s stock after selling 22,663 shares during the period. Martingale Asset Management L P owned 0.22% of Ardmore Shipping worth $1,641,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Fortitude Family Office LLC increased its holdings in Ardmore Shipping by 322.0% during the 2nd quarter. Fortitude Family Office LLC now owns 1,249 shares of the shipping company’s stock worth $28,000 after acquiring an additional 953 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Ardmore Shipping in the second quarter worth $29,000. Larson Financial Group LLC bought a new position in shares of Ardmore Shipping in the second quarter worth $34,000. Private Trust Co. NA bought a new position in Ardmore Shipping in the 3rd quarter worth about $31,000. Finally, nVerses Capital LLC bought a new position in Ardmore Shipping in the 2nd quarter worth about $47,000. 62.22% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ASC. Stifel Nicolaus cut shares of Ardmore Shipping from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $24.00 to $17.00 in a research report on Wednesday, October 23rd. Jefferies Financial Group lowered 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 report on Thursday, November 14th. StockNews.com lowered shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Finally, Fearnley Fonds upgraded Ardmore Shipping to a “hold” rating in a research report on Friday, September 27th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Ardmore Shipping currently has a consensus rating of “Hold” and an average target price of $20.00.

Ardmore Shipping Stock Down 2.1 %

Shares of NYSE ASC opened at $11.16 on Monday. 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 one year low of $11.08 and a one year high of $23.44. The firm’s 50 day simple moving average is $14.91 and its two-hundred day simple moving average is $18.51. The stock has a market capitalization of $466.93 million, a P/E ratio of 3.13 and a beta of 0.37.

Ardmore Shipping Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.45%. Ardmore Shipping’s dividend payout ratio (DPR) is currently 42.58%.

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.