Ardmore Shipping Co. (NYSE:ASC) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets cut its holdings in shares of Ardmore Shipping Co. (NYSE:ASC) by 62.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,762 shares of the shipping company’s stock after selling 58,368 shares during the period. BNP Paribas Financial Markets’ holdings in Ardmore Shipping were worth $629,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ASC. CWM LLC increased its holdings in shares of Ardmore Shipping by 72.7% during the second quarter. CWM LLC now owns 2,110 shares of the shipping company’s stock valued at $48,000 after acquiring an additional 888 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Ardmore Shipping during the 2nd quarter worth approximately $29,000. Charles Schwab Investment Management Inc. increased its stake in Ardmore Shipping by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 99,389 shares of the shipping company’s stock valued at $1,799,000 after purchasing an additional 1,302 shares in the last quarter. Larson Financial Group LLC purchased a new position in shares of Ardmore Shipping in the second quarter worth $34,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Ardmore Shipping by 15.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,934 shares of the shipping company’s stock worth $196,000 after buying an additional 1,634 shares during the period. 62.22% of the stock is owned by institutional investors and hedge funds.

Ardmore Shipping Stock Down 2.3 %

NYSE ASC opened at $11.21 on Friday. The company has a quick ratio of 3.26, a current ratio of 3.57 and a debt-to-equity ratio of 0.03. Ardmore Shipping Co. has a 52 week low of $10.86 and a 52 week high of $23.44. The business’s fifty day simple moving average is $13.87 and its 200-day simple moving average is $17.91. The firm has a market cap of $469.05 million, a PE ratio of 3.14 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 given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 6.42%. The ex-dividend date of this dividend is Friday, November 29th. Ardmore Shipping’s payout ratio is 20.17%.

Analysts Set New Price Targets

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

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.