Zacks Investment Research cut shares of Ardmore Shipping (NYSE:ASC) from a hold rating to a sell rating in a research note released on Thursday morning.

According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “

Several other brokerages also recently issued reports on ASC. Jefferies Group reissued a buy rating and set a $10.00 price objective on shares of Ardmore Shipping in a research note on Monday, October 16th. Stifel Nicolaus set a $10.00 price objective on shares of Ardmore Shipping and gave the company a buy rating in a research note on Sunday, October 29th. Morgan Stanley upped their price objective on shares of Ardmore Shipping from $8.50 to $9.00 and gave the company an equal weight rating in a research note on Thursday, November 2nd. Seaport Global Securities set a $12.00 price objective on shares of Ardmore Shipping and gave the company a buy rating in a research note on Thursday, January 4th. Finally, ValuEngine downgraded shares of Ardmore Shipping from a hold rating to a sell rating in a research note on Friday, December 1st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $10.33.

Shares of Ardmore Shipping (NYSE:ASC) opened at $7.10 on Thursday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.41 and a current ratio of 1.44. Ardmore Shipping has a 1 year low of $6.40 and a 1 year high of $9.05.

Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings data on Wednesday, February 7th. The shipping company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.03. The business had revenue of $30.23 million for the quarter, compared to the consensus estimate of $30.24 million. Ardmore Shipping had a negative net margin of 6.37% and a negative return on equity of 3.16%. The company’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. research analysts expect that Ardmore Shipping will post 0.12 EPS for the current year.

A number of large investors have recently bought and sold shares of the business. Royce & Associates LP raised its stake in Ardmore Shipping by 8.4% during the fourth quarter. Royce & Associates LP now owns 2,108,775 shares of the shipping company’s stock worth $16,870,000 after purchasing an additional 163,250 shares during the period. Bank of New York Mellon Corp raised its stake in Ardmore Shipping by 81.4% during the fourth quarter. Bank of New York Mellon Corp now owns 946,541 shares of the shipping company’s stock worth $7,571,000 after purchasing an additional 424,688 shares during the period. Eagle Boston Investment Management Inc. raised its stake in Ardmore Shipping by 4.5% during the fourth quarter. Eagle Boston Investment Management Inc. now owns 1,071,093 shares of the shipping company’s stock worth $8,568,000 after purchasing an additional 46,564 shares during the period. Essex Investment Management Co. LLC raised its stake in Ardmore Shipping by 24.8% during the fourth quarter. Essex Investment Management Co. LLC now owns 163,109 shares of the shipping company’s stock worth $1,305,000 after purchasing an additional 32,448 shares during the period. Finally, American Century Companies Inc. raised its stake in Ardmore Shipping by 3.7% during the fourth quarter. American Century Companies Inc. now owns 1,301,297 shares of the shipping company’s stock worth $10,410,000 after purchasing an additional 45,906 shares during the period. 75.51% of the stock is currently owned by institutional investors.

COPYRIGHT VIOLATION NOTICE: “Zacks Investment Research Lowers Ardmore Shipping (ASC) to Sell” was published by TheOlympiaReport and is the sole property of of TheOlympiaReport. If you are viewing this piece of content on another site, it was illegally stolen and reposted in violation of U.S. and international copyright and trademark law. The legal version of this piece of content can be viewed at https://theolympiareport.com/2018/02/11/zacks-investment-research-lowers-ardmore-shipping-asc-to-sell.html.

About Ardmore Shipping

Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.

Get a free copy of the Zacks research report on Ardmore Shipping (ASC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Ardmore Shipping (NYSE:ASC)

Receive News & Ratings for Ardmore Shipping Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ardmore Shipping and related companies with MarketBeat.com's FREE daily email newsletter.