Bank of New York Mellon has cut its position in Ardmore Shipping Company by more than a three-quarters of a million shares.
According to Securities and Exchange Commission filings, the New York-based bank sold 831,270 shares 28 February, cutting its ownership in the Irish tanker owner from 5.88% to 3.91% after buying in on New Year's Eve.
The bank now owns 1.29 million shares.
During that period, New York-traded Ardmore shares rose from $4.64 to $5.63.
Prior to the sell-off Bank of New York Mellon was the company's fourth largest shareholder, nearly 1.5 million shares behind top holder Russell Investments Group.
Russell is followed by Smith & Company with 3.04 million shares and Boston Partners with 2.1 million shares.
