Ascent Industries Co. (NASDAQ:ACNT) Short Interest Update

Ascent Industries Co. (NASDAQ:ACNT) was the target of a large drop in short interest during the month of February. As of February 28th, there was short interest totalling 16,900 shares, a drop of 41.1% from the February 13th total of 28,700 shares. Approximately 0.2% of the shares of the company are short sold. Based on an average daily volume of 28,000 shares, the short-interest ratio is currently 0.6 days.

Ascent Industries Stock Up 0.9 %

Shares of Ascent Industries stock opened at $12.45 on Friday. The business’s fifty day moving average price is $11.29 and its two-hundred day moving average price is $10.56. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.77 and a quick ratio of 1.81. The company has a market capitalization of $125.48 million, a P/E ratio of -73.24 and a beta of 0.81. Ascent Industries has a 1-year low of $8.16 and a 1-year high of $12.70.

Ascent Industries (NASDAQ:ACNT) last announced its earnings results on Tuesday, March 4th. The company reported $0.01 earnings per share for the quarter. The firm had revenue of $40.67 million for the quarter. Ascent Industries had a negative return on equity of 12.48% and a negative net margin of 0.80%.

Insider Buying and Selling

In related news, VP Ravi Ramesh Srinivas purchased 4,000 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $11.81 per share, with a total value of $47,240.00. Following the acquisition, the vice president now owns 8,000 shares in the company, valued at approximately $94,480. This trade represents a 100.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 12.85% of the company’s stock.

Institutional Trading of Ascent Industries

Hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC bought a new stake in Ascent Industries during the 4th quarter valued at $208,000. Northern Trust Corp raised its stake in shares of Ascent Industries by 47.7% in the 4th quarter. Northern Trust Corp now owns 35,384 shares of the company’s stock worth $396,000 after buying an additional 11,420 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Ascent Industries by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock worth $414,000 after buying an additional 2,144 shares in the last quarter. AMH Equity Ltd bought a new stake in shares of Ascent Industries in the 4th quarter worth $671,000. Finally, HighTower Advisors LLC raised its stake in shares of Ascent Industries by 1.3% in the 4th quarter. HighTower Advisors LLC now owns 83,231 shares of the company’s stock worth $931,000 after buying an additional 1,083 shares in the last quarter. Institutional investors own 26.05% of the company’s stock.

Ascent Industries Company Profile

Ascent Industries Co an industrials company, produces and distributes stainless steel pipe and tube and specialty chemicals in the United States and internationally. The company operates through two segments, Tubular Products and Specialty Chemicals. It manufactures welded pipes and tubes, primarily from stainless steel, duplex, and nickel alloys; and ornamental stainless steel tubes for automotive, commercial transportation, marine, food services, construction, furniture, healthcare, and other industries.