Short Interest in Ascent Industries Co. (NASDAQ:ACNT) Declines By 35.9%

Ascent Industries Co. (NASDAQ:ACNT) was the recipient of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 8,200 shares, a drop of 35.9% from the October 15th total of 12,800 shares. Based on an average trading volume of 52,000 shares, the days-to-cover ratio is currently 0.2 days. Currently, 0.1% of the shares of the company are sold short.

Ascent Industries Stock Up 0.3 %

NASDAQ ACNT opened at $9.62 on Friday. Ascent Industries has a twelve month low of $7.20 and a twelve month high of $11.19. The stock has a market cap of $97.35 million, a PE ratio of -56.41 and a beta of 0.79. The firm has a 50-day simple moving average of $9.46 and a 200 day simple moving average of $9.84. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.45 and a current ratio of 3.16.

Insider Buying and Selling

In related news, CEO John Bryan Kitchen bought 11,170 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was purchased at an average cost of $8.61 per share, for a total transaction of $96,173.70. Following the purchase, the chief executive officer now directly owns 50,841 shares in the company, valued at $437,741.01. This trade represents a 28.16 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Privet Fund Management Llc sold 1,665,000 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $8.22, for a total transaction of $13,686,300.00. Following the completion of the sale, the insider now directly owns 8,648 shares of the company’s stock, valued at approximately $71,086.56. This trade represents a 99.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.85% of the company’s stock.

Institutional Trading of Ascent Industries

A number of hedge funds have recently modified their holdings of ACNT. Empowered Funds LLC raised its stake in shares of Ascent Industries by 5.3% in the third quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock valued at $414,000 after purchasing an additional 2,144 shares in the last quarter. Perritt Capital Management Inc. raised its stake in shares of Ascent Industries by 36.0% in the 1st quarter. Perritt Capital Management Inc. now owns 20,402 shares of the company’s stock valued at $208,000 after buying an additional 5,402 shares in the last quarter. De Lisle Partners LLP lifted its holdings in shares of Ascent Industries by 5.5% during the 3rd quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock worth $1,914,000 after acquiring an additional 10,349 shares during the period. Vanguard Group Inc. boosted its position in shares of Ascent Industries by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 256,736 shares of the company’s stock valued at $2,616,000 after acquiring an additional 10,688 shares in the last quarter. Finally, Essex Investment Management Co. LLC bought a new stake in Ascent Industries in the third quarter valued at about $132,000. 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.