Ascent Industries Co. (NASDAQ:ACNT) Sees Large Drop in Short Interest

Ascent Industries Co. (NASDAQ:ACNT) was the target of a significant decline in short interest in June. As of June 15th, there was short interest totalling 4,800 shares, a decline of 33.3% from the May 31st total of 7,200 shares. Based on an average trading volume of 9,100 shares, the short-interest ratio is currently 0.5 days. Currently, 0.1% of the shares of the stock are short sold.

Insider Activity

In other Ascent Industries news, CEO John Bryan Kitchen acquired 4,481 shares of the stock in a transaction dated Monday, May 13th. The shares were acquired at an average cost of $10.30 per share, for a total transaction of $46,154.30. Following the completion of the transaction, the chief executive officer now directly owns 39,671 shares of the company’s stock, valued at $408,611.30. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Ascent Industries news, CEO John Bryan Kitchen acquired 4,481 shares of the stock in a transaction dated Monday, May 13th. The shares were acquired at an average cost of $10.30 per share, for a total transaction of $46,154.30. Following the completion of the transaction, the chief executive officer now directly owns 39,671 shares of the company’s stock, valued at $408,611.30. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Privet Fund Management Llc sold 172,995 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $10.32, for a total value of $1,785,308.40. Following the completion of the sale, the insider now owns 1,673,648 shares in the company, valued at $17,272,047.36. The disclosure for this sale can be found here. Company insiders own 12.85% of the company’s stock.

Institutional Investors Weigh In On Ascent Industries

Large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its stake in Ascent Industries by 82.5% during the fourth quarter. Victory Capital Management Inc. now owns 8,857 shares of the company’s stock worth $85,000 after acquiring an additional 4,004 shares during the last quarter. Perritt Capital Management Inc. increased its stake in Ascent Industries by 36.0% during the first quarter. Perritt Capital Management Inc. now owns 20,402 shares of the company’s stock worth $208,000 after acquiring an additional 5,402 shares during the last quarter. Empowered Funds LLC increased its stake in Ascent Industries by 8.0% during the first quarter. Empowered Funds LLC now owns 37,620 shares of the company’s stock worth $383,000 after acquiring an additional 2,800 shares during the last quarter. Merit Financial Group LLC increased its stake in Ascent Industries by 9.6% during the fourth quarter. Merit Financial Group LLC now owns 56,900 shares of the company’s stock worth $544,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Ascent Industries by 4.3% during the first quarter. Vanguard Group Inc. now owns 256,736 shares of the company’s stock valued at $2,616,000 after buying an additional 10,688 shares during the last quarter. 26.05% of the stock is owned by institutional investors.

Ascent Industries Price Performance

NASDAQ:ACNT opened at $9.76 on Friday. The company has a current ratio of 3.06, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $98.87 million, a P/E ratio of -3.64 and a beta of 0.73. Ascent Industries has a 12 month low of $7.20 and a 12 month high of $11.19. The business’s 50-day moving average is $10.16 and its 200 day moving average is $10.03.

Ascent Industries (NASDAQ:ACNT) last posted its earnings results on Wednesday, May 8th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.05). The firm had revenue of $44.11 million during the quarter, compared to analysts’ expectations of $39.80 million. Ascent Industries had a negative return on equity of 15.96% and a negative net margin of 13.32%.

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.