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

Ascent Industries Co. (NASDAQ:ACNT) saw a significant decline in short interest in October. As of October 31st, there was short interest totalling 8,200 shares, a decline of 35.9% from the October 15th total of 12,800 shares. Currently, 0.1% of the shares of the company are short sold. Based on an average daily volume of 52,000 shares, the short-interest ratio is presently 0.2 days.

Insider Activity at Ascent Industries

In related news, CEO John Bryan Kitchen purchased 11,170 shares of Ascent Industries stock in a transaction on Friday, September 20th. The stock was acquired at an average price of $8.61 per share, for a total transaction of $96,173.70. Following the completion of the transaction, the chief executive officer now directly owns 50,841 shares in the company, valued at $437,741.01. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Ascent Industries news, CEO John Bryan Kitchen acquired 11,170 shares of the stock in a transaction dated Friday, September 20th. The shares were acquired at an average cost of $8.61 per share, for a total transaction of $96,173.70. Following the completion of the transaction, the chief executive officer now directly owns 50,841 shares of the company’s stock, valued at approximately $437,741.01. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Privet Fund Management Llc sold 1,665,000 shares of Ascent Industries stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $8.22, for a total value of $13,686,300.00. Following the sale, the insider now directly owns 8,648 shares in the company, valued at $71,086.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ascent Industries

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Essex Investment Management Co. LLC purchased a new position in shares of Ascent Industries during the third quarter valued at approximately $132,000. Values Added Financial LLC purchased a new position in Ascent Industries during the 3rd quarter valued at $133,000. Perritt Capital Management Inc. boosted its holdings in Ascent Industries by 36.0% during the 1st quarter. Perritt Capital Management Inc. now owns 20,402 shares of the company’s stock valued at $208,000 after acquiring an additional 5,402 shares during the period. Empowered Funds LLC grew its position in Ascent Industries by 8.0% in the 1st quarter. Empowered Funds LLC now owns 37,620 shares of the company’s stock valued at $383,000 after acquiring an additional 2,800 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Ascent Industries by 4.3% in the first quarter. Vanguard Group Inc. now owns 256,736 shares of the company’s stock worth $2,616,000 after purchasing an additional 10,688 shares during the period. Hedge funds and other institutional investors own 26.05% of the company’s stock.

Ascent Industries Price Performance

Ascent Industries stock opened at $9.59 on Thursday. Ascent Industries has a 52-week low of $7.20 and a 52-week high of $11.19. The company has a quick ratio of 1.45, a current ratio of 3.16 and a debt-to-equity ratio of 0.01. The firm’s fifty day moving average is $9.47 and its 200 day moving average is $9.84. The company has a market cap of $97.05 million, a price-to-earnings ratio of -56.41 and a beta of 0.79.

About Ascent Industries

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.