Ascent Industries Co. (NASDAQ:ACNT – Get Free Report) saw a large drop in short interest in 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. Currently, 0.2% of the company’s shares are short sold. Based on an average daily volume of 28,000 shares, the days-to-cover ratio is presently 0.6 days.
Insider Transactions at Ascent Industries
In related news, VP Ravi Ramesh Srinivas bought 4,000 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $11.81 per share, for a total transaction of $47,240.00. Following the acquisition, the vice president now owns 8,000 shares in the company, valued at $94,480. This represents a 100.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 12.85% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the company. Millennium Management LLC acquired a new position in shares of Ascent Industries in the 4th quarter worth approximately $208,000. Northern Trust Corp grew its position 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 acquiring an additional 11,420 shares in the last quarter. Empowered Funds LLC grew its position 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 acquiring an additional 2,144 shares in the last quarter. AMH Equity Ltd acquired a new position in shares of Ascent Industries in the 4th quarter worth approximately $671,000. Finally, HighTower Advisors LLC grew its position 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 acquiring an additional 1,083 shares in the last quarter. Institutional investors and hedge funds own 26.05% of the company’s stock.
Ascent Industries Stock Performance
Ascent Industries (NASDAQ:ACNT – Get Free Report) last issued its quarterly earnings data on Tuesday, March 4th. The company reported $0.01 earnings per share for the quarter. Ascent Industries had a negative return on equity of 12.48% and a negative net margin of 0.80%. The firm had revenue of $40.67 million during the quarter.
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.
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