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

Ascent Industries Co. (NASDAQ:ACNT) was the target of a large 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. Currently, 0.1% of the company’s stock are sold short. Based on an average trading volume of 9,100 shares, the days-to-cover ratio is currently 0.5 days.

Ascent Industries Trading Up 0.3 %

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

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

Insider Activity at Ascent Industries

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

Institutional Investors Weigh In On Ascent Industries

A number of large investors have recently made changes to their positions in ACNT. Vanguard Group Inc. increased its stake in Ascent Industries by 4.3% in the 1st 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 period. Perritt Capital Management Inc. grew its position in Ascent Industries by 36.0% in 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 in the last quarter. Merit Financial Group LLC grew its position in Ascent Industries by 9.6% in 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 in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Ascent Industries by 82.5% during the 4th quarter. Victory Capital Management Inc. now owns 8,857 shares of the company’s stock worth $85,000 after buying an additional 4,004 shares during the period. Finally, Empowered Funds LLC boosted its holdings in shares of Ascent Industries by 8.0% during the 1st quarter. Empowered Funds LLC now owns 37,620 shares of the company’s stock worth $383,000 after buying an additional 2,800 shares during the period. Institutional investors and hedge funds 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.