Ascent Industries Co. (NASDAQ:ACNT) Short Interest Up 32.2% in November

Ascent Industries Co. (NASDAQ:ACNT) was the target of a large growth in short interest in the month of November. As of November 30th, there was short interest totalling 11,900 shares, a growth of 32.2% from the November 15th total of 9,000 shares. Approximately 0.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 61,400 shares, the days-to-cover ratio is currently 0.2 days.

Insider Buying and Selling

In related news, insider Privet Fund Management Llc sold 1,665,000 shares of the business’s stock in a transaction that occurred 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 $71,086.56. The trade was a 99.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO John Bryan Kitchen purchased 11,170 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was bought 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 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 disclosure for this purchase can be found here. 12.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ascent Industries

Several institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC raised its holdings 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 during the last quarter. De Lisle Partners LLP lifted its holdings in Ascent Industries by 5.5% during the 3rd quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock valued at $1,914,000 after purchasing an additional 10,349 shares during the last quarter. Vanguard Group Inc. raised its holdings 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 acquiring an additional 10,688 shares during the period. Essex Investment Management Co. LLC bought a new stake in Ascent Industries in the 3rd quarter valued at $132,000. Finally, Values Added Financial LLC acquired a new stake in shares of Ascent Industries during the third quarter worth $133,000. 26.05% of the stock is owned by institutional investors.

Ascent Industries Price Performance

ACNT opened at $11.66 on Friday. Ascent Industries has a 12 month low of $7.20 and a 12 month high of $12.38. The company has a fifty day simple moving average of $10.15 and a 200 day simple moving average of $9.98. The stock has a market cap of $117.65 million, a P/E ratio of -68.59 and a beta of 0.85. The company has a quick ratio of 1.81, a current ratio of 3.77 and a debt-to-equity ratio of 0.01.

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.