Ascent Industries Co. (NASDAQ:ACNT) Short Interest Down 26.4% in December

Ascent Industries Co. (NASDAQ:ACNT) was the target of a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 25,100 shares, a decline of 26.4% from the December 15th total of 34,100 shares. Based on an average daily volume of 38,400 shares, the short-interest ratio is currently 0.7 days. Approximately 0.3% of the company’s shares are sold short.

Insider Activity

In related news, VP Ravi Ramesh Srinivas bought 4,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were acquired at an average cost of $11.21 per share, with a total value of $44,840.00. Following the completion of the transaction, the vice president now owns 4,000 shares of the company’s stock, valued at approximately $44,840. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 12.85% of the company’s stock.

Institutional Trading of Ascent Industries

A number of institutional investors and hedge funds have recently made changes to their positions in ACNT. Essex Investment Management Co. LLC acquired a new position in Ascent Industries in the third quarter valued at $132,000. Values Added Financial LLC purchased a new position in shares of Ascent Industries in the 3rd quarter worth about $133,000. Empowered Funds LLC lifted its stake 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 valued at $414,000 after purchasing an additional 2,144 shares in the last quarter. Finally, De Lisle Partners LLP grew its holdings in shares of Ascent Industries by 5.5% during the 3rd quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock worth $1,914,000 after purchasing an additional 10,349 shares during the period. 26.05% of the stock is currently owned by institutional investors and hedge funds.

Ascent Industries Stock Performance

NASDAQ:ACNT opened at $11.17 on Thursday. The company has a market cap of $112.74 million, a P/E ratio of -65.71 and a beta of 0.83. The firm’s 50 day moving average is $10.99 and its two-hundred day moving average is $10.16. Ascent Industries has a fifty-two week low of $8.16 and a fifty-two week high of $12.38. The company has a quick ratio of 1.81, a current ratio of 3.77 and a debt-to-equity ratio of 0.01.

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.