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

Ascent Industries Co. (NASDAQ:ACNT) saw a large decrease in short interest in the month of February. As of February 28th, there was short interest totalling 16,900 shares, a decrease of 41.1% from the February 13th total of 28,700 shares. Based on an average daily volume of 28,000 shares, the days-to-cover ratio is currently 0.6 days. Approximately 0.2% of the company’s shares are sold short.

Insider Buying and Selling

In other Ascent Industries news, VP Ravi Ramesh Srinivas acquired 4,000 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $11.81 per share, with a total value of $47,240.00. Following the transaction, the vice president now directly owns 8,000 shares of the company’s stock, valued at $94,480. The trade was a 100.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 12.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ACNT. Mink Brook Asset Management LLC acquired a new position in shares of Ascent Industries during the fourth quarter valued at approximately $11,142,000. AMH Equity Ltd purchased a new position in Ascent Industries in the 4th quarter valued at $671,000. Renaissance Technologies LLC boosted its stake in Ascent Industries by 37.4% during the 4th quarter. Renaissance Technologies LLC now owns 153,500 shares of the company’s stock worth $1,716,000 after purchasing an additional 41,809 shares during the last quarter. Millennium Management LLC acquired a new stake in Ascent Industries during the 4th quarter worth $208,000. Finally, Northern Trust Corp grew its holdings in shares of Ascent Industries by 47.7% during the fourth quarter. Northern Trust Corp now owns 35,384 shares of the company’s stock worth $396,000 after buying an additional 11,420 shares in the last quarter. Institutional investors and hedge funds own 26.05% of the company’s stock.

Ascent Industries Price Performance

Shares of ACNT stock opened at $12.45 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.77 and a quick ratio of 1.81. Ascent Industries has a one year low of $8.16 and a one year high of $12.70. The company’s 50-day simple moving average is $11.29 and its two-hundred day simple moving average is $10.57. The company has a market capitalization of $125.48 million, a P/E ratio of -73.24 and a beta of 0.81.

Ascent Industries (NASDAQ:ACNT) last announced its earnings results on Tuesday, March 4th. The company reported $0.01 earnings per share (EPS) for the quarter. The firm had revenue of $40.67 million for the quarter. Ascent Industries had a negative return on equity of 12.48% and a negative net margin of 0.80%.

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.