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

Ascent Industries Co. (NASDAQ:ACNT) was the recipient of a significant drop in short interest during the month of September. As of September 30th, there was short interest totalling 4,600 shares, a drop of 34.3% from the September 15th total of 7,000 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average daily volume of 41,700 shares, the short-interest ratio is presently 0.1 days.

Ascent Industries Trading Up 0.5 %

ACNT stock opened at $9.45 on Friday. The company’s 50-day simple moving average is $9.79 and its 200-day simple moving average is $10.00. The company has a quick ratio of 1.45, a current ratio of 3.16 and a debt-to-equity ratio of 0.01. Ascent Industries has a 52-week low of $7.20 and a 52-week high of $11.19. The firm has a market cap of $95.73 million, a P/E ratio of -3.53 and a beta of 0.79.

Ascent Industries (NASDAQ:ACNT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.02) earnings per share (EPS) for the quarter. Ascent Industries had a negative return on equity of 12.99% and a negative net margin of 6.89%. The firm had revenue of $50.19 million during the quarter.

Insider Buying and Selling

In other Ascent Industries news, insider Privet Fund Management Llc sold 1,665,000 shares of Ascent Industries stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $8.22, for a total value of $13,686,300.00. Following the completion of the transaction, the insider now owns 8,648 shares of the company’s stock, valued at approximately $71,086.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO John Bryan Kitchen bought 11,170 shares of the stock in a transaction dated Friday, September 20th. The shares were acquired at an average cost of $8.61 per share, with a total value of $96,173.70. Following the purchase, the chief executive officer now directly owns 50,841 shares in the company, valued at $437,741.01. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Privet Fund Management Llc sold 1,665,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $8.22, for a total transaction of $13,686,300.00. Following the sale, the insider now directly owns 8,648 shares in the company, valued at approximately $71,086.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.85% of the stock is currently owned by corporate insiders.

Institutional Trading of Ascent Industries

Several large investors have recently made changes to their positions in ACNT. Vanguard Group Inc. boosted its stake in Ascent Industries by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 256,736 shares of the company’s stock worth $2,616,000 after purchasing an additional 10,688 shares during the last quarter. Empowered Funds LLC boosted its stake in 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 purchasing an additional 2,800 shares during the last quarter. Perritt Capital Management Inc. boosted its stake in Ascent Industries by 36.0% during the 1st quarter. Perritt Capital Management Inc. now owns 20,402 shares of the company’s stock worth $208,000 after purchasing an additional 5,402 shares during the last quarter. Finally, Essex Investment Management Co. LLC acquired a new stake in Ascent Industries during the 3rd quarter worth $132,000. 26.05% of the stock is currently owned by hedge funds and other institutional investors.

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.