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

Ascent Industries Co. (NASDAQ:ACNT) was the target of a large growth in short interest in November. As of November 15th, there was short interest totalling 9,000 shares, a growth of 9.8% from the October 31st total of 8,200 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average trading volume of 55,400 shares, the days-to-cover ratio is currently 0.2 days.

Ascent Industries Stock Performance

ACNT stock opened at $11.48 on Tuesday. 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 1 year low of $7.20 and a 1 year high of $11.50. The company has a market cap of $115.87 million, a P/E ratio of -67.53 and a beta of 0.79. The stock’s fifty day moving average price is $9.71 and its 200-day moving average price is $9.86.

Insider Activity at Ascent Industries

In other Ascent Industries news, insider Privet Fund Management Llc sold 1,665,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was 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 99.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John Bryan Kitchen purchased 11,170 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were bought at an average cost of $8.61 per share, for a total transaction of $96,173.70. Following the acquisition, the chief executive officer now owns 50,841 shares in the company, valued at approximately $437,741.01. The trade was 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 currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Ascent Industries by 4.3% in 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 period. Essex Investment Management Co. LLC bought a new position in Ascent Industries in the third quarter worth approximately $132,000. Values Added Financial LLC purchased a new position in shares of Ascent Industries during the 3rd quarter worth $133,000. Empowered Funds LLC boosted its stake in shares of Ascent Industries by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock worth $414,000 after acquiring an additional 2,144 shares during the last quarter. Finally, De Lisle Partners LLP grew its position 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 valued at $1,914,000 after acquiring an additional 10,349 shares during the period. 26.05% of the stock is 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.