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

Ascent Industries Co. (NASDAQ:ACNT) was the target of a large drop in short interest during the month of February. As of February 28th, there was short interest totalling 16,900 shares, a drop of 41.1% from the February 13th total of 28,700 shares. Currently, 0.2% of the shares of the company are short sold. Based on an average trading volume of 28,000 shares, the days-to-cover ratio is presently 0.6 days.

Insider Transactions at Ascent Industries

In other Ascent Industries news, VP Ravi Ramesh Srinivas purchased 4,000 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were bought at an average cost of $11.21 per share, with a total value of $44,840.00. Following the acquisition, the vice president now owns 4,000 shares in the company, valued at approximately $44,840. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 12.85% of the company’s stock.

Hedge Funds Weigh In On Ascent Industries

Several institutional investors and hedge funds have recently bought and sold shares of ACNT. HighTower Advisors LLC raised its stake in shares of Ascent Industries by 1.3% in the fourth quarter. HighTower Advisors LLC now owns 83,231 shares of the company’s stock worth $931,000 after purchasing an additional 1,083 shares during the last quarter. Geode Capital Management LLC raised its position in Ascent Industries by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 93,322 shares of the company’s stock worth $1,044,000 after acquiring an additional 1,869 shares during the period. Empowered Funds LLC lifted its stake in Ascent Industries by 4.8% in the 4th quarter. Empowered Funds LLC now owns 44,693 shares of the company’s stock valued at $500,000 after buying an additional 2,049 shares in the last quarter. De Lisle Partners LLP lifted its position in shares of Ascent Industries by 5.5% in the third 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 in the last quarter. Finally, Northern Trust Corp boosted its stake in Ascent Industries by 47.7% during the 4th quarter. Northern Trust Corp now owns 35,384 shares of the company’s stock worth $396,000 after purchasing an additional 11,420 shares during the last quarter. 26.05% of the stock is owned by hedge funds and other institutional investors.

Ascent Industries Trading Up 0.9 %

ACNT opened at $12.45 on Monday. The firm has a market cap of $125.48 million, a P/E ratio of -73.24 and a beta of 0.81. The company has a current ratio of 3.77, a quick ratio of 1.81 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average of $11.29 and a 200 day moving average of $10.57. Ascent Industries has a 12 month low of $8.16 and a 12 month high of $12.70.

Ascent Industries (NASDAQ:ACNT) last issued 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 during the quarter. Ascent Industries had a negative net margin of 0.80% and a negative return on equity of 12.48%.

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.