Short Interest in Ascent Industries Co. (NASDAQ:ACNT) Expands By 84.0%

Ascent Industries Co. (NASDAQ:ACNT) was the target of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 18,400 shares, an increase of 84.0% from the March 15th total of 10,000 shares. Approximately 0.2% of the shares of the company are sold short. Based on an average daily volume of 30,900 shares, the days-to-cover ratio is presently 0.6 days.

Ascent Industries Stock Up 1.7 %

Ascent Industries stock opened at $12.76 on Thursday. Ascent Industries has a 52 week low of $8.16 and a 52 week high of $13.13. The firm has a market cap of $128.61 million, a price-to-earnings ratio of -75.06 and a beta of 0.59. The business’s 50-day moving average price is $12.06 and its 200 day moving average price is $11.09. The company has a quick ratio of 1.81, a current ratio of 3.77 and a debt-to-equity ratio of 0.01.

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

Insider Buying and Selling at Ascent Industries

In other Ascent Industries news, VP Ravi Ramesh Srinivas acquired 4,000 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were acquired at an average cost of $11.81 per share, with a total value of $47,240.00. Following the acquisition, the vice president now directly owns 8,000 shares of the company’s stock, valued at approximately $94,480. The trade was a 100.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Christopher Gerald Hutter sold 15,010 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $12.16, for a total transaction of $182,521.60. Following the transaction, the director now directly owns 209,233 shares of the company’s stock, valued at approximately $2,544,273.28. This trade represents a 6.69 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.85% of the company’s stock.

Institutional Investors Weigh In On Ascent Industries

Hedge funds have recently modified their holdings of the company. Millennium Management LLC acquired a new position in Ascent Industries in the 4th quarter worth about $208,000. Northern Trust Corp raised its stake in shares of 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 buying an additional 11,420 shares during the period. Empowered Funds LLC lifted its position in shares of Ascent Industries by 4.8% during 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. AMH Equity Ltd acquired a new stake in Ascent Industries in the 4th quarter valued at $671,000. Finally, HighTower Advisors LLC increased its holdings in Ascent Industries by 1.3% in the 4th quarter. HighTower Advisors LLC now owns 83,231 shares of the company’s stock worth $931,000 after acquiring an additional 1,083 shares in the last quarter. 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.