Ascent Industries Co. (NASDAQ:ACNT) Short Interest Update

Ascent Industries Co. (NASDAQ:ACNT) was the recipient of a significant drop in short interest in 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. Based on an average daily trading volume, of 28,000 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.2% of the company’s shares are short sold.

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. The company has a market capitalization of $125.48 million, a PE ratio of -73.24 and a beta of 0.81. The firm’s 50-day moving average is $11.29 and its two-hundred day moving average is $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 released its quarterly earnings data on Tuesday, March 4th. The company reported $0.01 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%.

Insiders Place Their Bets

In related news, VP Ravi Ramesh Srinivas purchased 4,000 shares of Ascent Industries stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price of $11.81 per share, for a total transaction of $47,240.00. Following the acquisition, the vice president now directly owns 8,000 shares in the company, valued at approximately $94,480. The trade was a 100.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ascent Industries

Several large investors have recently modified their holdings of the business. Millennium Management LLC purchased a new stake in Ascent Industries in the 4th quarter valued at about $208,000. Northern Trust Corp increased its position 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 valued at $396,000 after acquiring an additional 11,420 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Ascent Industries by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock valued at $414,000 after acquiring an additional 2,144 shares during the period. AMH Equity Ltd acquired a new position in shares of Ascent Industries in the 4th quarter worth approximately $671,000. Finally, HighTower Advisors LLC boosted its position in shares of Ascent Industries by 1.3% during the 4th 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 period. Institutional investors and hedge funds own 26.05% of the company’s stock.

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.