Short Interest in Ascent Industries Co. (NASDAQ:ACNT) Drops By 34.3%

Ascent Industries Co. (NASDAQ:ACNT) was the recipient of a large drop in short interest in 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. Based on an average daily trading volume, of 41,700 shares, the days-to-cover ratio is presently 0.1 days. Currently, 0.1% of the shares of the stock are short sold.

Insider Buying and Selling at Ascent Industries

In related news, CEO John Bryan Kitchen purchased 11,170 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were bought at an average cost of $8.61 per share, with a total value of $96,173.70. Following the acquisition, the chief executive officer now owns 50,841 shares of the company’s stock, valued at $437,741.01. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Ascent Industries news, CEO John Bryan Kitchen bought 11,170 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were acquired at an average cost of $8.61 per share, for a total transaction of $96,173.70. Following the transaction, the chief executive officer now directly owns 50,841 shares in the company, valued at approximately $437,741.01. This represents a 0.00 % 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. Also, insider Privet Fund Management Llc sold 1,665,000 shares of Ascent Industries stock in a transaction that occurred on 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 owns 8,648 shares in the company, valued at approximately $71,086.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.85% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ACNT. Essex Investment Management Co. LLC acquired a new position in shares of Ascent Industries during the 3rd quarter valued at $132,000. Vanguard Group Inc. increased 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 valued at $2,616,000 after purchasing an additional 10,688 shares in the last quarter. Perritt Capital Management Inc. increased 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 valued at $208,000 after purchasing an additional 5,402 shares in the last quarter. Finally, Empowered Funds LLC increased 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 valued at $383,000 after purchasing an additional 2,800 shares in the last quarter. Institutional investors and hedge funds own 26.05% of the company’s stock.

Ascent Industries Stock Up 0.5 %

NASDAQ:ACNT opened at $9.45 on Friday. The firm’s 50 day simple moving average is $9.80 and its 200 day simple moving average is $10.01. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.16 and a quick ratio of 1.45. Ascent Industries has a one year low of $7.20 and a one year high of $11.19. The company has a market cap of $95.73 million, a PE ratio of -3.53 and a beta of 0.79.

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

Ascent Industries Company Profile

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.