Ascent Industries Co. (NASDAQ:ACNT) Short Interest Down 33.3% in June

Ascent Industries Co. (NASDAQ:ACNT) was the target of a significant drop in short interest in June. As of June 15th, there was short interest totalling 4,800 shares, a drop of 33.3% from the May 31st total of 7,200 shares. Based on an average daily volume of 9,100 shares, the short-interest ratio is presently 0.5 days. Approximately 0.1% of the company’s stock are short sold.

Insider Buying and Selling

In related news, insider Privet Fund Management Llc sold 172,995 shares of Ascent Industries stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $10.32, for a total value of $1,785,308.40. Following the completion of the transaction, the insider now directly owns 1,673,648 shares in the company, valued at $17,272,047.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO John Bryan Kitchen bought 4,481 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was bought at an average cost of $10.30 per share, for a total transaction of $46,154.30. Following the completion of the purchase, the chief executive officer now directly owns 39,671 shares in the company, valued at approximately $408,611.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Privet Fund Management Llc sold 172,995 shares of Ascent Industries stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $10.32, for a total value of $1,785,308.40. Following the completion of the transaction, the insider now owns 1,673,648 shares of the company’s stock, valued at $17,272,047.36. The disclosure for this sale can be found here. Insiders own 12.85% of the company’s stock.

Hedge Funds Weigh In On Ascent Industries

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its stake in Ascent Industries by 82.5% in the fourth quarter. Victory Capital Management Inc. now owns 8,857 shares of the company’s stock valued at $85,000 after acquiring an additional 4,004 shares during the period. Merit Financial Group LLC raised its holdings in shares of Ascent Industries by 9.6% during the fourth quarter. Merit Financial Group LLC now owns 56,900 shares of the company’s stock valued at $544,000 after buying an additional 5,000 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Ascent Industries by 4.3% during the first quarter. Vanguard Group Inc. now owns 256,736 shares of the company’s stock valued at $2,616,000 after buying an additional 10,688 shares during the last quarter. Perritt Capital Management Inc. raised its holdings in shares of Ascent Industries by 36.0% during the first quarter. Perritt Capital Management Inc. now owns 20,402 shares of the company’s stock valued at $208,000 after buying an additional 5,402 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of Ascent Industries by 8.0% during the first quarter. Empowered Funds LLC now owns 37,620 shares of the company’s stock valued at $383,000 after buying an additional 2,800 shares during the last quarter. 26.05% of the stock is currently owned by institutional investors and hedge funds.

Ascent Industries Stock Performance

Shares of ACNT stock opened at $9.76 on Friday. The company has a quick ratio of 1.25, a current ratio of 3.06 and a debt-to-equity ratio of 0.01. The business has a 50 day moving average of $10.16 and a two-hundred day moving average of $10.03. Ascent Industries has a 52 week low of $7.20 and a 52 week high of $11.19. The company has a market cap of $98.87 million, a P/E ratio of -3.64 and a beta of 0.73.

Ascent Industries (NASDAQ:ACNT) last issued its earnings results on Wednesday, May 8th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.05). Ascent Industries had a negative net margin of 13.32% and a negative return on equity of 15.96%. The company had revenue of $44.11 million during the quarter, compared to analyst estimates of $39.80 million.

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.