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

by · The Cerbat Gem

Ascent Industries Co. (NASDAQ:ACNT – Get Free Report) was the target of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 4,600 shares, a decline of 34.3% from the September 15th total of 7,000 shares. Based on an average trading volume of 41,700 shares, the short-interest ratio is presently 0.1 days. Currently, 0.1% of the company’s shares are short sold.

Insider Buying and Selling at Ascent Industries

In other news, insider Privet Fund Management Llc sold 1,665,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $8.22, for a total value of $13,686,300.00. Following the completion of the sale, the insider now owns 8,648 shares in the company, valued at approximately $71,086.56. This trade represents a 0.00 % decrease in their position. 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 11,170 shares of the stock in a transaction dated Friday, September 20th. The stock was purchased at an average cost of $8.61 per share, with a total value of $96,173.70. Following the completion of the purchase, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Privet Fund Management Llc sold 1,665,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 8,648 shares in the company, valued at $71,086.56. This represents a 0.00 % 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

Several large investors have recently modified their holdings of ACNT. Empowered Funds LLC boosted its stake 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 purchasing an additional 2,800 shares in the last quarter. Perritt Capital Management Inc. lifted its holdings in Ascent Industries by 36.0% during the first quarter. Perritt Capital Management Inc. now owns 20,402 shares of the company’s stock worth $208,000 after buying an additional 5,402 shares during the period. Vanguard Group Inc. boosted its position 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 acquiring an additional 10,688 shares in the last quarter. Finally, Essex Investment Management Co. LLC purchased a new position in shares of Ascent Industries in the 3rd quarter valued at $132,000. Institutional investors own 26.05% of the company’s stock.

Ascent Industries Stock Up 0.5 %

Shares of NASDAQ ACNT opened at $9.45 on Monday. Ascent Industries has a 52-week low of $7.20 and a 52-week high of $11.19. The firm has a market capitalization of $95.63 million, a price-to-earnings ratio of -7.11 and a beta of 0.79. The stock has a 50 day moving average price of $9.79 and a 200 day moving average price of $10.00. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.45 and a current ratio of 3.16.

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

About Ascent Industries

(Get Free Report)

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.

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