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

Ascent Industries Co. (NASDAQ:ACNT) saw a significant drop in short interest in the month of 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 sold short.

Ascent Industries Trading Up 0.9 %

NASDAQ ACNT opened at $12.45 on Monday. The firm’s fifty day moving average price is $11.29 and its 200 day moving average price is $10.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.77 and a quick ratio of 1.81. Ascent Industries has a 12 month low of $8.16 and a 12 month high of $12.70. The company has a market capitalization of $125.48 million, a price-to-earnings ratio of -73.24 and a beta of 0.81.

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

Insiders Place Their Bets

In related news, VP Ravi Ramesh Srinivas acquired 4,000 shares of the stock in a transaction dated Friday, December 20th. The stock was acquired at an average cost of $11.21 per share, with a total value of $44,840.00. Following the completion of the transaction, the vice president now owns 4,000 shares in the company, valued at $44,840. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 12.85% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ascent Industries

Hedge funds have recently bought and sold shares of the company. Empowered Funds LLC raised its position in shares of Ascent Industries by 5.3% in the third quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock valued at $414,000 after buying an additional 2,144 shares during the last quarter. AMH Equity Ltd acquired a new position in shares of Ascent Industries in the 4th quarter valued at about $671,000. De Lisle Partners LLP grew its stake in Ascent Industries by 5.5% during the third quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock worth $1,914,000 after buying an additional 10,349 shares during the period. Millennium Management LLC acquired a new stake in Ascent Industries in the 4th quarter valued at $208,000. Finally, Northern Trust Corp grew its stake in shares of Ascent Industries by 47.7% in the fourth quarter. Northern Trust Corp now owns 35,384 shares of the company’s stock valued at $396,000 after buying an additional 11,420 shares in the last quarter. 26.05% of the stock is owned by hedge funds and other institutional investors.

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.