Ascent Industries (NASDAQ:ACNT) Trading 0.6% Higher – Here’s What Happened

Ascent Industries Co. (NASDAQ:ACNT)’s share price rose 0.6% during trading on Wednesday . The stock traded as high as $11.29 and last traded at $11.29. Approximately 15,335 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 25,593 shares. The stock had previously closed at $11.22.

Ascent Industries Price Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.81 and a current ratio of 3.77. The stock’s fifty day simple moving average is $11.34 and its two-hundred day simple moving average is $10.33. The company has a market capitalization of $112.50 million, a price-to-earnings ratio of -65.59 and a beta of 0.83.

Ascent Industries (NASDAQ:ACNT) last released its earnings results on Tuesday, November 12th. The company reported ($0.08) EPS for the quarter. The business had revenue of $42.90 million for the quarter. Ascent Industries had a negative net margin of 0.80% and a negative return on equity of 12.48%.

Insider Transactions at Ascent Industries

In other news, VP Ravi Ramesh Srinivas purchased 4,000 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were acquired at an average price of $11.21 per share, for a total transaction of $44,840.00. Following the completion of the acquisition, the vice president now directly owns 4,000 shares of the company’s stock, valued at $44,840. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 12.85% of the company’s stock.

Hedge Funds Weigh In On Ascent Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACNT. Essex Investment Management Co. LLC acquired a new position in shares of Ascent Industries in the 3rd quarter valued at about $132,000. Values Added Financial LLC purchased a new position in Ascent Industries during the third quarter valued at approximately $133,000. Empowered Funds LLC increased its stake in 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 buying an additional 2,144 shares during the period. AMH Equity Ltd purchased a new stake in Ascent Industries in the 4th quarter worth approximately $671,000. Finally, HighTower Advisors LLC boosted its stake 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 valued at $931,000 after buying an additional 1,083 shares during the period. 26.05% of the stock is currently 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.