Short Interest in Ascent Industries Co. (NASDAQ:ACNT) Increases By 81.8%

Ascent Industries Co. (NASDAQ:ACNT) was the recipient of a large increase in short interest in January. As of January 31st, there was short interest totalling 42,000 shares, an increase of 81.8% from the January 15th total of 23,100 shares. Based on an average daily trading volume, of 33,700 shares, the days-to-cover ratio is currently 1.2 days. Currently, 0.5% of the shares of the stock are sold short.

Insider Activity

In related news, VP Ravi Ramesh Srinivas acquired 4,000 shares of the stock in a transaction dated Friday, December 20th. The shares were purchased at an average price of $11.21 per share, for a total transaction of $44,840.00. Following 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 acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 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 made changes to their positions in ACNT. AMH Equity Ltd bought a new position in shares of Ascent Industries during the 4th quarter valued at $671,000. Renaissance Technologies LLC grew its holdings in shares of Ascent Industries by 37.4% during the 4th quarter. Renaissance Technologies LLC now owns 153,500 shares of the company’s stock valued at $1,716,000 after purchasing an additional 41,809 shares during the last quarter. Values Added Financial LLC bought a new position in shares of Ascent Industries during the 3rd quarter valued at $133,000. Northern Trust Corp grew its holdings in shares of Ascent Industries by 47.7% during the 4th quarter. Northern Trust Corp now owns 35,384 shares of the company’s stock valued at $396,000 after purchasing an additional 11,420 shares during the last quarter. Finally, De Lisle Partners LLP grew its holdings in Ascent Industries by 5.5% in the 3rd quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock worth $1,914,000 after acquiring an additional 10,349 shares during the last quarter. Institutional investors own 26.05% of the company’s stock.

Ascent Industries Stock Performance

Ascent Industries stock opened at $11.12 on Friday. The firm’s fifty day moving average price is $11.28 and its 200-day moving average price is $10.37. 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 has a market cap of $112.20 million, a P/E ratio of -65.41 and a beta of 0.83. Ascent Industries has a fifty-two week low of $8.16 and a fifty-two week high of $12.38.

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

About Ascent Industries

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.