Ascent Industries (NASDAQ:ACNT) Announces Quarterly Earnings Results

Ascent Industries (NASDAQ:ACNT) released its earnings results on Monday. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.20), Zacks reports. Ascent Industries had a negative net margin of 0.80% and a negative return on equity of 12.48%. The firm had revenue of $24.73 million during the quarter, compared to analysts’ expectations of $48.90 million.

Ascent Industries Stock Down 7.2%

ACNT stock opened at $11.90 on Wednesday. The company has a market cap of $119.42 million, a price-to-earnings ratio of -70.00 and a beta of 0.64. The firm has a 50-day moving average of $12.70 and a two-hundred day moving average of $11.55. Ascent Industries has a 12 month low of $8.16 and a 12 month high of $13.33. The company has a current ratio of 3.77, a quick ratio of 1.81 and a debt-to-equity ratio of 0.01.

Insider Buying and Selling

In related news, VP Ravi Ramesh Srinivas acquired 4,000 shares of the business’s stock in a transaction dated Friday, March 21st. The shares were acquired at an average price of $12.65 per share, with a total value of $50,600.00. Following the completion of the transaction, the vice president now owns 12,000 shares of the company’s stock, valued at $151,800. The trade was a 50.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Christopher Gerald Hutter sold 15,010 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $12.16, for a total transaction of $182,521.60. Following the transaction, the director now owns 209,233 shares of the company’s stock, valued at $2,544,273.28. This trade represents a 6.69% decrease in their position. The disclosure for this sale can be found here. 12.85% of the stock is currently owned by company insiders.

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.