Values Added Financial LLC Raises Position in Ascent Industries Co. (NASDAQ:ACNT)

Values Added Financial LLC boosted its holdings in shares of Ascent Industries Co. (NASDAQ:ACNT) by 15.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,461 shares of the company’s stock after buying an additional 2,180 shares during the period. Values Added Financial LLC’s holdings in Ascent Industries were worth $208,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ACNT. HighTower Advisors LLC raised its holdings in shares of Ascent Industries by 1.3% in the 4th quarter. HighTower Advisors LLC now owns 83,231 shares of the company’s stock valued at $931,000 after acquiring an additional 1,083 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Ascent Industries by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 93,322 shares of the company’s stock worth $1,044,000 after purchasing an additional 1,869 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Ascent Industries by 37.4% in the fourth quarter. Renaissance Technologies LLC now owns 153,500 shares of the company’s stock worth $1,716,000 after purchasing an additional 41,809 shares during the last quarter. Northern Trust Corp raised its stake in 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 purchasing an additional 11,420 shares in the last quarter. Finally, Millennium Management LLC bought a new stake in Ascent Industries during the fourth quarter valued at approximately $208,000. 26.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Ascent Industries

In other news, Director Christopher Gerald Hutter sold 8,300 shares of the company’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $13.45, for a total value of $111,635.00. Following the completion of the sale, the director owned 378,959 shares of the company’s stock, valued at approximately $5,096,998.55. This represents a 2.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Ravi Ramesh Srinivas bought 4,000 shares of Ascent Industries stock in a transaction that occurred on Wednesday, June 18th. The shares were acquired at an average cost of $12.44 per share, for a total transaction of $49,760.00. Following the acquisition, the vice president owned 16,000 shares in the company, valued at $199,040. The trade was a 33.33% increase in their position. The disclosure for this purchase can be found here. Company insiders own 9.31% of the company’s stock.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of Ascent Industries from a “buy” rating to a “hold” rating in a report on Thursday, May 22nd.

Ascent Industries Trading Down 1.0%

NASDAQ ACNT opened at $12.60 on Thursday. The company has a quick ratio of 2.60, a current ratio of 2.95 and a debt-to-equity ratio of 0.01. The stock’s 50-day simple moving average is $12.71 and its two-hundred day simple moving average is $12.08. Ascent Industries Co. has a twelve month low of $8.16 and a twelve month high of $13.70. The company has a market capitalization of $126.13 million, a price-to-earnings ratio of -12.23 and a beta of 0.60.

Ascent Industries (NASDAQ:ACNT) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.20). The firm had revenue of $24.73 million for the quarter, compared to analysts’ expectations of $48.90 million. Ascent Industries had a negative net margin of 6.56% and a negative return on equity of 1.78%.

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.