AMH Equity Ltd Grows Position in Ascent Industries Co. $ACNT

AMH Equity Ltd increased its position in Ascent Industries Co. (NASDAQ:ACNT) by 21.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 145,019 shares of the company’s stock after purchasing an additional 25,589 shares during the quarter. Ascent Industries makes up about 2.4% of AMH Equity Ltd’s investment portfolio, making the stock its 13th largest holding. AMH Equity Ltd’s holdings in Ascent Industries were worth $1,829,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Values Added Financial LLC raised its stake in Ascent Industries by 15.3% during the first quarter. Values Added Financial LLC now owns 16,461 shares of the company’s stock valued at $208,000 after buying an additional 2,180 shares during the last quarter. Empowered Funds LLC raised its stake in Ascent Industries by 6.5% during the first quarter. Empowered Funds LLC now owns 47,620 shares of the company’s stock valued at $603,000 after buying an additional 2,927 shares during the last quarter. Ameriflex Group Inc. purchased a new position in Ascent Industries during the second quarter valued at $38,000. Mink Brook Asset Management LLC raised its stake in Ascent Industries by 0.4% during the first quarter. Mink Brook Asset Management LLC now owns 1,000,697 shares of the company’s stock valued at $12,669,000 after buying an additional 4,123 shares during the last quarter. Finally, Goldman Sachs Group Inc. purchased a new position in Ascent Industries during the first quarter valued at $227,000. Hedge funds and other institutional investors own 26.05% of the company’s stock.

Ascent Industries Stock Down 0.5%

Ascent Industries stock opened at $12.14 on Friday. The firm has a market cap of $113.75 million, a price-to-earnings ratio of -41.86 and a beta of 0.67. The stock has a fifty day simple moving average of $12.32 and a two-hundred day simple moving average of $12.59. Ascent Industries Co. has a 12 month low of $9.13 and a 12 month high of $13.70. The company has a current ratio of 6.64, a quick ratio of 6.13 and a debt-to-equity ratio of 0.01.

Ascent Industries (NASDAQ:ACNT) last posted its earnings results on Wednesday, August 6th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.35). The business had revenue of $18.65 million during the quarter, compared to the consensus estimate of $56.90 million. Ascent Industries had a negative return on equity of 2.52% and a negative net margin of 2.51%.

Insider Activity at Ascent Industries

In other Ascent Industries news, Director Christopher Gerald Hutter sold 47,935 shares of Ascent Industries stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $12.25, for a total value of $587,203.75. Following the completion of the sale, the director owned 178,959 shares of the company’s stock, valued at approximately $2,192,247.75. This trade represents a 21.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders sold 190,674 shares of company stock valued at $2,335,034. 9.31% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ascent Industries in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

Ascent Industries 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.