Ascent Industries (NASDAQ:ACNT) Announces Quarterly Earnings Results

Ascent Industries (NASDAQ:ACNT) announced its earnings results on Tuesday. The company reported $0.01 earnings per share (EPS) for the quarter, Zacks reports. Ascent Industries had a negative return on equity of 2.52% and a negative net margin of 2.51%.

Ascent Industries Stock Down 0.9%

Shares of Ascent Industries stock traded down $0.11 during trading on Tuesday, reaching $11.97. The company’s stock had a trading volume of 73,761 shares, compared to its average volume of 62,168. The company has a quick ratio of 6.13, a current ratio of 6.64 and a debt-to-equity ratio of 0.01. The company has a market cap of $112.13 million, a price-to-earnings ratio of -41.27 and a beta of 0.67. Ascent Industries has a 1-year low of $9.18 and a 1-year high of $13.70. The company has a 50-day simple moving average of $12.32 and a two-hundred day simple moving average of $12.58.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Ascent Industries news, Director Christopher Gerald Hutter sold 47,935 shares of Ascent Industries stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $12.25, for a total transaction 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. The trade was a 21.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders sold 190,674 shares of company stock worth $2,335,034. Insiders own 9.31% of the company’s stock.

Institutional Trading of Ascent Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACNT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Ascent Industries during the 2nd quarter worth about $55,000. Bank of America Corp DE lifted its position in Ascent Industries by 258.0% during the 2nd quarter. Bank of America Corp DE now owns 4,475 shares of the company’s stock worth $56,000 after acquiring an additional 3,225 shares during the period. Occudo Quantitative Strategies LP acquired a new stake in Ascent Industries during the 2nd quarter worth about $135,000. JPMorgan Chase & Co. lifted its position in Ascent Industries by 121,970.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 12,207 shares of the company’s stock worth $154,000 after acquiring an additional 12,197 shares during the period. Finally, Goldman Sachs Group Inc. acquired a new stake in Ascent Industries during the 1st quarter worth about $227,000. Institutional investors and hedge funds own 26.05% of the company’s stock.

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.