Share Repurchase Plan Approved by Ascent Industries (NASDAQ:ACNT) Board

Ascent Industries (NASDAQ:ACNT) announced that its board has initiated a share buyback plan on Thursday, December 18th, RTT News reports. The company plans to buyback $2.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d+)” rating on shares of Ascent Industries in a research note on Monday. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

Ascent Industries Trading Up 6.1%

ACNT stock traded up $0.93 during mid-day trading on Thursday, reaching $16.29. 128,887 shares of the stock traded hands, compared to its average volume of 67,550. Ascent Industries has a one year low of $10.76 and a one year high of $16.84. The stock has a market capitalization of $152.47 million, a PE ratio of 135.76 and a beta of 0.50. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.86 and a current ratio of 6.40. The business has a 50-day moving average price of $13.57 and a two-hundred day moving average price of $12.95.

Ascent Industries (NASDAQ:ACNT) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.28). Ascent Industries had a negative return on equity of 1.63% and a net margin of 0.85%.The firm had revenue of $19.70 million during the quarter, compared to analysts’ expectations of $59.40 million.

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.