Ascent Industries Co. (NASDAQ:ACNT) Sees Large Decline in Short Interest

Ascent Industries Co. (NASDAQ:ACNT) was the recipient of a large decline in short interest in June. As of June 30th, there was short interest totaling 161,922 shares, a decline of 58.4% from the June 15th total of 389,200 shares. Based on an average daily volume of 173,134 shares, the short-interest ratio is presently 0.9 days. Approximately 1.9% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered Ascent Industries from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, April 29th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has an average rating of “Sell”.

Institutional Trading of Ascent Industries

A number of institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC raised its position in Ascent Industries by 91.9% during the second quarter. Geode Capital Management LLC now owns 194,433 shares of the company’s stock valued at $2,452,000 after acquiring an additional 93,125 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Ascent Industries by 2,171.7% in the fourth quarter. Russell Investments Group Ltd. now owns 44,935 shares of the company’s stock valued at $727,000 after acquiring an additional 42,957 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Ascent Industries by 74.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 95,550 shares of the company’s stock worth $1,272,000 after acquiring an additional 40,659 shares in the last quarter. American Century Companies Inc. bought a new stake in Ascent Industries in the second quarter worth approximately $492,000. Finally, Renaissance Technologies LLC increased its stake in shares of Ascent Industries by 11.5% during the 1st quarter. Renaissance Technologies LLC now owns 329,000 shares of the company’s stock worth $4,379,000 after purchasing an additional 33,900 shares during the last quarter. Institutional investors and hedge funds own 26.05% of the company’s stock.

Ascent Industries Stock Performance

Shares of ACNT opened at $15.01 on Wednesday. The company’s 50 day moving average price is $14.20 and its 200 day moving average price is $14.84. Ascent Industries has a 52 week low of $11.62 and a 52 week high of $17.92. The company has a market capitalization of $135.69 million, a PE ratio of 115.47 and a beta of 0.52. The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.82 and a current ratio of 8.69.

Ascent Industries (NASDAQ:ACNT) last released its earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share (EPS) for the quarter. The company had revenue of $19.41 million during the quarter. Ascent Industries had a negative return on equity of 4.37% and a net margin of 1.54%.

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.