Ascent Industries (NASDAQ:ACNT) Announces Quarterly Earnings Results

Ascent Industries (NASDAQ:ACNT) released its quarterly earnings results on Wednesday. The company reported $0.15 earnings per share (EPS) for the quarter, FiscalAI reports. Ascent Industries had a negative return on equity of 2.72% and a negative net margin of 5.31%. The business had revenue of $27.14 million during the quarter.

Ascent Industries Trading Down 0.3%

Shares of ACNT traded down $0.04 during midday trading on Wednesday, hitting $13.74. The stock had a trading volume of 35,773 shares, compared to its average volume of 72,089. The stock’s 50 day moving average is $14.34 and its 200 day moving average is $14.66. The firm has a market cap of $123.80 million, a PE ratio of -30.53 and a beta of 0.49. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.33 and a quick ratio of 3.63. Ascent Industries has a 1 year low of $12.09 and a 1 year high of $17.92.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded Ascent Industries from a “sell (d-)” rating to a “sell (d)” rating in a research report on Friday, August 28th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the stock currently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ACNT. Bard Associates Inc. bought a new stake in shares of Ascent Industries during the 2nd quarter worth approximately $4,839,000. Heartland Advisors Inc. bought a new position in Ascent Industries in the 2nd quarter valued at $3,015,000. De Lisle Partners LLP bought a new position in Ascent Industries in the 2nd quarter valued at $2,976,000. BlackRock Inc. bought a new position in Ascent Industries in the 2nd quarter valued at $2,638,000. Finally, Expect Equity LLC purchased a new stake in Ascent Industries in the second quarter worth $1,703,000. Hedge funds and other institutional investors own 26.05% of the company’s stock.

About Ascent Industries

Ascent Industries Company (NASDAQ: ACNT) is a diversified industrial manufacturer serving customers primarily in the United States. The company’s operations have historically focused on specialty chemicals and tubular products, with applications spanning industrial, agricultural, automotive, construction and other commercial markets.

Its specialty chemicals business produces and sells products such as pyridine and pyridine derivatives, sulfuric acid and other chemical compounds used in agricultural, pharmaceutical, industrial and manufacturing applications.