Ascent Industries Co. (NASDAQ:ACNT) Short Interest Down 35.9% in October

Ascent Industries Co. (NASDAQ:ACNT) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 8,200 shares, a decline of 35.9% from the October 15th total of 12,800 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average trading volume of 52,000 shares, the days-to-cover ratio is currently 0.2 days.

Ascent Industries Stock Up 3.4 %

Shares of NASDAQ ACNT opened at $9.95 on Friday. Ascent Industries has a 52-week low of $7.20 and a 52-week high of $11.19. The business’s 50 day moving average is $9.45 and its two-hundred day moving average is $9.84. The firm has a market cap of $100.43 million, a price-to-earnings ratio of -58.53 and a beta of 0.79. The company has a quick ratio of 1.45, a current ratio of 3.77 and a debt-to-equity ratio of 0.01.

Insider Buying and Selling

In other Ascent Industries news, insider Privet Fund Management Llc sold 1,665,000 shares of Ascent Industries stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $8.22, for a total value of $13,686,300.00. Following the sale, the insider now owns 8,648 shares in the company, valued at $71,086.56. The trade was a 99.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John Bryan Kitchen purchased 11,170 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was acquired at an average cost of $8.61 per share, for a total transaction of $96,173.70. Following the purchase, the chief executive officer now owns 50,841 shares in the company, valued at approximately $437,741.01. The trade was a 28.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 12.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ascent Industries

Several institutional investors and hedge funds have recently modified their holdings of the company. Essex Investment Management Co. LLC purchased a new stake in Ascent Industries during the third quarter worth about $132,000. Values Added Financial LLC purchased a new stake in Ascent Industries during the 3rd quarter worth approximately $133,000. Perritt Capital Management Inc. lifted its holdings in Ascent Industries by 36.0% during the 1st quarter. Perritt Capital Management Inc. now owns 20,402 shares of the company’s stock worth $208,000 after buying an additional 5,402 shares in the last quarter. Empowered Funds LLC boosted its position in Ascent Industries by 8.0% in the 1st quarter. Empowered Funds LLC now owns 37,620 shares of the company’s stock valued at $383,000 after buying an additional 2,800 shares during the period. Finally, De Lisle Partners LLP grew its stake in shares of Ascent Industries by 5.5% in the third quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock worth $1,914,000 after acquiring an additional 10,349 shares in the last quarter. Hedge funds and other institutional investors own 26.05% of the company’s stock.

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.