Short Interest in Ascent Industries Co. (NASDAQ:ACNT) Rises By 19.5%

Ascent Industries Co. (NASDAQ:ACNT) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totaling 338,424 shares, an increase of 19.5% from the March 15th total of 283,226 shares. Based on an average daily volume of 138,633 shares, the short-interest ratio is currently 2.4 days. Approximately 4.0% of the shares of the company are short sold.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ascent Industries in a research note on Tuesday. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Ascent Industries presently has an average rating of “Hold”.

Insider Activity

In related news, VP Anthony X. Pan purchased 3,400 shares of Ascent Industries stock in a transaction dated Friday, March 6th. The stock was bought at an average cost of $13.30 per share, with a total value of $45,220.00. Following the purchase, the vice president owned 20,651 shares in the company, valued at approximately $274,658.30. The trade was a 19.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO John Bryan Kitchen purchased 7,595 shares of Ascent Industries stock in a transaction dated Tuesday, March 17th. The stock was bought at an average cost of $12.98 per share, with a total value of $98,583.10. Following the completion of the purchase, the chief executive officer owned 79,985 shares in the company, valued at approximately $1,038,205.30. This trade represents a 10.49% increase in their position. The disclosure for this purchase is available in the SEC filing. 9.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Ascent Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bard Associates Inc. lifted its stake in Ascent Industries by 90.0% during the third quarter. Bard Associates Inc. now owns 326,948 shares of the company’s stock valued at $4,211,000 after purchasing an additional 154,888 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Ascent Industries by 50.4% during the third quarter. JPMorgan Chase & Co. now owns 18,357 shares of the company’s stock valued at $236,000 after purchasing an additional 6,150 shares during the last quarter. Goldman Sachs Group Inc. acquired a new stake in Ascent Industries during the first quarter valued at approximately $227,000. Occudo Quantitative Strategies LP acquired a new stake in Ascent Industries during the second quarter valued at approximately $135,000. Finally, Deutsche Bank AG lifted its stake in Ascent Industries by 38.2% during the fourth quarter. Deutsche Bank AG now owns 6,626 shares of the company’s stock valued at $107,000 after purchasing an additional 1,832 shares during the last quarter. 26.05% of the stock is owned by institutional investors and hedge funds.

Ascent Industries Trading Up 2.5%

Shares of NASDAQ:ACNT opened at $14.27 on Friday. The company has a 50 day moving average of $14.59 and a 200-day moving average of $14.55. The firm has a market cap of $131.85 million, a P/E ratio of 129.74 and a beta of 0.55. Ascent Industries has a twelve month low of $11.46 and a twelve month high of $17.92. The company has a current ratio of 6.72, a quick ratio of 6.01 and a debt-to-equity ratio of 0.01.

Ascent Industries (NASDAQ:ACNT) last released its earnings results on Tuesday, March 3rd. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.27). Ascent Industries had a net margin of 1.06% and a negative return on equity of 2.89%. The business had revenue of $18.76 million for the quarter, compared to analyst estimates of $48.90 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.