Ascent Industries (NASDAQ:ACNT) Trading Down 1.4% – What’s Next?

Ascent Industries Co. (NASDAQ:ACNT)’s share price traded down 1.4% during mid-day trading on Wednesday . The stock traded as low as $13.53 and last traded at $14.01. 54,578 shares were traded during trading, a decline of 21% from the average session volume of 68,946 shares. The stock had previously closed at $14.21.

Analyst Ratings Changes

Separately, Weiss Ratings lowered shares of Ascent Industries from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of “Sell”.

Ascent Industries Trading Down 0.4%

The stock has a market capitalization of $122.49 million, a P/E ratio of 104.24 and a beta of 0.57. The company has a current ratio of 8.69, a quick ratio of 7.82 and a debt-to-equity ratio of 0.01. The stock’s fifty day moving average price is $13.71 and its two-hundred day moving average price is $14.95.

Ascent Industries (NASDAQ:ACNT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter. The business had revenue of $19.42 million during the quarter. Ascent Industries had a negative return on equity of 4.37% and a net margin of 1.54%.

Insider Buying and Selling

In other news, VP Anthony X. Pan bought 3,400 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The shares were bought at an average cost of $13.30 per share, with a total value of $45,220.00. Following the completion of the purchase, the vice president directly owned 20,651 shares in the company, valued at $274,658.30. This represents a 19.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO John Bryan Kitchen bought 7,595 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The stock was purchased at an average cost of $12.98 per share, for a total transaction of $98,583.10. Following the completion of the purchase, the chief executive officer owned 79,985 shares of the company’s stock, valued at $1,038,205.30. This trade represents a 10.49% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 9.31% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ACNT. BNP Paribas Financial Markets increased its stake in shares of Ascent Industries by 114.3% in the third quarter. BNP Paribas Financial Markets now owns 1,937 shares of the company’s stock worth $25,000 after buying an additional 1,033 shares during the period. Russell Investments Group Ltd. purchased a new position in Ascent Industries during the 3rd quarter valued at $25,000. CWM LLC increased its position in Ascent Industries by 66.8% during the 4th quarter. CWM LLC now owns 1,585 shares of the company’s stock valued at $26,000 after purchasing an additional 635 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Ascent Industries during the 2nd quarter valued at $55,000. Finally, Bank of America Corp DE increased its position in Ascent Industries by 258.0% during the 2nd quarter. Bank of America Corp DE now owns 4,475 shares of the company’s stock valued at $56,000 after purchasing an additional 3,225 shares during the period. 26.05% of the stock is owned by hedge funds and other institutional investors.

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.