Ascent Industries Co. (NASDAQ:ACNT) Short Interest Down 58.4% in June

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.

Institutional Investors Weigh In On Ascent Industries

A number of institutional investors have recently modified their holdings of ACNT. Renaissance Technologies LLC increased its stake in shares of Ascent Industries by 11.5% in the first quarter. Renaissance Technologies LLC now owns 329,000 shares of the company’s stock worth $4,379,000 after acquiring an additional 33,900 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Ascent Industries by 74.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 95,550 shares of the company’s stock valued at $1,272,000 after purchasing an additional 40,659 shares in the last quarter. R Squared Ltd acquired a new position in Ascent Industries in the 1st quarter worth about $181,000. Strs Ohio raised its stake in shares of Ascent Industries by 3.2% during the 1st quarter. Strs Ohio now owns 36,000 shares of the company’s stock worth $479,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Quadrature Capital Ltd lifted its holdings in shares of Ascent Industries by 128.2% during the 4th quarter. Quadrature Capital Ltd now owns 24,889 shares of the company’s stock valued at $403,000 after buying an additional 13,981 shares during the last quarter. Institutional investors and hedge funds own 26.05% of the company’s stock.

Analyst Upgrades and Downgrades

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

Ascent Industries Trading Down 0.5%

NASDAQ:ACNT opened at $15.18 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.69 and a quick ratio of 7.82. Ascent Industries has a fifty-two week low of $11.62 and a fifty-two week high of $17.92. The stock’s 50-day moving average is $14.20 and its two-hundred day moving average is $14.85. The stock has a market cap of $137.23 million, a PE ratio of 116.78 and a beta of 0.52.

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

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.