Short Interest in Ascent Industries Co. (NASDAQ:ACNT) Grows By 27.2%

Ascent Industries Co. (NASDAQ:ACNT) was the target of a large growth in short interest in the month of December. As of December 15th, there was short interest totaling 280,620 shares, a growth of 27.2% from the November 30th total of 220,636 shares. Based on an average trading volume of 77,648 shares, the short-interest ratio is presently 3.6 days. Approximately 3.3% of the shares of the company are short sold. Approximately 3.3% of the shares of the company are short sold. Based on an average trading volume of 77,648 shares, the short-interest ratio is presently 3.6 days.

Ascent Industries Price Performance

Shares of NASDAQ ACNT opened at $16.55 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.86 and a current ratio of 6.40. Ascent Industries has a fifty-two week low of $10.76 and a fifty-two week high of $16.84. The stock has a market cap of $154.91 million, a PE ratio of 137.93 and a beta of 0.50. The stock has a fifty day moving average of $14.21 and a 200-day moving average of $13.12.

Ascent Industries (NASDAQ:ACNT) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.28). Ascent Industries had a negative return on equity of 1.63% and a net margin of 0.85%.The company had revenue of $19.70 million for the quarter, compared to analysts’ expectations of $59.40 million.

Ascent Industries announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 18th that authorizes the company to buyback $2.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of Ascent Industries in a research report on Monday. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average rating of “Sell”.

Hedge Funds Weigh In On Ascent Industries

Several hedge funds have recently bought and sold shares of ACNT. BNP Paribas Financial Markets increased its holdings in Ascent Industries by 114.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,937 shares of the company’s stock worth $25,000 after acquiring an additional 1,033 shares during the period. Russell Investments Group Ltd. bought a new position in Ascent Industries in the 3rd quarter valued at $25,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Ascent Industries during the 2nd quarter valued at $29,000. Ameriflex Group Inc. purchased a new position in shares of Ascent Industries during the 2nd quarter valued at $38,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Ascent Industries in the second quarter worth $55,000. 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.