Ascent Industries (NASDAQ:ACNT) Stock Price Down 1.4% – Here’s What Happened

Ascent Industries Co. (NASDAQ:ACNT)’s stock price traded down 1.4% during mid-day trading on Wednesday . The company traded as low as $13.53 and last traded at $14.01. 54,578 shares traded hands 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 cut 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, According to data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Ascent Industries Stock Down 1.4%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.82 and a current ratio of 8.69. The firm has a market cap of $126.65 million, a PE ratio of 107.78 and a beta of 0.57. The stock has a fifty day moving average price of $13.69 and a 200-day moving average price of $14.94.

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

Insider Activity at Ascent Industries

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

Hedge Funds Weigh In On Ascent Industries

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets lifted its position 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 in the last quarter. Russell Investments Group Ltd. acquired a new position in Ascent Industries during the 3rd quarter worth approximately $25,000. CWM LLC lifted its position in Ascent Industries by 66.8% during the 4th quarter. CWM LLC now owns 1,585 shares of the company’s stock worth $26,000 after acquiring an additional 635 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Ascent Industries during the 2nd quarter worth approximately $55,000. Finally, Bank of America Corp DE lifted 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 worth $56,000 after acquiring an additional 3,225 shares in the last quarter. 26.05% of the stock is owned by institutional investors and hedge funds.

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.