Ascent Industries Co. (NASDAQ:ACNT) Sees Large Increase in Short Interest

Ascent Industries Co. (NASDAQ:ACNT) was the target of a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 11,900 shares, an increase of 32.2% from the November 15th total of 9,000 shares. Currently, 0.2% of the shares of the company are sold short. Based on an average daily volume of 61,400 shares, the short-interest ratio is presently 0.2 days.

Insider Buying and Selling at Ascent Industries

In other Ascent Industries news, insider Privet Fund Management Llc sold 1,665,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $8.22, for a total transaction of $13,686,300.00. Following the sale, the insider now owns 8,648 shares of the company’s stock, valued at $71,086.56. The trade was a 99.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO John Bryan Kitchen purchased 11,170 shares of the stock in a transaction dated Friday, September 20th. The stock was purchased at an average cost of $8.61 per share, for a total transaction of $96,173.70. Following the completion of the acquisition, the chief executive officer now owns 50,841 shares of the company’s stock, valued at approximately $437,741.01. This represents a 28.16 % increase in their position. The disclosure for this purchase can be found here. 12.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ascent Industries

Several large investors have recently added to or reduced their stakes in the business. Empowered Funds LLC raised its holdings in shares of Ascent Industries by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock valued at $414,000 after acquiring an additional 2,144 shares in the last quarter. Vanguard Group Inc. grew its stake in Ascent Industries by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 256,736 shares of the company’s stock worth $2,616,000 after buying an additional 10,688 shares in the last quarter. De Lisle Partners LLP increased its holdings in shares of Ascent Industries by 5.5% in the 3rd quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock worth $1,914,000 after buying an additional 10,349 shares during the last quarter. Values Added Financial LLC purchased a new stake in shares of Ascent Industries during the 3rd quarter valued at $133,000. Finally, Essex Investment Management Co. LLC bought a new stake in shares of Ascent Industries during the 3rd quarter worth $132,000. Institutional investors own 26.05% of the company’s stock.

Ascent Industries Stock Performance

Ascent Industries stock opened at $11.62 on Friday. The firm’s 50 day simple moving average is $10.08 and its 200 day simple moving average is $9.96. The company has a current ratio of 3.77, a quick ratio of 1.81 and a debt-to-equity ratio of 0.01. Ascent Industries has a 1-year low of $7.20 and a 1-year high of $12.38. The firm has a market capitalization of $117.28 million, a PE ratio of -69.82 and a beta of 0.85.

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.