Millennium Management LLC Takes Position in Ascent Industries Co. (NASDAQ:ACNT)

Millennium Management LLC purchased a new stake in shares of Ascent Industries Co. (NASDAQ:ACNT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 18,564 shares of the company’s stock, valued at approximately $208,000. Millennium Management LLC owned approximately 0.18% of Ascent Industries as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. AMH Equity Ltd purchased a new stake in Ascent Industries during the 4th quarter valued at $671,000. Renaissance Technologies LLC boosted its position in shares of Ascent Industries by 37.4% during the fourth quarter. Renaissance Technologies LLC now owns 153,500 shares of the company’s stock valued at $1,716,000 after buying an additional 41,809 shares during the last quarter. Northern Trust Corp boosted its position in shares of Ascent Industries by 47.7% during the fourth quarter. Northern Trust Corp now owns 35,384 shares of the company’s stock valued at $396,000 after buying an additional 11,420 shares during the last quarter. Empowered Funds LLC increased its holdings in Ascent Industries by 4.8% in the 4th quarter. Empowered Funds LLC now owns 44,693 shares of the company’s stock worth $500,000 after buying an additional 2,049 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Ascent Industries by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 93,322 shares of the company’s stock worth $1,044,000 after buying an additional 1,869 shares during the last quarter. 26.05% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered shares of Ascent Industries from a “buy” rating to a “hold” rating in a research note on Thursday, May 22nd.

Insider Transactions at Ascent Industries

In other Ascent Industries news, Director Christopher Gerald Hutter sold 15,010 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $12.16, for a total value of $182,521.60. Following the completion of the sale, the director now owns 209,233 shares in the company, valued at $2,544,273.28. This represents a 6.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Ravi Ramesh Srinivas acquired 4,000 shares of the stock in a transaction dated Friday, March 21st. The shares were bought at an average cost of $12.65 per share, for a total transaction of $50,600.00. Following the completion of the transaction, the vice president now owns 12,000 shares in the company, valued at approximately $151,800. This represents a 50.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 28,050 shares of company stock worth $358,526 in the last 90 days. 9.31% of the stock is currently owned by insiders.

Ascent Industries Trading Down 1.5%

Shares of NASDAQ:ACNT opened at $12.75 on Friday. The stock’s 50-day simple moving average is $12.76 and its two-hundred day simple moving average is $11.99. The stock has a market capitalization of $127.63 million, a price-to-earnings ratio of -75.00 and a beta of 0.61. Ascent Industries Co. has a 52-week low of $8.16 and a 52-week high of $13.70. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.81 and a current ratio of 3.77.

Ascent Industries (NASDAQ:ACNT) last announced its earnings results on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.20). Ascent Industries had a negative net margin of 0.80% and a negative return on equity of 12.48%. The business had revenue of $24.73 million for the quarter, compared to the consensus estimate of $48.90 million.

Ascent Industries 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.