HighTower Advisors LLC Has $984,000 Stake in Ascent Industries Co. $ACNT

HighTower Advisors LLC decreased its holdings in shares of Ascent Industries Co. (NASDAQ:ACNT) by 6.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,731 shares of the company’s stock after selling 5,500 shares during the quarter. HighTower Advisors LLC owned approximately 0.77% of Ascent Industries worth $984,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ACNT. Values Added Financial LLC boosted its holdings in Ascent Industries by 15.3% during the first quarter. Values Added Financial LLC now owns 16,461 shares of the company’s stock worth $208,000 after purchasing an additional 2,180 shares during the last quarter. Millennium Management LLC acquired a new position in Ascent Industries during the fourth quarter worth $208,000. Northern Trust Corp boosted its holdings in Ascent Industries by 47.7% during the fourth quarter. Northern Trust Corp now owns 35,384 shares of the company’s stock worth $396,000 after purchasing an additional 11,420 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Ascent Industries by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 93,322 shares of the company’s stock worth $1,044,000 after purchasing an additional 1,869 shares during the last quarter. Finally, AMH Equity Ltd boosted its holdings in Ascent Industries by 99.1% during the first quarter. AMH Equity Ltd now owns 119,430 shares of the company’s stock worth $1,512,000 after purchasing an additional 59,430 shares during the last quarter. Institutional investors and hedge funds own 26.05% of the company’s stock.

Ascent Industries Stock Performance

Shares of ACNT stock opened at $12.00 on Wednesday. The stock has a market cap of $112.44 million, a P/E ratio of -41.38 and a beta of 0.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.64 and a quick ratio of 6.13. The company has a fifty day moving average price of $12.66 and a two-hundred day moving average price of $12.49. Ascent Industries Co. has a one year low of $8.16 and a one year high of $13.70.

Ascent Industries (NASDAQ:ACNT) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.35). The firm had revenue of $18.65 million during the quarter, compared to analyst estimates of $56.90 million. Ascent Industries had a negative net margin of 2.51% and a negative return on equity of 2.52%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut 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 news, Director Christopher Gerald Hutter sold 40,000 shares of the firm’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $12.12, for a total transaction of $484,800.00. Following the completion of the sale, the director owned 278,320 shares in the company, valued at approximately $3,373,238.40. This trade represents a 12.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Ravi Ramesh Srinivas bought 4,000 shares of the business’s stock in a transaction dated Wednesday, June 18th. The shares were bought at an average price of $12.44 per share, with a total value of $49,760.00. Following the purchase, the vice president owned 16,000 shares in the company, valued at $199,040. The trade was a 33.33% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 113,679 shares of company stock valued at $1,403,287. 9.31% of the stock is currently owned by corporate insiders.

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.