Ascent Industries (NASDAQ:ACNT) Trading Down 1% – Here’s Why

Ascent Industries Co. (NASDAQ:ACNT) fell 1% on Wednesday . The company traded as low as $12.36 and last traded at $12.36. 34,004 shares were traded during mid-day trading, a decline of 41% from the average session volume of 58,111 shares. The stock had previously closed at $12.48.

Analysts Set New Price Targets

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

Ascent Industries Trading Down 1.0%

The company’s 50 day simple moving average is $12.56 and its 200 day simple moving average is $12.60. The firm has a market cap of $115.81 million, a price-to-earnings ratio of -42.62 and a beta of 0.71. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.64 and a quick ratio of 6.13.

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

Insider Activity

In other news, Director Christopher Gerald Hutter sold 47,935 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $12.25, for a total value of $587,203.75. Following the completion of the sale, the director directly owned 178,959 shares of the company’s stock, valued at approximately $2,192,247.75. This represents a 21.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 190,674 shares of company stock valued at $2,335,034. 9.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ascent Industries

Several hedge funds have recently modified their holdings of the stock. Bridgeway Capital Management LLC lifted its stake in shares of Ascent Industries by 3.9% in the 2nd quarter. Bridgeway Capital Management LLC now owns 114,691 shares of the company’s stock worth $1,446,000 after acquiring an additional 4,346 shares during the period. Bank of America Corp DE lifted its stake in shares of Ascent Industries by 258.0% in 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 during the period. Occudo Quantitative Strategies LP acquired a new stake in shares of Ascent Industries in the 2nd quarter valued at approximately $135,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Ascent Industries in the second quarter valued at $55,000. Finally, American Century Companies Inc. acquired a new stake in shares of Ascent Industries in the second quarter valued at about $492,000. 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.