Ascent Industries Co. (NASDAQ:ACNT) Short Interest Update

Ascent Industries Co. (NASDAQ:ACNT) saw a significant growth in short interest in December. As of December 15th, there was short interest totaling 280,620 shares, a growth of 27.2% from the November 30th total of 220,636 shares. Based on an average daily volume of 77,648 shares, the days-to-cover ratio is currently 3.6 days. Approximately 3.3% of the company’s stock are short sold. Approximately 3.3% of the company’s stock are short sold. Based on an average daily volume of 77,648 shares, the days-to-cover ratio is currently 3.6 days.

Ascent Industries Price Performance

Shares of NASDAQ ACNT opened at $16.55 on Wednesday. The company has a market capitalization of $154.91 million, a PE ratio of 137.93 and a beta of 0.50. The company has a quick ratio of 5.86, a current ratio of 6.40 and a debt-to-equity ratio of 0.01. The stock’s 50 day moving average price is $14.21 and its 200-day moving average price is $13.12. Ascent Industries has a twelve month low of $10.76 and a twelve month high of $16.84.

Ascent Industries (NASDAQ:ACNT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.28). Ascent Industries had a negative return on equity of 1.63% and a net margin of 0.85%.The business had revenue of $19.70 million for the quarter, compared to the consensus estimate of $59.40 million.

Ascent Industries announced that its board has initiated a share repurchase program on Thursday, December 18th that authorizes the company to buyback $2.00 million in shares. This buyback authorization authorizes the company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its stake in shares of 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 purchasing an additional 1,033 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Ascent Industries in the third quarter worth $25,000. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Ascent Industries in the second quarter valued at $29,000. Ameriflex Group Inc. bought a new stake in shares of Ascent Industries in the second quarter valued at $38,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Ascent Industries during the 2nd quarter valued at $55,000. 26.05% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d+)” rating on shares of Ascent Industries in a research report on Monday. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Ascent Industries currently has a consensus rating of “Sell”.

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.