Ascent Industries (NASDAQ:ACNT) Releases Earnings Results

Ascent Industries (NASDAQ:ACNT) released its quarterly earnings data on Tuesday. The company reported $0.01 EPS for the quarter, Zacks reports. Ascent Industries had a negative net margin of 2.51% and a negative return on equity of 2.52%.

Ascent Industries Price Performance

ACNT stock traded down $0.11 during midday trading on Tuesday, reaching $11.97. The company had a trading volume of 73,650 shares, compared to its average volume of 62,168. The company has a market capitalization of $112.13 million, a price-to-earnings ratio of -41.27 and a beta of 0.67. The stock has a 50 day moving average price of $12.32 and a 200-day moving average price of $12.58. Ascent Industries has a 1-year low of $9.18 and a 1-year high of $13.70. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.64 and a quick ratio of 6.13.

Insider Activity

In related news, Director Christopher Gerald Hutter sold 47,935 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $12.25, for a total transaction of $587,203.75. Following the sale, the director owned 178,959 shares in the company, valued at approximately $2,192,247.75. This trade represents a 21.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders have sold 190,674 shares of company stock worth $2,335,034. Company insiders own 9.31% of the company’s stock.

Institutional Trading of Ascent Industries

Large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Ascent Industries in the second quarter valued at approximately $55,000. Bank of America Corp DE grew its holdings in shares of Ascent Industries by 258.0% during the second quarter. Bank of America Corp DE now owns 4,475 shares of the company’s stock worth $56,000 after purchasing an additional 3,225 shares during the last quarter. Occudo Quantitative Strategies LP bought a new stake in shares of Ascent Industries during the second quarter worth about $135,000. JPMorgan Chase & Co. grew its holdings in shares of Ascent Industries by 121,970.0% during the second quarter. JPMorgan Chase & Co. now owns 12,207 shares of the company’s stock worth $154,000 after purchasing an additional 12,197 shares during the last quarter. Finally, Goldman Sachs Group Inc. bought a new stake in shares of Ascent Industries during the first quarter worth about $227,000. Institutional investors and hedge funds own 26.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Ascent Industries in a report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Ascent Industries presently has an average 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.