Ascent Industries (NASDAQ:ACNT) VP Anthony Pan Acquires 3,400 Shares of Stock

Ascent Industries Co. (NASDAQ:ACNT) VP Anthony Pan bought 3,400 shares of the stock in a transaction dated Friday, March 6th. The shares were purchased at an average cost of $13.30 per share, for a total transaction of $45,220.00. Following the completion of the purchase, the vice president owned 20,651 shares in the company, valued at approximately $274,658.30. This represents a 19.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Ascent Industries Price Performance

NASDAQ:ACNT opened at $13.21 on Tuesday. The company has a quick ratio of 6.01, a current ratio of 6.72 and a debt-to-equity ratio of 0.01. Ascent Industries Co. has a 52 week low of $11.43 and a 52 week high of $17.92. The stock’s 50-day moving average price is $16.52 and its 200-day moving average price is $14.44. The stock has a market capitalization of $125.10 million, a PE ratio of 120.10 and a beta of 0.43.

Ascent Industries (NASDAQ:ACNT) last released its quarterly earnings results on Tuesday, March 3rd. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.27). The business had revenue of $11.86 million during the quarter, compared to analyst estimates of $48.90 million. Ascent Industries had a negative return on equity of 2.89% and a net margin of 1.06%.

Ascent Industries announced that its board has approved a share buyback plan on Thursday, December 18th that allows the company to repurchase $2.00 million in shares. This repurchase authorization allows the company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Ascent Industries

Institutional investors have recently bought and sold shares of the company. CWM LLC increased its stake in Ascent Industries by 66.8% during the 4th quarter. CWM LLC now owns 1,585 shares of the company’s stock worth $26,000 after buying an additional 635 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Ascent Industries by 114.3% in the third quarter. BNP Paribas Financial Markets now owns 1,937 shares of the company’s stock valued at $25,000 after acquiring an additional 1,033 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Ascent Industries in the third quarter valued at approximately $25,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Ascent Industries in the second quarter worth approximately $29,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Ascent Industries in the second quarter worth approximately $55,000. 26.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Ascent Industries from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, January 15th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold”.

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.