Ascent Industries Co. (NASDAQ:ACNT) Sees Significant Increase in Short Interest

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 18,400 shares, an increase of 84.0% from the March 15th total of 10,000 shares. Based on an average daily trading volume, of 30,900 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.2% of the company's shares are short sold.

Ascent Industries Stock Up 0.3 %

Shares of ACNT stock traded up $0.04 on Friday, reaching $12.80. 95,978 shares of the company were exchanged, compared to its average volume of 31,356. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.77 and a quick ratio of 1.81. The company has a 50-day moving average of $12.13 and a 200-day moving average of $11.14. The company has a market cap of $129.01 million, a price-to-earnings ratio of -75.29 and a beta of 0.59. Ascent Industries has a one year low of $8.16 and a one year high of $13.13.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last announced its quarterly earnings results on Tuesday, March 4th. The company reported $0.01 earnings per share (EPS) for the quarter. Ascent Industries had a negative return on equity of 12.48% and a negative net margin of 0.80%. The business had revenue of $40.67 million for the quarter.

Insider Transactions at Ascent Industries

In related news, Director Christopher Gerald Hutter sold 15,010 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $12.16, for a total transaction of $182,521.60. Following the completion of the sale, the director now owns 209,233 shares of the company's stock, valued at $2,544,273.28. This trade represents a 6.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Ravi Ramesh Srinivas purchased 4,000 shares of the company's stock in a transaction on Friday, March 21st. The stock was acquired at an average cost of $12.65 per share, for a total transaction of $50,600.00. Following the completion of the purchase, the vice president now owns 12,000 shares of the company's stock, valued at approximately $151,800. This trade represents a 50.00 % increase in their position. The disclosure for this purchase can be found here. 12.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Mink Brook Asset Management LLC acquired a new position in shares of Ascent Industries during the fourth quarter valued at about $11,142,000. Millennium Management LLC acquired a new position in Ascent Industries during the 4th quarter valued at about $208,000. Northern Trust Corp increased its holdings in Ascent Industries by 47.7% during the 4th quarter. Northern Trust Corp now owns 35,384 shares of the company's stock worth $396,000 after purchasing an additional 11,420 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Ascent Industries by 37.4% during the 4th quarter. Renaissance Technologies LLC now owns 153,500 shares of the company's stock worth $1,716,000 after purchasing an additional 41,809 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Ascent Industries by 2.0% in 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. Institutional investors and hedge funds own 26.05% of the company's stock.

About Ascent Industries

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.