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

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) was the recipient of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 8,200 shares, a decrease of 35.9% from the October 15th total of 12,800 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average daily volume of 52,000 shares, the short-interest ratio is currently 0.2 days.

Insiders Place Their Bets

In related news, CEO John Bryan Kitchen bought 11,170 shares of the business's stock in a transaction on Friday, September 20th. The stock was bought at an average price of $8.61 per share, for a total transaction of $96,173.70. Following the transaction, the chief executive officer now directly owns 50,841 shares in the company, valued at $437,741.01. This represents a 28.16 % increase 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 link. Also, insider Privet Fund Management Llc sold 1,665,000 shares of the business's stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $8.22, for a total transaction of $13,686,300.00. Following the completion of the sale, the insider now directly owns 8,648 shares of the company's stock, valued at $71,086.56. This represents a 99.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.85% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ACNT. Essex Investment Management Co. LLC acquired a new stake in shares of Ascent Industries in the 3rd quarter valued at approximately $132,000. Values Added Financial LLC acquired a new stake in shares of Ascent Industries in the third quarter valued at approximately $133,000. Perritt Capital Management Inc. lifted its position in Ascent Industries by 36.0% during the 1st quarter. Perritt Capital Management Inc. now owns 20,402 shares of the company's stock worth $208,000 after buying an additional 5,402 shares in the last quarter. Empowered Funds LLC boosted its position in Ascent Industries by 8.0% during the first quarter. Empowered Funds LLC now owns 37,620 shares of the company's stock valued at $383,000 after purchasing an additional 2,800 shares during the last quarter. Finally, De Lisle Partners LLP grew its stake in shares of Ascent Industries by 5.5% in the third quarter. De Lisle Partners LLP now owns 197,824 shares of the company's stock valued at $1,914,000 after buying an additional 10,349 shares in the last quarter. Institutional investors and hedge funds own 26.05% of the company's stock.

Ascent Industries Price Performance

Ascent Industries stock traded up $0.03 during mid-day trading on Thursday, hitting $9.62. 59,291 shares of the company were exchanged, compared to its average volume of 22,091. The company has a market capitalization of $97.35 million, a PE ratio of -56.41 and a beta of 0.79. The company has a quick ratio of 1.45, a current ratio of 3.16 and a debt-to-equity ratio of 0.01. Ascent Industries has a 1-year low of $7.20 and a 1-year high of $11.19. The business has a fifty day moving average of $9.46 and a 200 day moving average of $9.84.

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.