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

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) was the recipient of a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 42,000 shares, an increase of 81.8% from the January 15th total of 23,100 shares. Approximately 0.5% of the company's shares are sold short. Based on an average daily trading volume, of 33,700 shares, the days-to-cover ratio is presently 1.2 days.

Insider Activity

In other news, VP Ravi Ramesh Srinivas bought 4,000 shares of the business's stock in a transaction on Friday, December 20th. The shares were bought at an average price of $11.21 per share, with a total value of $44,840.00. Following the completion of the transaction, the vice president now directly owns 4,000 shares in the company, valued at $44,840. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 12.85% of the company's stock.

Hedge Funds Weigh In On Ascent Industries

Several institutional investors have recently modified their holdings of the business. HighTower Advisors LLC grew its stake in shares of Ascent Industries by 1.3% in the fourth quarter. HighTower Advisors LLC now owns 83,231 shares of the company's stock worth $931,000 after acquiring an additional 1,083 shares in the last quarter. Geode Capital Management LLC raised its holdings 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 valued at $1,044,000 after buying an additional 1,869 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Ascent Industries by 4.8% in the fourth quarter. Empowered Funds LLC now owns 44,693 shares of the company's stock valued at $500,000 after buying an additional 2,049 shares during the last quarter. De Lisle Partners LLP raised its holdings 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 during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Ascent Industries by 47.7% in the fourth quarter. Northern Trust Corp now owns 35,384 shares of the company's stock valued at $396,000 after buying an additional 11,420 shares during the last quarter. Institutional investors and hedge funds own 26.05% of the company's stock.

Ascent Industries Trading Up 0.7 %

NASDAQ ACNT traded up $0.08 on Friday, reaching $11.12. The stock had a trading volume of 5,111 shares, compared to its average volume of 20,842. The stock has a fifty day moving average price of $11.26 and a two-hundred day moving average price of $10.38. The firm has a market capitalization of $112.20 million, a price-to-earnings ratio of -65.41 and a beta of 0.83. The company has a quick ratio of 1.81, a current ratio of 3.77 and a debt-to-equity ratio of 0.01. Ascent Industries has a 12-month low of $8.16 and a 12-month high of $12.38.

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.