Short Interest in Ascent Industries Co. (NASDAQ:ACNT) Increases By 81.5%

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) was the recipient of a significant increase in short interest during the month of May. As of May 31st, there was short interest totalling 30,500 shares, an increase of 81.5% from the May 15th total of 16,800 shares. Approximately 0.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 77,900 shares, the days-to-cover ratio is presently 0.4 days.

Ascent Industries Stock Performance

Shares of NASDAQ:ACNT traded down $0.09 on Tuesday, hitting $12.42. 30,083 shares of the company were exchanged, compared to its average volume of 45,409. The company's 50 day moving average price is $12.76 and its two-hundred day moving average price is $12.03. The firm has a market capitalization of $124.32 million, a price-to-earnings ratio of -73.06 and a beta of 0.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.81 and a current ratio of 3.77. Ascent Industries has a one year low of $8.16 and a one year high of $13.70.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.12 by ($0.20). Ascent Industries had a negative net margin of 0.80% and a negative return on equity of 12.48%. The firm had revenue of $24.73 million during the quarter, compared to analyst estimates of $48.90 million.

Insiders Place Their Bets

In other news, Director Christopher Gerald Hutter sold 8,300 shares of Ascent Industries stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $13.45, for a total transaction of $111,635.00. Following the transaction, the director now owns 378,959 shares in the company, valued at approximately $5,096,998.55. The trade was a 2.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Ravi Ramesh Srinivas acquired 4,000 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were bought at an average cost of $12.65 per share, for a total transaction of $50,600.00. Following the completion of the transaction, the vice president now directly owns 12,000 shares of the company's stock, valued at $151,800. This represents a 50.00% increase in their position. The disclosure for this purchase can be found here. 9.31% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mink Brook Asset Management LLC acquired a new stake in shares of Ascent Industries during the 4th quarter valued at about $11,142,000. AMH Equity Ltd acquired a new stake in Ascent Industries during the fourth quarter valued at approximately $671,000. Informed Momentum Co LLC bought a new stake in shares of Ascent Industries in the 1st quarter valued at approximately $627,000. Renaissance Technologies LLC raised its holdings in shares of Ascent Industries by 37.4% in the 4th quarter. Renaissance Technologies LLC now owns 153,500 shares of the company's stock worth $1,716,000 after buying an additional 41,809 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Ascent Industries in the 1st quarter worth approximately $269,000. 26.05% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of Ascent Industries from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd.

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.