Ascent Industries Co. (NASDAQ:ACNT) VP Acquires $49,760.00 in Stock

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) VP Ravi Ramesh Srinivas purchased 4,000 shares of the stock in a transaction dated Wednesday, June 18th. The shares were purchased at an average cost of $12.44 per share, for a total transaction of $49,760.00. Following the transaction, the vice president now owns 16,000 shares in the company, valued at approximately $199,040. The trade was a 33.33% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Ravi Ramesh Srinivas also recently made the following trade(s):

• On Friday, March 21st, Ravi Ramesh Srinivas acquired 4,000 shares of Ascent Industries stock. The shares were purchased at an average price of $12.65 per share, with a total value of $50,600.00.

Ascent Industries Trading Down 1.0%

Shares of Ascent Industries stock traded down $0.12 during trading hours on Wednesday, hitting $12.30. The company's stock had a trading volume of 50,829 shares, compared to its average volume of 45,579. The stock has a market cap of $123.12 million, a price-to-earnings ratio of -11.94 and a beta of 0.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.60 and a current ratio of 2.95. Ascent Industries Co. has a twelve month low of $8.16 and a twelve month high of $13.70. The firm has a fifty day moving average of $12.76 and a 200-day moving average of $12.03.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.20). Ascent Industries had a negative net margin of 6.56% and a negative return on equity of 1.78%. The company had revenue of $24.73 million during the quarter, compared to analyst estimates of $48.90 million.

Wall Street Analyst Weigh In

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

Institutional Trading of Ascent Industries

Hedge funds have recently made changes to their positions in the business. Empowered Funds LLC raised its position in Ascent Industries by 4.8% in the 4th quarter. Empowered Funds LLC now owns 44,693 shares of the company's stock valued at $500,000 after purchasing an additional 2,049 shares in the last quarter. AMH Equity Ltd acquired a new position in Ascent Industries during the 4th quarter worth approximately $671,000. HighTower Advisors LLC increased its position in shares of Ascent Industries by 1.3% in the 4th quarter. HighTower Advisors LLC now owns 83,231 shares of the company's stock valued at $931,000 after purchasing an additional 1,083 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Ascent Industries by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 93,322 shares of the company's stock valued at $1,044,000 after purchasing an additional 1,869 shares during the last quarter. Finally, 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 valued at $1,716,000 after purchasing an additional 41,809 shares in the last quarter. Institutional investors and hedge funds own 26.05% of the company's stock.

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.

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