Ravi Ramesh Srinivas Buys 4,000 Shares of Ascent Industries Co. (NASDAQ:ACNT) Stock

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) VP Ravi Ramesh Srinivas acquired 4,000 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was acquired at an average price of $12.44 per share, with a total value of $49,760.00. Following the acquisition, the vice president now owns 16,000 shares in the company, valued at approximately $199,040. This trade represents a 33.33% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

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

Ascent Industries Trading Down 1.7%

Shares of NASDAQ ACNT traded down $0.21 during midday trading on Friday, hitting $12.09. 140,893 shares of the company traded hands, compared to its average volume of 46,324. 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 12-month low of $8.16 and a 12-month high of $13.70. The stock has a 50-day moving average price of $12.74 and a 200 day moving average price of $12.04. The firm has a market cap of $121.02 million, a P/E ratio of -11.74 and a beta of 0.61.

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

Analysts Set New Price Targets

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

Institutional Trading of Ascent Industries

A number of hedge funds have recently modified their holdings of the business. Mink Brook Asset Management LLC boosted its holdings in Ascent Industries by 0.4% in the first quarter. Mink Brook Asset Management LLC now owns 1,000,697 shares of the company's stock worth $12,669,000 after acquiring an additional 4,123 shares in the last quarter. Renaissance Technologies LLC raised its position 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 purchasing an additional 41,809 shares during the last quarter. AMH Equity Ltd boosted its stake in Ascent Industries by 99.1% in the 1st quarter. AMH Equity Ltd now owns 119,430 shares of the company's stock worth $1,512,000 after purchasing an additional 59,430 shares in the last quarter. Geode Capital Management LLC grew its position in Ascent Industries by 2.0% during 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, HighTower Advisors LLC grew its position in Ascent Industries by 1.3% during 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. Institutional investors 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.