Ascent Industries (NASDAQ:ACNT) Director Christopher Gerald Hutter Sells 47,935 Shares

Key Points

• Christopher Gerald Hutter, Director of Ascent Industries, sold a total of 47,935 shares at an average price of $12.25, marking a significant 21.13% decrease in his position in the company.
• Ascent Industries reported a quarterly EPS of ($0.08), falling short of analysts' expectations by ($0.35), with revenues of $18.65 million compared to estimates of $56.90 million.
• Wall Street Zen downgraded Ascent Industries from a "buy" rating to a "hold" rating, reflecting a more cautious outlook on the company's performance.

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) Director Christopher Gerald Hutter sold 47,935 shares of Ascent Industries stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $12.25, for a total transaction of $587,203.75. Following the completion of the sale, the director owned 178,959 shares of the company's stock, valued at $2,192,247.75. This represents a 21.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Christopher Gerald Hutter also recently made the following trade(s):

• On Wednesday, September 10th, Christopher Gerald Hutter sold 40,000 shares of Ascent Industries stock. The stock was sold at an average price of $12.38, for a total value of $495,200.00.
• On Thursday, August 28th, Christopher Gerald Hutter sold 2,100 shares of Ascent Industries stock. The stock was sold at an average price of $12.07, for a total value of $25,347.00.
• On Monday, August 25th, Christopher Gerald Hutter sold 40,000 shares of Ascent Industries stock. The stock was sold at an average price of $12.12, for a total value of $484,800.00.
• On Friday, August 22nd, Christopher Gerald Hutter sold 40,000 shares of Ascent Industries stock. The stock was sold at an average price of $12.11, for a total value of $484,400.00.
• On Tuesday, August 19th, Christopher Gerald Hutter sold 470 shares of Ascent Industries stock. The stock was sold at an average price of $12.26, for a total transaction of $5,762.20.
• On Friday, August 15th, Christopher Gerald Hutter sold 169 shares of Ascent Industries stock. The shares were sold at an average price of $12.55, for a total value of $2,120.95.
• On Thursday, August 14th, Christopher Gerald Hutter sold 20,000 shares of Ascent Industries stock. The stock was sold at an average price of $12.51, for a total transaction of $250,200.00.

Ascent Industries Trading Up 0.8%

Shares of ACNT traded up $0.10 during mid-day trading on Friday, reaching $12.36. The company's stock had a trading volume of 3,734 shares, compared to its average volume of 61,424. The company's fifty day moving average price is $12.58 and its two-hundred day moving average price is $12.56. Ascent Industries Co. has a 52 week low of $8.16 and a 52 week high of $13.70. The stock has a market cap of $115.77 million, a PE ratio of -42.60 and a beta of 0.71. The company has a current ratio of 6.64, a quick ratio of 6.13 and a debt-to-equity ratio of 0.01.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.35). The firm had revenue of $18.65 million for the quarter, compared to the consensus estimate of $56.90 million. Ascent Industries had a negative net margin of 2.51% and a negative return on equity of 2.52%.

Institutional Investors Weigh In On Ascent Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACNT. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Ascent Industries during the 2nd quarter worth about $29,000. Ameriflex Group Inc. purchased a new position in shares of Ascent Industries during the second quarter worth $38,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Ascent Industries during the second quarter worth about $55,000. Bank of America Corp DE boosted its position in Ascent Industries by 258.0% in the 2nd quarter. Bank of America Corp DE now owns 4,475 shares of the company's stock valued at $56,000 after buying an additional 3,225 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in Ascent Industries in the 2nd quarter valued at about $134,000. 26.05% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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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