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 the company's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $12.25, for a total value of $587,203.75. Following the completion of the transaction, the director owned 178,959 shares of the company's stock, valued at $2,192,247.75. The trade was a 21.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 shares were 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 shares were 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 shares were 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 shares were 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 shares were sold at an average price of $12.26, for a total value of $5,762.20.
• On Friday, August 15th, Christopher Gerald Hutter sold 169 shares of Ascent Industries stock. The stock was 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 value of $250,200.00.

Ascent Industries Trading Up 0.7%

ACNT traded up $0.09 during trading on Wednesday, reaching $12.57. The company had a trading volume of 15,167 shares, compared to its average volume of 60,869. The stock has a market cap of $117.73 million, a P/E ratio of -43.19 and a beta of 0.71. The business has a 50 day simple moving average of $12.57 and a 200-day simple moving average of $12.60. Ascent Industries Co. has a 52 week low of $8.16 and a 52 week high of $13.70. The company has a quick ratio of 6.13, a current ratio of 6.64 and a debt-to-equity ratio of 0.01.

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

Analyst Ratings Changes

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

Institutional Trading of Ascent Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of ACNT. Geode Capital Management LLC increased its stake in Ascent Industries by 91.9% in the second quarter. Geode Capital Management LLC now owns 194,433 shares of the company's stock worth $2,452,000 after purchasing an additional 93,125 shares during the period. AMH Equity Ltd raised its holdings in shares of Ascent Industries by 99.1% in the first quarter. AMH Equity Ltd now owns 119,430 shares of the company's stock valued at $1,512,000 after acquiring an additional 59,430 shares in the last quarter. Informed Momentum Co LLC bought a new stake in shares of Ascent Industries in the first quarter valued at about $627,000. Evernest Financial Advisors LLC bought a new stake in shares of Ascent Industries in the second quarter valued at about $511,000. Finally, American Century Companies Inc. bought a new stake in shares of Ascent Industries in the second quarter valued at about $492,000. Hedge funds and other institutional investors 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.