Christopher Gerald Hutter Sells 40,000 Shares of Ascent Industries (NASDAQ:ACNT) Stock

Key Points

• Christopher Gerald Hutter, a director of Ascent Industries, sold 40,000 shares of stock for a total of $495,200, reducing his ownership by nearly 15%.
• Ascent Industries reported an EPS of ($0.08) for its last quarterly results, considerably missing the consensus estimate of $0.27, with revenues also falling short at $18.65 million.
• Recent changes made by institutional investors include a 258% increase in holdings by Bank of America Corp DE and new positions purchased by multiple funds, indicating growing interest in the stock.

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) Director Christopher Gerald Hutter sold 40,000 shares of Ascent Industries stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $12.38, for a total value of $495,200.00. Following the transaction, the director owned 226,894 shares of the company's stock, valued at $2,808,947.72. The trade was a 14.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• On Thursday, September 11th, Christopher Gerald Hutter sold 47,935 shares of Ascent Industries stock. The stock was sold at an average price of $12.25, for a total value of $587,203.75.
• 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 transaction 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 transaction 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 transaction 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 stock was sold at an average price of $12.55, for a total transaction 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 Stock Performance

ACNT stock traded down $0.02 during mid-day trading on Tuesday, hitting $12.49. 8,314 shares of the company were exchanged, compared to its average volume of 61,070. The business has a 50 day simple moving average of $12.57 and a 200-day simple moving average of $12.60. The company has a current ratio of 6.64, a quick ratio of 6.13 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $117.03 million, a PE ratio of -43.13 and a beta of 0.71. Ascent Industries Co. has a 1-year low of $8.16 and a 1-year high of $13.70.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.35). The company had revenue of $18.65 million for the quarter, compared to analyst estimates 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 shares of Ascent Industries from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd.

Institutional Investors Weigh In On Ascent Industries

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC acquired a new position in Ascent Industries during the fourth quarter valued at approximately $208,000. Northern Trust Corp grew its stake in shares of Ascent Industries by 47.7% during the fourth quarter. Northern Trust Corp now owns 35,384 shares of the company's stock worth $396,000 after buying an additional 11,420 shares during the last quarter. AMH Equity Ltd grew its stake in shares of Ascent Industries by 99.1% during the first quarter. AMH Equity Ltd now owns 119,430 shares of the company's stock worth $1,512,000 after buying an additional 59,430 shares during the last quarter. Mink Brook Asset Management LLC grew its stake in shares of Ascent Industries by 0.4% during the first quarter. Mink Brook Asset Management LLC now owns 1,000,697 shares of the company's stock worth $12,669,000 after buying an additional 4,123 shares during the last quarter. Finally, Informed Momentum Co LLC bought a new stake in shares of Ascent Industries during the first quarter worth $627,000. 26.05% of the stock is currently owned by institutional investors and hedge funds.

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.