Ascent Industries (NASDAQ:ACNT) Director Sells $495,200.00 in 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 that occurred on Wednesday, September 10th. The shares were sold at an average price of $12.38, for a total transaction of $495,200.00. Following the completion of the transaction, the director owned 226,894 shares of the company's stock, valued at $2,808,947.72. This trade represents a 14.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

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

• 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 shares were sold at an average price of $12.51, for a total transaction of $250,200.00.

Ascent Industries Stock Performance

ACNT stock traded up $0.16 on Thursday, hitting $12.30. The company's stock had a trading volume of 31,562 shares, compared to its average volume of 61,180. The firm has a 50 day moving average of $12.59 and a two-hundred day moving average of $12.55. Ascent Industries Co. has a 1 year low of $8.16 and a 1 year high of $13.70. The stock has a market cap of $115.20 million, a price-to-earnings ratio of -42.40 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 released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.35). The business had revenue of $18.65 million during the quarter, compared to analysts' expectations of $56.90 million. Ascent Industries had a negative net margin of 2.51% and a negative return on equity of 2.52%.

Hedge Funds Weigh In On Ascent Industries

Institutional investors and hedge funds have recently made changes to their positions in the stock. Police & Firemen s Retirement System of New Jersey acquired a new stake in Ascent Industries in the 2nd quarter valued at about $29,000. Ameriflex Group Inc. purchased a new position in shares of Ascent Industries during the 2nd quarter worth about $38,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Ascent Industries in the second quarter valued at approximately $55,000. Bank of America Corp DE raised its holdings in Ascent Industries by 258.0% in the second 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 purchased a new position in Ascent Industries in the second quarter valued at approximately $134,000. 26.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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.

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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