Ascent Industries (NASDAQ:ACNT) Earns Sell (D-) Rating from Weiss Ratings

Key Points

• Ascent Industries received a "sell (D-)" rating from Weiss Ratings, indicating a poor outlook for the company's stock.
• The company's recent quarterly earnings showed a negative EPS of ($0.08), significantly missing analysts' expectations of $0.27.
• Insider transactions reveal a 21.13% decrease in Director Christopher Gerald Hutter's ownership after selling nearly 48,000 shares.

Ascent Industries (NASDAQ:ACNT - Get Free Report)'s stock had its "sell (d-)" rating reissued by Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Ascent Industries Trading Up 1.1%

ACNT stock traded up $0.13 on Wednesday, hitting $12.41. 27,363 shares of the company were exchanged, compared to its average volume of 60,464. Ascent Industries has a twelve month low of $9.00 and a twelve month high of $13.70. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.64 and a quick ratio of 6.13. The business's fifty day moving average is $12.48 and its two-hundred day moving average is $12.66. The stock has a market capitalization of $116.28 million, a price-to-earnings ratio of -42.79 and a beta of 0.67.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last issued 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). Ascent Industries had a negative return on equity of 2.52% and a negative net margin of 2.51%.The company had revenue of $18.65 million for the quarter, compared to analyst estimates of $56.90 million.

Insider Transactions at Ascent Industries

In other Ascent Industries news, Director Christopher Gerald Hutter sold 47,935 shares of the business's stock in a transaction that occurred 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 directly owned 178,959 shares in the company, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 190,674 shares of company stock worth $2,335,034 in the last ninety days. 9.31% of the stock is owned by insiders.

Institutional Investors Weigh In On Ascent Industries

Several institutional investors have recently bought and sold shares of ACNT. Millennium Management LLC purchased a new stake in Ascent Industries during the fourth quarter worth approximately $208,000. Values Added Financial LLC grew its stake in Ascent Industries by 15.3% during the first quarter. Values Added Financial LLC now owns 16,461 shares of the company's stock worth $208,000 after buying an additional 2,180 shares during the period. AMH Equity Ltd grew its stake in 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 period. Informed Momentum Co LLC purchased a new stake in Ascent Industries during the first quarter worth approximately $627,000. Finally, Mink Brook Asset Management LLC grew its stake in 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 period. 26.05% of the stock is currently owned by hedge funds and other institutional investors.

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.

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