Ascent Industries (NASDAQ:ACNT) Releases Earnings Results, Misses Expectations By $0.35 EPS

Key Points

• Ascent Industries reported an EPS of ($0.08) for the quarter, missing the consensus estimate of $0.27 by ($0.35), highlighting ongoing financial struggles.
• The company generated $18.65 million in revenue, significantly below the expected $56.90 million, indicating potential challenges in sales performance.
• Insider transactions show VP Ravi Ramesh Srinivas increased his stake in the company by purchasing 4,000 shares, while Director Christopher Gerald Hutter sold 8,300 shares, reflecting mixed sentiment among executives.

Ascent Industries (NASDAQ:ACNT - Get Free Report) released its quarterly earnings data on Wednesday. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.35), Zacks reports. Ascent Industries had a negative return on equity of 2.52% and a negative net margin of 2.51%. The business had revenue of $18.65 million during the quarter, compared to the consensus estimate of $56.90 million.

Ascent Industries Price Performance

ACNT traded up $0.15 during trading on Friday, reaching $13.11. 32,525 shares of the company were exchanged, compared to its average volume of 37,565. Ascent Industries has a 12-month low of $8.16 and a 12-month high of $13.70. The company's 50-day moving average is $12.82 and its two-hundred day moving average is $12.39. The company has a quick ratio of 2.60, a current ratio of 6.64 and a debt-to-equity ratio of 0.01. The company has a market cap of $122.84 million, a price-to-earnings ratio of -45.21 and a beta of 0.63.

Insider Transactions at Ascent Industries

In related news, VP Ravi Ramesh Srinivas purchased 4,000 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were purchased at an average cost of $12.44 per share, for a total transaction of $49,760.00. Following the completion of the transaction, the vice president directly owned 16,000 shares in the company, valued at approximately $199,040. This represents a 33.33% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Christopher Gerald Hutter sold 8,300 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $13.45, for a total transaction of $111,635.00. Following the completion of the sale, the director directly owned 378,959 shares in the company, valued at approximately $5,096,998.55. The trade was a 2.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.31% of the stock is owned by insiders.

Institutional Trading of Ascent Industries

Hedge funds and other institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. bought a new stake in Ascent Industries during the 1st quarter worth approximately $227,000. Jane Street Group LLC bought a new stake in Ascent Industries during the 1st quarter worth approximately $269,000. Empowered Funds LLC increased its holdings in Ascent Industries by 6.5% during the 1st quarter. Empowered Funds LLC now owns 47,620 shares of the company's stock worth $603,000 after acquiring an additional 2,927 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Ascent Industries by 91.9% during the 2nd quarter. Geode Capital Management LLC now owns 194,433 shares of the company's stock worth $2,452,000 after acquiring an additional 93,125 shares during the period. Institutional investors own 26.05% of the company's stock.

Analysts Set New Price Targets

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

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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