Ascent Industries (NASDAQ:ACNT) Issues Earnings Results

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) issued its earnings results on Wednesday, August 6th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.35), Zacks reports. 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%.

Ascent Industries Price Performance

Shares of Ascent Industries stock traded down $0.11 on Wednesday, hitting $12.76. 14,926 shares of the company were exchanged, compared to its average volume of 61,342. The stock has a market capitalization of $119.51 million, a price-to-earnings ratio of -43.98 and a beta of 0.63. The company has a 50-day moving average price of $12.82 and a 200 day moving average price of $12.42. Ascent Industries has a 1-year low of $8.16 and a 1-year 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.

Wall Street Analyst Weigh In

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

Insider Activity at Ascent Industries

In other Ascent Industries news, VP Ravi Ramesh Srinivas acquired 4,000 shares of the firm's stock in a transaction that occurred on 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 acquisition, the vice president owned 16,000 shares of the company's stock, valued at approximately $199,040. The trade was a 33.33% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Christopher Gerald Hutter sold 8,300 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $13.45, for a total value of $111,635.00. Following the completion of the transaction, the director owned 378,959 shares in the company, valued at $5,096,998.55. This represents a 2.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 9.31% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Empowered Funds LLC lifted its holdings in Ascent Industries by 6.5% in the first quarter. Empowered Funds LLC now owns 47,620 shares of the company's stock valued at $603,000 after acquiring an additional 2,927 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Ascent Industries by 121,970.0% in the second quarter. JPMorgan Chase & Co. now owns 12,207 shares of the company's stock valued at $154,000 after acquiring an additional 12,197 shares during the last quarter. Goldman Sachs Group Inc. acquired a new position in Ascent Industries in the first quarter valued at approximately $227,000. Jane Street Group LLC acquired a new position in Ascent Industries in the first quarter valued at approximately $269,000. Finally, American Century Companies Inc. acquired a new position in Ascent Industries in the second quarter valued at approximately $492,000. 26.05% of the stock is currently owned by institutional investors and hedge funds.

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.