Ascent Industries (NASDAQ:ACNT) Issues Earnings Results

Ascent Industries (NASDAQ:ACNT - Get Free Report) released its quarterly earnings data on Monday. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of $0.12 by ($0.20), Zacks reports. Ascent Industries had a negative net margin of 0.80% and a negative return on equity of 12.48%. The company had revenue of $24.73 million for the quarter, compared to analyst estimates of $48.90 million.

Ascent Industries Price Performance

NASDAQ:ACNT traded up $0.41 during trading hours on Friday, reaching $12.39. The company had a trading volume of 699,881 shares, compared to its average volume of 39,501. The firm has a market capitalization of $124.02 million, a PE ratio of -72.88 and a beta of 0.64. The stock has a 50-day moving average of $12.72 and a two-hundred day moving average of $11.61. Ascent Industries has a one year low of $8.16 and a one year high of $13.33. The company has a quick ratio of 1.81, a current ratio of 3.77 and a debt-to-equity ratio of 0.01.

Insider Activity

In other Ascent Industries news, VP Ravi Ramesh Srinivas purchased 4,000 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $11.81 per share, with a total value of $47,240.00. Following the acquisition, the vice president now directly owns 8,000 shares of the company's stock, valued at approximately $94,480. This trade represents a 100.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Christopher Gerald Hutter sold 15,010 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $12.16, for a total value of $182,521.60. Following the completion of the transaction, the director now directly owns 209,233 shares in the company, valued at approximately $2,544,273.28. This represents a 6.69% decrease in their position. The disclosure for this sale can be found here. 9.31% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Ascent Industries stock. Goldman Sachs Group Inc. bought a new position in shares of Ascent Industries Co. (NASDAQ:ACNT - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 17,913 shares of the company's stock, valued at approximately $227,000. Goldman Sachs Group Inc. owned approximately 0.18% of Ascent Industries at the end of the most recent quarter. Hedge funds and other institutional investors own 26.05% of the company's stock.

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.