Ascent Industries (NASDAQ:ACNT) Shares Down 1.3% - What's Next?

Key Points

• Ascent Industries (NASDAQ: ACNT) saw a 1.3% drop in its stock price, trading at $12.94, compared to a previous close of $13.11 with a trading volume increase of 16%.
• The company's most recent earnings report showed a significant miss, with an EPS of ($0.08) compared to expectations of $0.27, and revenue of $18.65 million well below the consensus estimate of $56.90 million.
• Wall Street analysts downgraded Ascent Industries' rating from "buy" to "hold", indicating a cautious outlook on the stock's future performance.

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report)'s stock price fell 1.3% during trading on Monday . The stock traded as low as $12.89 and last traded at $12.94. 43,235 shares were traded during mid-day trading, an increase of 16% from the average session volume of 37,112 shares. The stock had previously closed at $13.11.

Analyst Upgrades and Downgrades

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

Ascent Industries Trading Down 4.0%

The firm has a market capitalization of $112.81 million, a PE ratio of -41.60 and a beta of 0.63. The company's 50-day moving average price is $12.81 and its 200-day moving average price is $12.43. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.13 and a current ratio of 6.64.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.35). The firm had revenue of $18.65 million for the quarter, compared to analysts' expectations of $56.90 million. Ascent Industries had a negative return on equity of 2.52% and a negative net margin of 2.51%.

Insider Buying and Selling at Ascent Industries

In related news, Director Christopher Gerald Hutter sold 8,300 shares of the business's stock in a transaction 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 sale, the director directly owned 378,959 shares of the company's stock, valued at $5,096,998.55. The trade was a 2.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Ravi Ramesh Srinivas purchased 4,000 shares of Ascent Industries stock in a transaction that occurred on Wednesday, June 18th. The stock was bought at an average cost of $12.44 per share, with a total value of $49,760.00. Following the completion of the transaction, the vice president owned 16,000 shares of the company's stock, valued at $199,040. The trade was a 33.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ascent Industries

Institutional investors and hedge funds have recently bought and sold shares of the stock. Police & Firemen s Retirement System of New Jersey purchased a new stake in Ascent Industries in the second quarter valued at $29,000. Ameriflex Group Inc. purchased a new stake in shares of Ascent Industries in the second quarter valued at about $38,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Ascent Industries in the second quarter valued at about $55,000. Bank of America Corp DE raised its holdings in shares of 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 last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Ascent Industries in the second quarter valued at about $134,000. 26.05% of the stock is owned by hedge funds and other institutional investors.

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.