Ascent Industries (NASDAQ:ACNT) Shares Down 1% - What's Next?

Key Points

• Ascent Industries' stock declined by 1% to $12.36, with a notable drop in trading volume, down 41% from its average session.
• Wall Street Zen downgraded Ascent Industries from a "buy" to a "hold" rating, reflecting a change in analysts' confidence in the stock.
• The company reported a disappointing earnings result, missing analysts' estimates with a loss of ($0.08) EPS and revenue significantly below expectations at $18.65 million.

Shares of Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) were down 1% during mid-day trading on Wednesday . The stock traded as low as $12.36 and last traded at $12.36. Approximately 34,004 shares changed hands during trading, a decline of 41% from the average daily volume of 58,111 shares. The stock had previously closed at $12.48.

Ascent Industries Stock Up 2.2%

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 stock's fifty day simple moving average is $12.55 and its two-hundred day simple moving average is $12.63. The company has a market capitalization of $120.78 million, a price-to-earnings ratio of -44.45 and a beta of 0.71.

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 for the quarter, missing the consensus estimate of $0.27 by ($0.35). The company had revenue of $18.65 million for the quarter, compared to the consensus estimate 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 other Ascent Industries news, Director Christopher Gerald Hutter sold 47,935 shares of Ascent Industries 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 transaction, the director owned 178,959 shares of the company's stock, valued at $2,192,247.75. This trade represents a 21.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 190,674 shares of company stock valued at $2,335,034 over the last ninety days. Corporate insiders own 9.31% of the company's stock.

Institutional Trading of Ascent Industries

Institutional investors have recently added to or reduced their stakes in the business. Mink Brook Asset Management LLC grew its holdings in Ascent Industries by 0.4% in the first quarter. Mink Brook Asset Management LLC now owns 1,000,697 shares of the company's stock worth $12,669,000 after purchasing an additional 4,123 shares during the last quarter. Geode Capital Management LLC raised its position in Ascent Industries by 91.9% in the second quarter. Geode Capital Management LLC now owns 194,433 shares of the company's stock valued at $2,452,000 after purchasing an additional 93,125 shares during the period. AMH Equity Ltd increased its stake in Ascent Industries by 21.4% during the second quarter. AMH Equity Ltd now owns 145,019 shares of the company's stock worth $1,829,000 after purchasing an additional 25,589 shares during the period. Bridgeway Capital Management LLC increased its stake in Ascent Industries by 3.9% during the second quarter. Bridgeway Capital Management LLC now owns 114,691 shares of the company's stock worth $1,446,000 after purchasing an additional 4,346 shares during the period. Finally, Informed Momentum Co LLC purchased a new stake in Ascent Industries during the first quarter worth about $627,000. 26.05% of the stock is currently 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.