Insider Selling: Ascent Industries (NASDAQ:ACNT) Director Sells 20,000 Shares of Stock

Key Points

• Director Christopher Gerald Hutter sold 20,000 shares of Ascent Industries Co. at an average price of $12.51, reducing his ownership by 5.28% and leaving him with 358,959 shares valued at approximately $4.49 million.
• Ascent Industries reported a quarterly EPS of ($0.08), significantly missing analysts' expectations of $0.27, and had a revenue of $18.65 million versus the estimated $56.90 million.
• Wall Street analysts have downgraded Ascent Industries from a "buy" to a "hold" rating, reflecting concerns over its recent performance and future prospects.

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) Director Christopher Gerald Hutter sold 20,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $12.51, for a total value of $250,200.00. Following the transaction, the director directly owned 358,959 shares of the company's stock, valued at $4,490,577.09. The trade was a 5.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Christopher Gerald Hutter also recently made the following trade(s):

• On Tuesday, August 19th, Christopher Gerald Hutter sold 470 shares of Ascent Industries stock. The shares were sold at an average price of $12.26, for a total value of $5,762.20.
• On Friday, August 15th, Christopher Gerald Hutter sold 169 shares of Ascent Industries stock. The shares were sold at an average price of $12.55, for a total value of $2,120.95.
• On Wednesday, June 11th, Christopher Gerald Hutter sold 8,300 shares of Ascent Industries stock. The stock was sold at an average price of $13.45, for a total value of $111,635.00.
• On Tuesday, June 10th, Christopher Gerald Hutter sold 4,740 shares of Ascent Industries stock. The shares were sold at an average price of $13.58, for a total transaction of $64,369.20.

Ascent Industries Trading Down 0.1%

NASDAQ:ACNT traded down $0.01 on Wednesday, reaching $11.84. The stock had a trading volume of 21,327 shares, compared to its average volume of 40,057. Ascent Industries Co. has a 12-month low of $8.16 and a 12-month high of $13.70. The company has a market cap of $110.94 million, a price-to-earnings ratio of -40.83 and a beta of 0.63. The firm's fifty day moving average is $12.70 and its two-hundred day moving average is $12.46. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.64 and a quick ratio of 6.13.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates 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%.

Institutional Trading of Ascent Industries

Several institutional investors have recently made changes to their positions in the stock. Mink Brook Asset Management LLC purchased a new position in shares of Ascent Industries in the 4th quarter worth $11,142,000. Geode Capital Management LLC increased its stake in Ascent Industries by 91.9% during the second 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 last quarter. AMH Equity Ltd increased its stake in Ascent Industries by 99.1% during the first quarter. AMH Equity Ltd now owns 119,430 shares of the company's stock worth $1,512,000 after acquiring an additional 59,430 shares during the last quarter. Informed Momentum Co LLC purchased a new position in shares of Ascent Industries in the 1st quarter worth about $627,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Ascent Industries by 37.4% in the 4th quarter. Renaissance Technologies LLC now owns 153,500 shares of the company's stock valued at $1,716,000 after purchasing an additional 41,809 shares in the last quarter. 26.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.