Insider Selling: Ascent Industries (NASDAQ:ACNT) Director Sells $250,200.00 in 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 company's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $12.51, for a total transaction of $250,200.00. Following the transaction, the director owned 358,959 shares of the company's stock, valued at $4,490,577.09. This represents a 5.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• 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 transaction of $2,120.95.
• On Wednesday, June 11th, Christopher Gerald Hutter sold 8,300 shares of Ascent Industries stock. The shares were sold at an average price of $13.45, for a total transaction 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 Price Performance

Shares of NASDAQ ACNT traded up $0.0590 during mid-day trading on Wednesday, reaching $11.9090. The company's stock had a trading volume of 605 shares, compared to its average volume of 61,139. The stock has a 50-day moving average of $12.72 and a two-hundred day moving average of $12.46. The stock has a market capitalization of $111.59 million, a P/E ratio of -41.05 and a beta of 0.63. 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 Co. has a 1-year low of $8.16 and a 1-year high of $13.70.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last issued its 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 business had revenue of $18.65 million during the quarter, compared to analyst estimates of $56.90 million. Ascent Industries had a negative net margin of 2.51% and a negative return on equity of 2.52%.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Ascent Industries

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its position in Ascent Industries by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 93,322 shares of the company's stock worth $1,044,000 after purchasing an additional 1,869 shares during the last quarter. Values Added Financial LLC increased its position in Ascent Industries by 15.3% during the first quarter. Values Added Financial LLC now owns 16,461 shares of the company's stock worth $208,000 after purchasing an additional 2,180 shares during the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new stake in Ascent Industries during the second quarter worth about $29,000. Empowered Funds LLC increased its position in Ascent Industries by 6.5% during the first quarter. Empowered Funds LLC now owns 47,620 shares of the company's stock worth $603,000 after purchasing an additional 2,927 shares during the last quarter. Finally, Ameriflex Group Inc. acquired a new stake in Ascent Industries during the second quarter worth about $38,000. 26.05% of the stock is currently owned by institutional investors and hedge funds.

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.