175,498 Shares in Ascent Industries Co. $ACNT Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 175,498 shares of Ascent Industries during the second quarter, worth approximately $2.64 million and representing about 1.95% of the company. Institutional investors and hedge funds collectively own 26.05% of the stock.
• Ascent Industries reported quarterly revenue of $25.67 million and earnings of $0.07 per share, but still posted a negative net margin of 5.31% and negative return on equity of 2.72%.
• The stock opened at $15.26, near its 50-day moving average, while the sole analyst rating remains Sell; Weiss Ratings modestly upgraded its assessment from “sell (d-)” to “sell (d).”

BlackRock Inc. acquired a new position in shares of Ascent Industries Co. (NASDAQ:ACNT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 175,498 shares of the company's stock, valued at approximately $2,638,000. BlackRock Inc. owned about 1.95% of Ascent Industries at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in shares of Ascent Industries by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 438,167 shares of the company's stock worth $5,643,000 after buying an additional 1,833 shares during the period. Renaissance Technologies LLC boosted its stake in Ascent Industries by 11.5% in the first quarter. Renaissance Technologies LLC now owns 329,000 shares of the company's stock valued at $4,379,000 after acquiring an additional 33,900 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Ascent Industries by 0.9% during the 4th quarter. Wells Fargo & Company MN now owns 218,394 shares of the company's stock worth $3,536,000 after acquiring an additional 2,014 shares during the period. Geode Capital Management LLC raised its position in shares of Ascent Industries by 91.9% during the 2nd quarter. Geode Capital Management LLC now owns 194,433 shares of the company's stock valued at $2,452,000 after acquiring an additional 93,125 shares during the last quarter. Finally, Bridgeway Capital Management LLC lifted its stake in shares of Ascent Industries by 3.9% in the 2nd quarter. Bridgeway Capital Management LLC now owns 114,691 shares of the company's stock valued at $1,446,000 after purchasing an additional 4,346 shares during the period. 26.05% of the stock is currently owned by institutional investors and hedge funds.

Ascent Industries Stock Down 0.6%

NASDAQ:ACNT opened at $15.26 on Friday. Ascent Industries Co. has a 1 year low of $11.86 and a 1 year high of $17.92. The stock has a 50-day moving average price of $15.22 and a two-hundred day moving average price of $14.52. The stock has a market cap of $137.48 million, a price-to-earnings ratio of -33.91 and a beta of 0.49. The company has a current ratio of 4.33, a quick ratio of 3.63 and a debt-to-equity ratio of 0.01.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.07 EPS for the quarter. Ascent Industries had a negative return on equity of 2.72% and a negative net margin of 5.31%.The company had revenue of $25.67 million for the quarter.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Ascent Industries from a "sell (d-)" rating to a "sell (d)" rating in a report on Friday, August 28th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of "Sell".

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.

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