AMH Equity Ltd Purchases 59,430 Shares of Ascent Industries Co. (NASDAQ:ACNT)

AMH Equity Ltd lifted its position in Ascent Industries Co. (NASDAQ:ACNT - Free Report) by 99.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 119,430 shares of the company's stock after acquiring an additional 59,430 shares during the period. Ascent Industries accounts for about 2.3% of AMH Equity Ltd's investment portfolio, making the stock its 17th largest holding. AMH Equity Ltd owned about 1.18% of Ascent Industries worth $1,512,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC grew its holdings in Ascent Industries by 1.3% in the fourth quarter. HighTower Advisors LLC now owns 83,231 shares of the company's stock worth $931,000 after purchasing an additional 1,083 shares during the period. Geode Capital Management LLC grew its stake in shares of Ascent Industries by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 93,322 shares of the company's stock worth $1,044,000 after buying an additional 1,869 shares during the last quarter. Values Added Financial LLC increased its position in Ascent Industries by 15.3% during the 1st quarter. Values Added Financial LLC now owns 16,461 shares of the company's stock valued at $208,000 after buying an additional 2,180 shares in the last quarter. Northern Trust Corp increased its position in Ascent Industries by 47.7% during the 4th quarter. Northern Trust Corp now owns 35,384 shares of the company's stock valued at $396,000 after buying an additional 11,420 shares in the last quarter. Finally, Millennium Management LLC purchased a new position in Ascent Industries during the fourth quarter valued at $208,000. Hedge funds and other institutional investors own 26.05% of the company's stock.

Insider Buying and Selling at Ascent Industries

In related news, Director Christopher Gerald Hutter sold 8,300 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was 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 in the company, valued at $5,096,998.55. This trade represents a 2.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Ravi Ramesh Srinivas acquired 4,000 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were purchased at an average price of $12.44 per share, for a total transaction of $49,760.00. Following the transaction, the vice president directly owned 16,000 shares of the company's stock, valued at approximately $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 owned by insiders.

Ascent Industries Stock Performance

Shares of NASDAQ:ACNT traded down $0.08 during midday trading on Friday, hitting $12.85. The company had a trading volume of 27,535 shares, compared to its average volume of 54,288. The company has a fifty day moving average of $12.67 and a two-hundred day moving average of $12.22. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.95 and a quick ratio of 2.60. 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 $128.63 million, a price-to-earnings ratio of -12.48 and a beta of 0.60.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.12 by ($0.20). The firm had revenue of $24.73 million for the quarter, compared to the consensus estimate of $48.90 million. Ascent Industries had a negative net margin of 6.56% and a negative return on equity of 1.78%.

Analysts Set New Price Targets

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

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.