Ascent Industries Co. $ACNT Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors cut its Ascent Industries stake by 23.4% in the first quarter, selling 86,623 shares and retaining 283,567 shares valued at approximately $3.77 million. Institutional investors and hedge funds collectively own 26.05% of the company.
• Ascent Industries reported quarterly revenue of $25.67 million and earnings of $0.07 per share, while posting a negative net margin of 5.31% and negative return on equity of 2.72%.
• The stock opened at $14.75, near its 50-day and 200-day moving averages. Analyst sentiment remains negative, with Weiss Ratings maintaining a “sell” rating and MarketBeat reporting a consensus “Sell” rating.

Dimensional Fund Advisors LP lowered its position in Ascent Industries Co. (NASDAQ:ACNT - Free Report) by 23.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 283,567 shares of the company's stock after selling 86,623 shares during the quarter. Dimensional Fund Advisors LP owned about 3.11% of Ascent Industries worth $3,774,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its position in shares of Ascent Industries by 114.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,937 shares of the company's stock valued at $25,000 after purchasing an additional 1,033 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in Ascent Industries in the third quarter worth approximately $25,000. JPMorgan Chase & Co. increased its holdings in Ascent Industries by 50.4% in the third quarter. JPMorgan Chase & Co. now owns 18,357 shares of the company's stock worth $236,000 after purchasing an additional 6,150 shares in the last quarter. Bridgeway Capital Management LLC lifted its stake in Ascent Industries by 3.9% in the second quarter. Bridgeway Capital Management LLC now owns 114,691 shares of the company's stock valued at $1,446,000 after buying an additional 4,346 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Ascent Industries by 258.0% during the 2nd quarter. Bank of America Corp DE now owns 4,475 shares of the company's stock worth $56,000 after buying an additional 3,225 shares during the period. 26.05% of the stock is currently owned by institutional investors and hedge funds.

Ascent Industries Stock Performance

Shares of Ascent Industries stock opened at $14.75 on Thursday. The business has a 50-day simple moving average of $14.78 and a 200 day simple moving average of $14.70. Ascent Industries Co. has a one year low of $11.62 and a one year high of $17.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.33 and a quick ratio of 3.63. The firm has a market capitalization of $132.90 million, a price-to-earnings ratio of -32.78 and a beta of 0.52.

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

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a "sell (d+)" rating on shares of Ascent Industries in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Ascent Industries has a consensus rating of "Sell".

Ascent Industries 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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