Deltec Asset Management LLC Lowers Holdings in Ascent Industries Co. (NASDAQ:ACNT)

Deltec Asset Management LLC reduced its stake in shares of Ascent Industries Co. (NASDAQ:ACNT - Free Report) by 72.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,000 shares of the company's stock after selling 33,378 shares during the period. Deltec Asset Management LLC owned 0.13% of Ascent Industries worth $165,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Millennium Management LLC purchased a new stake in Ascent Industries during the fourth quarter valued at $208,000. Northern Trust Corp lifted its holdings in shares of Ascent Industries by 47.7% in the 4th quarter. Northern Trust Corp now owns 35,384 shares of the company's stock valued at $396,000 after acquiring an additional 11,420 shares during the last quarter. AMH Equity Ltd purchased a new position in Ascent Industries in the fourth quarter worth about $671,000. HighTower Advisors LLC grew its position 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 acquiring an additional 1,083 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake 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 acquiring an additional 1,869 shares during the last quarter. 26.05% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Christopher Gerald Hutter sold 8,300 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $13.45, for a total transaction of $111,635.00. Following the completion of the sale, the director now directly owns 378,959 shares in the company, valued at $5,096,998.55. This represents a 2.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Ravi Ramesh Srinivas bought 4,000 shares of the business's stock in a transaction on Wednesday, June 18th. The stock was bought at an average price of $12.44 per share, for a total transaction of $49,760.00. Following the purchase, the vice president now directly owns 16,000 shares of the company's stock, valued at $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 currently owned by company insiders.

Analysts Set New Price Targets

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

Ascent Industries Stock Down 1.7%

ACNT stock traded down $0.21 during trading on Friday, hitting $12.09. The company had a trading volume of 140,893 shares, compared to its average volume of 46,324. Ascent Industries Co. has a 52-week low of $8.16 and a 52-week high of $13.70. The company has a 50 day simple moving average of $12.74 and a 200-day simple moving average of $12.04. The company has a current ratio of 2.95, a quick ratio of 2.60 and a debt-to-equity ratio of 0.01.

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

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.