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

Deltec Asset Management LLC lessened its stake in shares of Ascent Industries Co. (NASDAQ:ACNT - Free Report) by 72.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm 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.

Several other institutional investors and hedge funds have also bought and sold shares of ACNT. HighTower Advisors LLC raised its stake in Ascent Industries by 1.3% during the 4th quarter. HighTower Advisors LLC now owns 83,231 shares of the company's stock worth $931,000 after buying an additional 1,083 shares during the period. Geode Capital Management LLC grew its position in Ascent Industries by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 93,322 shares of the company's stock valued at $1,044,000 after purchasing an additional 1,869 shares during the period. Northern Trust Corp increased its stake 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 purchasing an additional 11,420 shares in the last quarter. Millennium Management LLC acquired a new position in Ascent Industries during the fourth quarter worth $208,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Ascent Industries by 37.4% in the fourth quarter. Renaissance Technologies LLC now owns 153,500 shares of the company's stock valued at $1,716,000 after buying an additional 41,809 shares in the last quarter. 26.05% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Ravi Ramesh Srinivas purchased 4,000 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were purchased at an average price of $12.44 per share, with a total value of $49,760.00. Following the completion of the acquisition, the vice president now owns 16,000 shares in the company, valued at $199,040. This trade represents a 33.33% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Christopher Gerald Hutter sold 8,300 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $13.45, for a total value of $111,635.00. Following the completion of the sale, the director now directly owns 378,959 shares in the company, valued at approximately $5,096,998.55. The trade was a 2.14% decrease in their position. The disclosure for this sale can be found here. Company insiders own 9.31% of the company's stock.

Ascent Industries Stock Performance

Shares of Ascent Industries stock traded up $0.55 during mid-day trading on Tuesday, hitting $12.65. 135,377 shares of the stock were exchanged, compared to its average volume of 46,746. Ascent Industries Co. has a 12 month low of $8.16 and a 12 month high of $13.70. The company has a 50-day simple moving average of $12.72 and a 200 day simple moving average of $12.04. The company has a market capitalization of $126.63 million, a P/E ratio of -12.28 and a beta of 0.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.60 and a current ratio of 2.95.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of $0.12 by ($0.20). The company had revenue of $24.73 million during the quarter, compared to analysts' expectations 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 lowered 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.