Expect Equity LLC Purchases Shares of 113,302 Ascent Industries Co. $ACNT

Key Points

• Expect Equity LLC acquired 113,302 shares of Ascent Industries during the second quarter, valued at approximately $1.7 million and representing about 1.26% of the company. Institutional investors collectively own 26.05% of ACNT.
• Ascent Industries reported quarterly earnings of $0.07 per share on revenue of $25.67 million, but posted a negative 2.72% return on equity and a negative 5.31% net margin.
• ACNT shares rose 1.2% to $15.08, while analyst sentiment remained negative: Weiss Ratings downgraded the stock to “sell (d-),” and the consensus rating is “Sell.”

Expect Equity LLC acquired a new position in Ascent Industries Co. (NASDAQ:ACNT - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 113,302 shares of the company's stock, valued at approximately $1,703,000. Expect Equity LLC owned about 1.26% of Ascent Industries at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in shares of Ascent Industries by 0.4% in the third quarter. Dimensional Fund Advisors LP now owns 438,167 shares of the company's stock valued at $5,643,000 after purchasing an additional 1,833 shares in the last quarter. Renaissance Technologies LLC raised its stake in Ascent Industries by 11.5% during the first quarter. Renaissance Technologies LLC now owns 329,000 shares of the company's stock valued at $4,379,000 after purchasing an additional 33,900 shares in the last quarter. Bard Associates Inc. purchased a new stake in Ascent Industries during the second quarter valued at $4,839,000. Wells Fargo & Company MN lifted its position in Ascent Industries by 0.9% during the fourth quarter. Wells Fargo & Company MN now owns 218,394 shares of the company's stock valued at $3,536,000 after purchasing an additional 2,014 shares during the last quarter. Finally, Heartland Advisors Inc. bought a new position in Ascent Industries during the second quarter valued at $3,015,000. 26.05% of the stock is owned by hedge funds and other institutional investors.

Ascent Industries Trading Up 1.2%

Shares of ACNT stock opened at $15.08 on Wednesday. The company has a market cap of $135.87 million, a PE ratio of -33.51 and a beta of 0.52. Ascent Industries Co. has a 1 year low of $11.86 and a 1 year high of $17.92. The stock's 50 day simple moving average is $15.01 and its two-hundred day simple moving average is $14.61. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.33 and a quick ratio of 3.63.

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of Ascent Industries from a "sell (d+)" rating to a "sell (d-)" rating in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently 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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