Heartland Advisors Inc. Buys Shares of 200,618 Ascent Industries Co. $ACNT

Key Points

• Heartland Advisors purchased 200,618 shares of Ascent Industries, valued at approximately $3.015 million, giving it a 2.23% stake. Other institutional investors also increased holdings, with institutions collectively owning 26.05% of the company.
• Analyst sentiment remains negative: Weiss Ratings downgraded the stock to “sell (d-),” while the broader consensus is also “Sell.”
• Ascent Industries reported quarterly EPS of $0.07 and revenue of $25.67 million, but posted a negative net margin of 5.31% and negative return on equity of 2.72%.

Heartland Advisors Inc. purchased a new position in shares of Ascent Industries Co. (NASDAQ:ACNT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 200,618 shares of the company's stock, valued at approximately $3,015,000. Heartland Advisors Inc. owned approximately 2.23% of Ascent Industries at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised 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 acquiring an additional 1,833 shares in the last quarter. Renaissance Technologies LLC increased its position in Ascent Industries by 11.5% during the 1st 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 during the period. Wells Fargo & Company MN increased its position in Ascent Industries by 0.9% during the 4th 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 period. Geode Capital Management LLC raised its holdings in shares of Ascent Industries by 91.9% in the 2nd quarter. Geode Capital Management LLC now owns 194,433 shares of the company's stock valued at $2,452,000 after purchasing an additional 93,125 shares in the last quarter. Finally, BlackRock Inc. purchased a new stake in shares of Ascent Industries in the 2nd quarter worth approximately $2,638,000. Hedge funds and other institutional investors own 26.05% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered 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, According to MarketBeat.com, Ascent Industries has a consensus rating of "Sell".

Ascent Industries Price Performance

Shares of ACNT stock opened at $14.72 on Friday. The stock's 50-day moving average is $14.96 and its 200 day moving average is $14.66. Ascent Industries Co. has a 1-year low of $11.72 and a 1-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 company has a market cap of $132.63 million, a P/E ratio of -32.71 and a beta of 0.52.

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. Ascent Industries had a negative net margin of 5.31% and a negative return on equity of 2.72%. The business had revenue of $25.67 million during the quarter.

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.

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