Informed Momentum Co LLC Takes $627,000 Position in Ascent Industries Co. (NASDAQ:ACNT)

Key Points

• Informed Momentum Co LLC acquired 49,514 shares of Ascent Industries Co. in Q1, amounting to approximately $627,000, bringing their ownership to 0.49%.
• Ascent Industries reported a quarterly loss of ($0.08) earnings per share, significantly missing analysts' estimates, and has a current market cap of $120.50 million.
• Wall Street Zen downgraded Ascent Industries from a "buy" to a "hold" rating, indicating a shift in outlook among analysts.

Informed Momentum Co LLC purchased a new position in Ascent Industries Co. (NASDAQ:ACNT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 49,514 shares of the company's stock, valued at approximately $627,000. Informed Momentum Co LLC owned 0.49% of Ascent Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Values Added Financial LLC increased its holdings in shares of Ascent Industries by 15.3% in the first quarter. Values Added Financial LLC now owns 16,461 shares of the company's stock worth $208,000 after purchasing an additional 2,180 shares during the period. Millennium Management LLC bought a new position in shares of Ascent Industries in the fourth quarter worth $208,000. Northern Trust Corp increased its holdings in shares of Ascent Industries by 47.7% in the fourth quarter. Northern Trust Corp now owns 35,384 shares of the company's stock worth $396,000 after purchasing an additional 11,420 shares during the period. Geode Capital Management LLC increased its holdings in shares of Ascent Industries by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 93,322 shares of the company's stock worth $1,044,000 after purchasing an additional 1,869 shares during the period. Finally, AMH Equity Ltd grew its position in Ascent Industries by 99.1% in the first quarter. AMH Equity Ltd now owns 119,430 shares of the company's stock worth $1,512,000 after acquiring an additional 59,430 shares in the last quarter. Institutional investors own 26.05% of the company's stock.

Insider Buying and Selling at Ascent Industries

In other Ascent Industries news, VP Ravi Ramesh Srinivas purchased 4,000 shares of the business's stock in a transaction on Wednesday, June 18th. The stock was acquired at an average cost of $12.44 per share, for a total transaction of $49,760.00. Following the completion of the transaction, the vice president directly owned 16,000 shares in the company, valued at approximately $199,040. This represents a 33.33% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Christopher Gerald Hutter sold 20,000 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $12.51, for a total transaction of $250,200.00. Following the sale, the director owned 358,959 shares of the company's stock, valued at approximately $4,490,577.09. The trade was a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,040 shares of company stock valued at $426,204 over the last quarter. 9.31% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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

Ascent Industries Price Performance

NASDAQ:ACNT traded down $0.58 during midday trading on Friday, hitting $11.96. The company had a trading volume of 102,525 shares, compared to its average volume of 38,525. Ascent Industries Co. has a 52-week low of $8.16 and a 52-week high of $13.70. The stock's fifty day moving average price is $12.78 and its 200-day moving average price is $12.45. The company has a market capitalization of $112.04 million, a PE ratio of -41.24 and a beta of 0.63. The company has a quick ratio of 6.13, a current ratio of 6.64 and a debt-to-equity ratio of 0.01.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.35). Ascent Industries had a negative return on equity of 2.52% and a negative net margin of 2.51%. The company had revenue of $18.65 million during the quarter, compared to analysts' expectations of $56.90 million.

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.