Mink Brook Asset Management LLC Invests $11.14 Million in Ascent Industries Co. (NASDAQ:ACNT)

Mink Brook Asset Management LLC bought a new position in Ascent Industries Co. (NASDAQ:ACNT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 996,574 shares of the company's stock, valued at approximately $11,142,000. Ascent Industries accounts for about 10.7% of Mink Brook Asset Management LLC's holdings, making the stock its 2nd largest holding. Mink Brook Asset Management LLC owned about 9.87% of Ascent Industries as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ACNT. Millennium Management LLC bought a new position in shares of Ascent Industries in the 4th quarter valued at approximately $208,000. Northern Trust Corp raised its stake 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 in the last quarter. Empowered Funds LLC raised its stake in shares of Ascent Industries by 4.8% in the 4th quarter. Empowered Funds LLC now owns 44,693 shares of the company's stock valued at $500,000 after acquiring an additional 2,049 shares in the last quarter. AMH Equity Ltd bought a new position in shares of Ascent Industries in the 4th quarter valued at approximately $671,000. Finally, HighTower Advisors LLC raised its stake in shares of Ascent Industries by 1.3% in the 4th quarter. HighTower Advisors LLC now owns 83,231 shares of the company's stock valued at $931,000 after acquiring an additional 1,083 shares in the last quarter. Institutional investors and hedge funds own 26.05% of the company's stock.

Insider Transactions at Ascent Industries

In related news, VP Ravi Ramesh Srinivas bought 4,000 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $11.81 per share, for a total transaction of $47,240.00. Following the transaction, the vice president now directly owns 8,000 shares of the company's stock, valued at $94,480. This represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Christopher Gerald Hutter sold 15,010 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $12.16, for a total value of $182,521.60. Following the transaction, the director now owns 209,233 shares of the company's stock, valued at $2,544,273.28. This trade represents a 6.69% decrease in their position. The disclosure for this sale can be found here. 12.85% of the stock is owned by insiders.

Ascent Industries Stock Performance

ACNT opened at $12.82 on Tuesday. The firm has a market capitalization of $128.65 million, a P/E ratio of -75.41 and a beta of 0.64. The stock's 50 day moving average price is $12.70 and its two-hundred day moving average price is $11.55. The company has a quick ratio of 1.81, a current ratio of 3.77 and a debt-to-equity ratio of 0.01. Ascent Industries Co. has a 12-month low of $8.16 and a 12-month high of $13.33.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter. Ascent Industries had a negative net margin of 0.80% and a negative return on equity of 12.48%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.