Insider Buying: Ascent Industries Co. (NASDAQ:ACNT) CEO Purchases 7,946 Shares of Stock

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) CEO John Bryan Kitchen purchased 7,946 shares of the company's stock in a transaction that occurred on Friday, May 10th. The shares were acquired at an average cost of $10.00 per share, with a total value of $79,460.00. Following the completion of the acquisition, the chief executive officer now directly owns 35,190 shares in the company, valued at $351,900. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Ascent Industries Price Performance

ACNT stock traded up $0.08 during midday trading on Monday, reaching $10.32. 13,459 shares of the company's stock traded hands, compared to its average volume of 6,885. The company has a 50-day simple moving average of $10.38 and a two-hundred day simple moving average of $9.57. Ascent Industries Co. has a 1-year low of $7.20 and a 1-year high of $11.19. The company has a market cap of $104.54 million, a price-to-earnings ratio of -3.85 and a beta of 0.69. The company has a quick ratio of 1.25, a current ratio of 3.06 and a debt-to-equity ratio of 0.01.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last released its quarterly earnings results on Thursday, March 28th. The company reported ($0.73) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.65). Ascent Industries had a negative net margin of 13.32% and a negative return on equity of 15.96%. The business had revenue of $41.22 million for the quarter, compared to analyst estimates of $63.50 million. On average, analysts anticipate that Ascent Industries Co. will post -0.14 earnings per share for the current year.

Institutional Investors Weigh In On Ascent Industries

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Ascent Industries by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 256,736 shares of the company's stock valued at $2,616,000 after buying an additional 10,688 shares during the period. Empowered Funds LLC increased its stake in shares of Ascent Industries by 8.0% in the 1st quarter. Empowered Funds LLC now owns 37,620 shares of the company's stock valued at $383,000 after buying an additional 2,800 shares during the period. Merit Financial Group LLC increased its stake in shares of Ascent Industries by 9.6% in the 4th quarter. Merit Financial Group LLC now owns 56,900 shares of the company's stock valued at $544,000 after buying an additional 5,000 shares during the period. Finally, Victory Capital Management Inc. increased its stake in shares of Ascent Industries by 82.5% in the 4th quarter. Victory Capital Management Inc. now owns 8,857 shares of the company's stock valued at $85,000 after buying an additional 4,004 shares during the period. 26.05% of the stock is owned by institutional investors and hedge funds.

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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