Ascent Industries (NASDAQ:ACNT) Shares Up 0.1% - Still a Buy?

Key Points

• Ascent Industries shares rose 0.1% to $13.56 in Wednesday trading, with volume 32% above its average session level.
• Analyst sentiment remains negative: Weiss Ratings upgraded the stock only from “sell (d-)” to “sell (d),” while the consensus rating is still Sell.
• The company reported quarterly revenue of $25.67 million and EPS of $0.07, but continues to post a negative net margin of 5.31% and negative return on equity of 2.72%; institutional investors own 26.05% of the stock.

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) was up 0.1% on Wednesday. The stock traded as high as $13.60 and last traded at $13.56. 34,264 shares changed hands during trading, an increase of 32% from the average session volume of 25,959 shares. The stock had previously closed at $13.54.

Analyst Ratings Changes

Separately, Weiss Ratings raised Ascent Industries from a "sell (d-)" rating to a "sell (d)" rating in a research note on Friday, August 28th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the stock presently has a consensus rating of "Sell".

Ascent Industries Price Performance

The company has a market capitalization of $122.18 million, a PE ratio of -30.13 and a beta of 0.48. The firm's 50 day simple moving average is $14.74 and its 200 day simple moving average is $14.44. The company has a quick ratio of 3.63, a current ratio of 4.33 and a debt-to-equity ratio of 0.01.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 earnings per share (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.

Institutional Trading of Ascent Industries

A number of large investors have recently made changes to their positions in ACNT. Strs Ohio lifted its holdings in Ascent Industries by 3.2% during the 1st quarter. Strs Ohio now owns 36,000 shares of the company's stock valued at $479,000 after buying an additional 1,100 shares in the last quarter. Expect Equity LLC boosted its position in Ascent Industries by 3.0% in the 4th quarter. Expect Equity LLC now owns 103,489 shares of the company's stock valued at $1,675,000 after buying an additional 3,040 shares during the period. Bank of New York Mellon Corp purchased a new stake in Ascent Industries in the 2nd quarter valued at about $161,000. R Squared Ltd purchased a new stake in Ascent Industries in the 1st quarter valued at about $181,000. Finally, Bank of America Corp DE bought a new position in Ascent Industries in the 2nd quarter worth about $231,000. 26.05% of the stock is owned by hedge funds and other institutional investors.

About Ascent Industries

Ascent Industries Holdings, Inc NASDAQ: ACNT is a diversified industrial company that manufactures specialty chemicals and metal tubing products for customers in a range of industrial markets. The company operates primarily through its specialty chemicals and industrial manufacturing businesses.

Its specialty chemicals operations produce and distribute products used in water treatment, chemical processing, sanitation, agriculture, and other industrial applications. Products have included hydrochloric acid, sodium hypochlorite, ferric chloride, and other specialty and performance chemicals.

Through its industrial manufacturing operations, Ascent produces welded stainless steel, galvanized carbon steel, and other specialty alloy pipe and tubing.

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