Ascent Industries Co. (NASDAQ:ACNT) Short Interest Update

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) saw a significant growth in short interest in the month of May. As of May 15th, there was short interest totalling 16,800 shares, a growth of 36.6% from the April 30th total of 12,300 shares. Currently, 0.2% of the shares of the company are sold short. Based on an average trading volume of 67,500 shares, the days-to-cover ratio is presently 0.2 days.

Ascent Industries Price Performance

NASDAQ:ACNT traded down $0.04 during mid-day trading on Tuesday, hitting $12.97. The company's stock had a trading volume of 61,542 shares, compared to its average volume of 42,256. The company has a market capitalization of $129.83 million, a price-to-earnings ratio of -76.29 and a beta of 0.64. The company has a current ratio of 3.77, a quick ratio of 1.81 and a debt-to-equity ratio of 0.01. Ascent Industries has a fifty-two week low of $8.16 and a fifty-two week high of $13.33. The stock has a fifty day moving average of $12.72 and a 200-day moving average of $11.86.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.20). The company had revenue of $24.73 million during the quarter, compared to analyst estimates of $48.90 million. Ascent Industries had a negative return on equity of 12.48% and a negative net margin of 0.80%.

Insider Activity

In other news, VP Ravi Ramesh Srinivas acquired 4,000 shares of the stock in a transaction dated Friday, March 21st. The shares were acquired at an average cost of $12.65 per share, for a total transaction of $50,600.00. Following the completion of the transaction, the vice president now owns 12,000 shares in the company, valued at approximately $151,800. This trade represents a 50.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Christopher Gerald Hutter sold 15,010 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $12.16, for a total value of $182,521.60. Following the completion of the transaction, the director now owns 209,233 shares of the company's stock, valued at $2,544,273.28. The trade was a 6.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Values Added Financial LLC lifted its holdings in Ascent Industries by 15.3% during the 1st quarter. Values Added Financial LLC now owns 16,461 shares of the company's stock valued at $208,000 after purchasing an additional 2,180 shares during the last quarter. Millennium Management LLC acquired a new stake in Ascent Industries during the 4th quarter valued at $208,000. Goldman Sachs Group Inc. acquired a new stake in Ascent Industries during the 1st quarter valued at $227,000. Jane Street Group LLC bought a new position in Ascent Industries in the 1st quarter valued at $269,000. Finally, Northern Trust Corp boosted its stake in 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 in the last quarter. 26.05% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

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.