Ascent Industries’ (ACNT) “Sell (D-)” Rating Reiterated at Weiss Ratings

Weiss Ratings reaffirmed their sell (d-) rating on shares of Ascent Industries (NASDAQ:ACNT) in a research note issued to investors on Wednesday,Weiss Ratings reports.

Ascent Industries Stock Down 1.4%

ACNT stock opened at $11.95 on Wednesday. The firm has a 50 day moving average of $12.44 and a 200 day moving average of $12.65. The stock has a market capitalization of $111.97 million, a PE ratio of -41.21 and a beta of 0.67. 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 has a 52 week low of $9.00 and a 52 week high of $13.70.

Ascent Industries (NASDAQ:ACNT) last released its earnings results on Wednesday, August 6th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.35). The company had revenue of $18.65 million during the quarter, compared to analyst estimates of $56.90 million. Ascent Industries had a negative return on equity of 2.52% and a negative net margin of 2.51%.

Insider Buying and Selling

In other Ascent Industries news, Director Christopher Gerald Hutter sold 47,935 shares of Ascent Industries stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $12.25, for a total transaction of $587,203.75. Following the completion of the sale, the director directly owned 178,959 shares in the company, valued at approximately $2,192,247.75. The trade was a 21.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 190,674 shares of company stock valued at $2,335,034. 9.31% of the stock is owned by company insiders.

Institutional Trading of Ascent Industries

Several institutional investors and hedge funds have recently bought and sold shares of the business. Mink Brook Asset Management LLC lifted its stake in Ascent Industries by 0.4% during the 1st quarter. Mink Brook Asset Management LLC now owns 1,000,697 shares of the company’s stock valued at $12,669,000 after acquiring an additional 4,123 shares during the period. Geode Capital Management LLC lifted its stake in Ascent Industries by 91.9% during the 2nd quarter. Geode Capital Management LLC now owns 194,433 shares of the company’s stock valued at $2,452,000 after acquiring an additional 93,125 shares during the period. AMH Equity Ltd lifted its stake in shares of Ascent Industries by 21.4% in the 2nd quarter. AMH Equity Ltd now owns 145,019 shares of the company’s stock valued at $1,829,000 after purchasing an additional 25,589 shares during the period. Bridgeway Capital Management LLC lifted its stake in shares of Ascent Industries by 3.9% in the 2nd quarter. Bridgeway Capital Management LLC now owns 114,691 shares of the company’s stock valued at $1,446,000 after purchasing an additional 4,346 shares during the period. Finally, Informed Momentum Co LLC acquired a new position in shares of Ascent Industries in the 1st quarter valued at $627,000. 26.05% of the stock is currently owned by institutional investors and hedge funds.

Ascent Industries Company 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.