Ascent Industries (NASDAQ:ACNT) VP Anthony Pan Buys 3,400 Shares

Ascent Industries Co. (NASDAQ:ACNT) VP Anthony Pan bought 3,400 shares of the company’s stock in a transaction dated Friday, March 6th. The stock was bought at an average cost of $13.30 per share, with a total value of $45,220.00. Following the completion of the acquisition, the vice president owned 20,651 shares in the company, valued at $274,658.30. This represents a 19.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Ascent Industries Price Performance

Shares of Ascent Industries stock traded down $0.09 during midday trading on Monday, hitting $13.17. 111,793 shares of the company were exchanged, compared to its average volume of 77,294. The firm has a 50 day simple moving average of $16.58 and a 200-day simple moving average of $14.43. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.72 and a quick ratio of 6.01. The firm has a market cap of $124.72 million, a P/E ratio of 119.74 and a beta of 0.43. Ascent Industries Co. has a 52 week low of $11.43 and a 52 week high of $17.92.

Ascent Industries (NASDAQ:ACNT) last released its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.27). The company had revenue of $11.86 million for the quarter, compared to analyst estimates of $48.90 million. Ascent Industries had a negative return on equity of 2.89% and a net margin of 1.06%.

Ascent Industries announced that its board has authorized a stock buyback program on Thursday, December 18th that permits the company to repurchase $2.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Ascent Industries from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, January 15th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Ascent Industries currently has a consensus rating of “Hold”.

Hedge Funds Weigh In On Ascent Industries

Several institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets grew its holdings in shares of Ascent Industries by 114.3% during the third quarter. BNP Paribas Financial Markets now owns 1,937 shares of the company’s stock worth $25,000 after purchasing an additional 1,033 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Ascent Industries in the third quarter valued at about $25,000. CWM LLC lifted its position in Ascent Industries by 66.8% during the 4th quarter. CWM LLC now owns 1,585 shares of the company’s stock worth $26,000 after buying an additional 635 shares in the last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in Ascent Industries during the 2nd quarter worth about $29,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Ascent Industries during the 2nd quarter worth about $55,000. Institutional investors own 26.05% of the company’s stock.

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.