Bard Associates Inc. Purchases 154,888 Shares of Ascent Industries Co. $ACNT

Bard Associates Inc. raised its position in Ascent Industries Co. (NASDAQ:ACNT) by 90.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 326,948 shares of the company’s stock after purchasing an additional 154,888 shares during the quarter. Bard Associates Inc.’s holdings in Ascent Industries were worth $4,211,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. purchased a new position in shares of Ascent Industries during the third quarter valued at approximately $25,000. BNP Paribas Financial Markets raised its holdings in shares of Ascent Industries by 114.3% in the third quarter. BNP Paribas Financial Markets now owns 1,937 shares of the company’s stock worth $25,000 after buying an additional 1,033 shares during the period. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Ascent Industries during the 2nd quarter worth approximately $29,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Ascent Industries during the 2nd quarter worth approximately $55,000. Finally, Bank of America Corp DE boosted its holdings in Ascent Industries by 258.0% during the 2nd quarter. Bank of America Corp DE now owns 4,475 shares of the company’s stock valued at $56,000 after acquiring an additional 3,225 shares during the period. Institutional investors own 26.05% of the company’s stock.

Insider Activity

In other news, VP Anthony X. Pan acquired 3,400 shares of the company’s stock in a transaction that occurred on Friday, March 6th. The shares were bought at an average price of $13.30 per share, with a total value of $45,220.00. Following the completion of the purchase, the vice president directly owned 20,651 shares in the company, valued at $274,658.30. This trade represents a 19.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 9.31% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised Ascent Industries from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, January 15th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, Ascent Industries has an average rating of “Hold”.

Ascent Industries Trading Down 0.9%

Shares of ACNT opened at $12.79 on Friday. The firm has a market capitalization of $121.12 million, a price-to-earnings ratio of 116.28 and a beta of 0.43. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.72 and a quick ratio of 6.01. Ascent Industries Co. has a 1-year low of $11.46 and a 1-year high of $17.92. The company has a 50-day moving average of $16.25 and a 200 day moving average of $14.44.

Ascent Industries (NASDAQ:ACNT) last issued its earnings results on Tuesday, March 3rd. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.27). The company had revenue of $11.86 million during the quarter, compared to the consensus estimate 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 of Directors has authorized a stock buyback program on Thursday, December 18th that permits the company to repurchase $2.00 million in shares. This repurchase authorization permits the company to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Ascent Industries 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.