Ascent Industries (NASDAQ:ACNT) CEO John Bryan Kitchen Purchases 7,595 Shares

Ascent Industries Co. (NASDAQ:ACNT) CEO John Bryan Kitchen acquired 7,595 shares of the stock in a transaction dated Tuesday, March 17th. The stock was acquired at an average cost of $12.98 per share, with a total value of $98,583.10. Following the transaction, the chief executive officer directly owned 79,985 shares in the company, valued at approximately $1,038,205.30. This represents a 10.49% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Ascent Industries Stock Down 0.4%

Shares of ACNT stock opened at $12.69 on Wednesday. The stock’s fifty day moving average price is $16.11 and its 200 day moving average price is $14.47. Ascent Industries Co. has a 1-year low of $11.46 and a 1-year high of $17.92. The company has a market cap of $120.17 million, a price-to-earnings ratio of 115.37 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 (NASDAQ:ACNT) last released its quarterly 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 business had revenue of $11.86 million during the quarter, compared to analysts’ expectations of $48.90 million. Ascent Industries had a net margin of 1.06% and a negative return on equity of 2.89%.

Ascent Industries declared that its board has initiated a stock buyback plan on Thursday, December 18th that authorizes the company to buyback $2.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

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

Institutional Trading of Ascent Industries

Large investors have recently made changes to their positions in the business. CWM LLC raised its holdings in shares of Ascent Industries by 66.8% during the fourth quarter. CWM LLC now owns 1,585 shares of the company’s stock worth $26,000 after purchasing an additional 635 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Ascent Industries by 114.3% during the third quarter. BNP Paribas Financial Markets now owns 1,937 shares of the company’s stock valued at $25,000 after purchasing an additional 1,033 shares during the period. Russell Investments Group Ltd. purchased a new stake in Ascent Industries in the third quarter valued at $25,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in Ascent Industries during the 2nd quarter worth about $29,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Ascent Industries during the 2nd quarter worth about $55,000. 26.05% of the stock is owned by hedge funds and other institutional investors.

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.