Short Interest in Ascent Industries Co. (NASDAQ:ACNT) Drops By 10.8%

Ascent Industries Co. (NASDAQ:ACNT) was the target of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 9,100 shares, a drop of 10.8% from the March 15th total of 10,200 shares. Approximately 0.1% of the shares of the company are sold short. Based on an average daily volume of 6,400 shares, the days-to-cover ratio is currently 1.4 days.

Ascent Industries Trading Down 2.5 %

Shares of Ascent Industries stock opened at $10.04 on Wednesday. The business has a fifty day simple moving average of $10.36 and a two-hundred day simple moving average of $9.35. Ascent Industries has a 1 year low of $7.20 and a 1 year high of $11.19. The company has a market capitalization of $101.60 million, a price-to-earnings ratio of -3.79 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.61 and a quick ratio of 1.50.

Institutional Investors Weigh In On Ascent Industries

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Ascent Industries by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 246,048 shares of the company’s stock valued at $2,352,000 after purchasing an additional 8,784 shares during the last quarter. Perritt Capital Management Inc. acquired a new stake in shares of Ascent Industries during the fourth quarter worth $143,000. Northern Trust Corp lifted its holdings in shares of Ascent Industries by 57.0% during the fourth quarter. Northern Trust Corp now owns 26,573 shares of the company’s stock worth $254,000 after buying an additional 9,646 shares in the last quarter. Merit Financial Group LLC lifted its holdings in shares of Ascent Industries by 9.6% during the fourth quarter. Merit Financial Group LLC now owns 56,900 shares of the company’s stock worth $544,000 after buying an additional 5,000 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Ascent Industries by 82.5% during the fourth quarter. Victory Capital Management Inc. now owns 8,857 shares of the company’s stock worth $85,000 after buying an additional 4,004 shares in the last quarter. Institutional investors and hedge funds own 26.05% of the company’s stock.

Ascent Industries Company Profile

Ascent Industries Co an industrials company, focuses on the production and distribution of industrial tubular products 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 galvanized carbon tubes, as well as related stainless pipe products.