Ascent Industries Co. (NASDAQ:ACNT) Director Sells $64,369.20 in Stock

Ascent Industries Co. (NASDAQ:ACNT) Director Christopher Gerald Hutter sold 4,740 shares of Ascent Industries stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $13.58, for a total value of $64,369.20. Following the completion of the transaction, the director now directly owns 387,259 shares of the company’s stock, valued at approximately $5,258,977.22. This represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Christopher Gerald Hutter also recently made the following trade(s):

• On Wednesday, June 11th, Christopher Gerald Hutter sold 8,300 shares of Ascent Industries stock. The shares were sold at an average price of $13.45, for a total value of $111,635.00.
• On Monday, March 17th, Christopher Gerald Hutter sold 15,010 shares of Ascent Industries stock. The shares were sold at an average price of $12.16, for a total value of $182,521.60.

Ascent Industries Stock Performance

Shares of ACNT opened at $12.46 on Friday. The stock has a 50-day simple moving average of $12.76 and a 200-day simple moving average of $12.01. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.81 and a current ratio of 3.77. The stock has a market capitalization of $124.72 million, a PE ratio of -73.29 and a beta of 0.61. Ascent Industries Co. has a 1 year low of $8.16 and a 1 year high of $13.70.

Ascent Industries (NASDAQ:ACNT) last posted its earnings results on Monday, May 12th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.20). The business had revenue of $24.73 million for the quarter, compared to analysts’ expectations of $48.90 million. Ascent Industries had a negative return on equity of 12.48% and a negative net margin of 0.80%.

Institutional Investors Weigh In On Ascent Industries

Several institutional investors have recently added to or reduced their stakes in the business. Values Added Financial LLC lifted its stake in Ascent Industries by 15.3% in the first quarter. Values Added Financial LLC now owns 16,461 shares of the company’s stock valued at $208,000 after buying an additional 2,180 shares during the last quarter. Goldman Sachs Group Inc. purchased a new stake in Ascent Industries in the first quarter valued at approximately $227,000. Millennium Management LLC purchased a new stake in Ascent Industries in the fourth quarter valued at approximately $208,000. Jane Street Group LLC purchased a new stake in Ascent Industries in the first quarter valued at approximately $269,000. Finally, Northern Trust Corp lifted its stake in Ascent Industries by 47.7% in the fourth quarter. Northern Trust Corp now owns 35,384 shares of the company’s stock valued at $396,000 after buying an additional 11,420 shares during the last quarter. Hedge funds and other institutional investors own 26.05% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Ascent Industries from a “buy” rating to a “hold” rating in a research note on Thursday, May 22nd.

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.