Ascent Industries (NASDAQ:ACNT) Board Approves Share Repurchase Plan

Ascent Industries (NASDAQ:ACNT) announced that its board has authorized a stock buyback plan on Thursday, December 18th, RTT News reports. The company plans to repurchase $2.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of Ascent Industries in a report on Monday, December 15th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has an average rating of “Sell”.

Ascent Industries Stock Down 3.9%

Shares of NASDAQ:ACNT opened at $15.66 on Friday. The stock has a 50-day simple moving average of $13.64 and a 200-day simple moving average of $12.97. The stock has a market capitalization of $146.58 million, a P/E ratio of 130.51 and a beta of 0.50. Ascent Industries has a 1 year low of $10.76 and a 1 year high of $16.84. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.86 and a current ratio of 6.40.

Ascent Industries (NASDAQ:ACNT) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.28). Ascent Industries had a negative return on equity of 1.63% and a net margin of 0.85%.The company had revenue of $19.70 million for the quarter, compared to analyst estimates of $59.40 million.

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.