Ascent Industries Co. (NASDAQ:ACNT) Short Interest Down 35.9% in October

Ascent Industries Co. (NASDAQ:ACNT) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 8,200 shares, a decrease of 35.9% from the October 15th total of 12,800 shares. Approximately 0.1% of the company’s stock are short sold. Based on an average daily trading volume, of 52,000 shares, the short-interest ratio is presently 0.2 days.

Insider Buying and Selling

In other news, insider Privet Fund Management Llc sold 1,665,000 shares of Ascent Industries stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $8.22, for a total transaction of $13,686,300.00. Following the sale, the insider now owns 8,648 shares in the company, valued at approximately $71,086.56. The trade was a 99.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Bryan Kitchen acquired 11,170 shares of Ascent Industries stock in a transaction on Friday, September 20th. The stock was purchased at an average price of $8.61 per share, with a total value of $96,173.70. Following the purchase, the chief executive officer now owns 50,841 shares of the company’s stock, valued at $437,741.01. The trade was a 28.16 % increase in their position. The disclosure for this purchase can be found here. Insiders own 12.85% of the company’s stock.

Hedge Funds Weigh In On Ascent Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Essex Investment Management Co. LLC acquired a new stake in Ascent Industries during the 3rd quarter worth approximately $132,000. Values Added Financial LLC acquired a new stake in shares of Ascent Industries during the third quarter worth $133,000. Perritt Capital Management Inc. lifted its holdings in shares of Ascent Industries by 36.0% during the first quarter. Perritt Capital Management Inc. now owns 20,402 shares of the company’s stock worth $208,000 after purchasing an additional 5,402 shares during the period. Empowered Funds LLC grew its position in Ascent Industries by 8.0% in the 1st quarter. Empowered Funds LLC now owns 37,620 shares of the company’s stock valued at $383,000 after buying an additional 2,800 shares during the last quarter. Finally, De Lisle Partners LLP raised its position in Ascent Industries by 5.5% during the 3rd quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock worth $1,914,000 after buying an additional 10,349 shares during the last quarter. Hedge funds and other institutional investors own 26.05% of the company’s stock.

Ascent Industries Stock Up 3.4 %

ACNT stock opened at $9.95 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.77 and a quick ratio of 1.45. The company has a market cap of $100.43 million, a price-to-earnings ratio of -58.53 and a beta of 0.79. Ascent Industries has a 12 month low of $7.20 and a 12 month high of $11.19. The company has a fifty day moving average price of $9.45 and a 200 day moving average price of $9.84.

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.