Ascent Industries Co. (NASDAQ:ACNT) Sees Significant Decline in Short Interest

Ascent Industries Co. (NASDAQ:ACNT) was the target of a large decline in short interest in the month of February. As of February 15th, there was short interest totalling 28,700 shares, a decline of 31.7% from the January 31st total of 42,000 shares. Currently, 0.4% of the company’s shares are sold short. Based on an average daily volume of 28,800 shares, the days-to-cover ratio is currently 1.0 days.

Ascent Industries Price Performance

ACNT stock opened at $11.07 on Tuesday. The firm has a market cap of $111.73 million, a P/E ratio of -65.12 and a beta of 0.83. Ascent Industries has a 1 year low of $8.16 and a 1 year high of $12.38. The stock has a 50-day simple moving average of $11.19 and a 200-day simple moving average of $10.46. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.81 and a current ratio of 3.77.

Insider Transactions at Ascent Industries

In other Ascent Industries news, VP Ravi Ramesh Srinivas bought 4,000 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were acquired at an average price of $11.21 per share, with a total value of $44,840.00. Following the purchase, the vice president now owns 4,000 shares in the company, valued at approximately $44,840. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 12.85% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ACNT. Millennium Management LLC purchased a new stake in shares of Ascent Industries during the fourth quarter worth about $208,000. Northern Trust Corp grew its stake in Ascent Industries by 47.7% during the 4th quarter. Northern Trust Corp now owns 35,384 shares of the company’s stock valued at $396,000 after purchasing an additional 11,420 shares in the last quarter. Empowered Funds LLC increased its holdings in Ascent Industries by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock worth $414,000 after purchasing an additional 2,144 shares during the last quarter. AMH Equity Ltd acquired a new position in shares of Ascent Industries in the 4th quarter valued at approximately $671,000. Finally, HighTower Advisors LLC boosted its stake in shares of Ascent Industries by 1.3% during the 4th quarter. HighTower Advisors LLC now owns 83,231 shares of the company’s stock valued at $931,000 after buying an additional 1,083 shares during the last quarter. 26.05% of the stock is owned by institutional investors and hedge funds.

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.