Key Points
- Ascent Industries VP Anthony Pan purchased 3,400 shares on March 6 at an average price of $13.30 ($45,220 total), increasing his holdings to 20,651 shares — a 19.71% rise — per an SEC filing.
- The company missed expectations in its latest quarter, reporting EPS of -$0.11 vs. a $0.16 consensus and revenue of $11.86M vs. $48.90M expected.
- Ascent's board approved a $2.0 million share buyback (about 1.4% of shares outstanding), and Weiss Ratings recently upgraded the stock from sell to hold.
Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) VP Anthony Pan bought 3,400 shares of the stock in a transaction on Friday, March 6th. The shares were acquired at an average cost of $13.30 per share, for a total transaction of $45,220.00. Following the purchase, the vice president owned 20,651 shares in the company, valued at $274,658.30. The trade was a 19.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Ascent Industries Price Performance
Ascent Industries stock opened at $13.21 on Tuesday. The company has a fifty day simple moving average of $16.52 and a 200-day simple moving average of $14.44. The firm has a market capitalization of $125.10 million, a price-to-earnings ratio of 120.10 and a beta of 0.43. The company has a quick ratio of 6.01, a current ratio of 6.72 and a debt-to-equity ratio of 0.01. Ascent Industries Co. has a 52-week low of $11.43 and a 52-week high of $17.92.
Ascent Industries (NASDAQ:ACNT - Get Free Report) last posted its quarterly earnings results on Tuesday, March 3rd. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.27). The business had revenue of $11.86 million during the quarter, compared to analysts' expectations of $48.90 million. Ascent Industries had a negative return on equity of 2.89% and a net margin of 1.06%.
Ascent Industries announced that its board has approved a share buyback plan on Thursday, December 18th that allows the company to repurchase $2.00 million in shares. This repurchase authorization allows the company to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings upgraded Ascent Industries from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, January 15th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold".
Read Our Latest Research Report on ACNT
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its position in shares of Ascent Industries by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 438,167 shares of the company's stock valued at $5,643,000 after acquiring an additional 1,833 shares during the last quarter. Bard Associates Inc. increased its position in Ascent Industries by 90.0% during the third quarter. Bard Associates Inc. now owns 326,948 shares of the company's stock worth $4,211,000 after purchasing an additional 154,888 shares during the last quarter. Renaissance Technologies LLC increased its position in Ascent Industries by 8.0% during the fourth quarter. Renaissance Technologies LLC now owns 295,100 shares of the company's stock worth $4,778,000 after purchasing an additional 21,800 shares during the last quarter. Wells Fargo & Company MN raised its stake in Ascent Industries by 0.9% during the fourth quarter. Wells Fargo & Company MN now owns 218,394 shares of the company's stock worth $3,536,000 after purchasing an additional 2,014 shares during the period. Finally, Geode Capital Management LLC raised its stake in Ascent Industries by 91.9% during the second quarter. Geode Capital Management LLC now owns 194,433 shares of the company's stock worth $2,452,000 after purchasing an additional 93,125 shares during the period. Hedge funds and other institutional investors own 26.05% of the company's stock.
About Ascent Industries
(
Get Free Report)
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.
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