Key Points
- CEO insider buy: Ascent CEO John Bryan Kitchen purchased 7,595 shares at $12.98 each for a total of $98,583.10, raising his stake to 79,985 shares (a 10.49% increase) now worth roughly $1.04 million.
- Earnings miss and stock reaction: The company reported ($0.11) EPS versus $0.16 expected and revenue of $11.86M vs. $48.90M, and the stock traded down to $12.33 (market cap ~$116.7M, P/E ~112.06) following the results.
- Shareholder actions and sentiment: The board authorized a $2.0M buyback (about 1.4% of outstanding shares), Weiss Ratings upgraded the stock to a "hold," and institutional investors own roughly 26.05% of the company.
Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) CEO John Bryan Kitchen purchased 7,595 shares of the stock in a transaction dated Tuesday, March 17th. The shares were purchased at an average price of $12.98 per share, with a total value of $98,583.10. Following the completion of the acquisition, the chief executive officer owned 79,985 shares of the company's stock, valued at approximately $1,038,205.30. This represents a 10.49% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Ascent Industries Trading Down 0.5%
Shares of ACNT traded down $0.07 on Thursday, hitting $12.33. 24,012 shares of the stock traded hands, compared to its average volume of 94,169. The company has a quick ratio of 6.01, a current ratio of 6.72 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $116.72 million, a P/E ratio of 112.06 and a beta of 0.43. The stock's 50 day moving average is $16.03 and its two-hundred day moving average is $14.46. Ascent Industries Co. has a 1 year low of $11.46 and a 1 year high of $17.92.
Ascent Industries (NASDAQ:ACNT - Get Free Report) last released its earnings results on Tuesday, March 3rd. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.27). The firm 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 initiated a stock repurchase program on Thursday, December 18th that allows the company to buyback $2.00 million in outstanding shares. This buyback authorization allows the company to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its shares are undervalued.
Hedge Funds Weigh In On Ascent Industries
Large investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. purchased a new stake in shares of Ascent Industries during the 1st quarter valued at $227,000. Empowered Funds LLC raised its position in shares of Ascent Industries by 6.5% in the 1st quarter. Empowered Funds LLC now owns 47,620 shares of the company's stock worth $603,000 after buying an additional 2,927 shares during the period. Jane Street Group LLC acquired a new position in Ascent Industries in the first quarter valued at $269,000. Los Angeles Capital Management LLC acquired a new position in Ascent Industries in the second quarter valued at $134,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Ascent Industries during the second quarter valued at about $151,000. Hedge funds and other institutional investors own 26.05% of the company's stock.
Wall Street Analyst Weigh In
Separately, Weiss Ratings upgraded Ascent Industries from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, January 15th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, Ascent Industries has an average rating of "Hold".
Check Out Our Latest Report on Ascent Industries
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.
Further Reading
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