Merit Financial Group LLC Grows Stake in Ascent Industries Co. (NASDAQ:ACNT)

Merit Financial Group LLC grew its position in Ascent Industries Co. (NASDAQ:ACNT) by 9.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 56,900 shares of the company’s stock after purchasing an additional 5,000 shares during the quarter. Merit Financial Group LLC owned about 0.56% of Ascent Industries worth $544,000 at the end of the most recent reporting period.

Separately, Victory Capital Management Inc. grew its holdings in shares of Ascent Industries by 82.5% during the fourth quarter. Victory Capital Management Inc. now owns 8,857 shares of the company’s stock valued at $85,000 after buying an additional 4,004 shares during the last quarter. Institutional investors and hedge funds own 26.05% of the company’s stock.

Ascent Industries Price Performance

Shares of ACNT opened at $9.77 on Wednesday. The firm has a market capitalization of $98.87 million, a PE ratio of -3.69 and a beta of 0.69. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.61 and a quick ratio of 1.50. Ascent Industries Co. has a 1-year low of $7.20 and a 1-year high of $11.19. The company’s fifty day moving average price is $10.40 and its 200-day moving average price is $9.52.

Ascent Industries (NASDAQ:ACNT) last announced its quarterly earnings data on Thursday, March 28th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.65). The company had revenue of $41.22 million for the quarter, compared to analysts’ expectations of $63.50 million. Ascent Industries had a negative net margin of 11.07% and a negative return on equity of 15.98%. On average, equities research analysts predict that Ascent Industries Co. will post -0.14 EPS for the current year.

Ascent Industries Profile

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.