Millennium Management LLC acquired a new position in Ascent Industries Co. (NASDAQ:ACNT – Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 18,564 shares of the company’s stock, valued at approximately $208,000.
A number of other hedge funds have also recently made changes to their positions in ACNT. AMH Equity Ltd bought a new stake in Ascent Industries during the 4th quarter valued at approximately $671,000. Renaissance Technologies LLC grew its holdings in Ascent Industries by 37.4% during the 4th quarter. Renaissance Technologies LLC now owns 153,500 shares of the company’s stock valued at $1,716,000 after buying an additional 41,809 shares in the last quarter. Northern Trust Corp grew its holdings 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 buying an additional 11,420 shares in the last quarter. Empowered Funds LLC raised its position in shares of Ascent Industries by 4.8% during the fourth quarter. Empowered Funds LLC now owns 44,693 shares of the company’s stock valued at $500,000 after buying an additional 2,049 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Ascent Industries by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 93,322 shares of the company’s stock worth $1,044,000 after buying an additional 1,869 shares in the last quarter. Institutional investors own 26.05% of the company’s stock.
Wall Street Analyst Weigh In
Separately, Wall Street Zen cut shares of Ascent Industries from a “buy” rating to a “hold” rating in a research note on Thursday, May 22nd.
Ascent Industries Trading Down 1.5%
Shares of Ascent Industries stock opened at $12.75 on Friday. Ascent Industries Co. has a twelve month low of $8.16 and a twelve month high of $13.70. The company has a quick ratio of 1.81, a current ratio of 3.77 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $12.76 and a 200-day moving average price of $11.99. The firm has a market cap of $127.63 million, a price-to-earnings ratio of -75.00 and a beta of 0.61.
Ascent Industries (NASDAQ:ACNT – Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.20). The firm had revenue of $24.73 million for the quarter, compared to the consensus estimate of $48.90 million. Ascent Industries had a negative net margin of 0.80% and a negative return on equity of 12.48%.
Insider Transactions at Ascent Industries
In other Ascent Industries news, Director Christopher Gerald Hutter sold 4,740 shares of the business’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $13.58, for a total transaction of $64,369.20. Following the sale, the director now directly owns 387,259 shares of the company’s stock, valued at $5,258,977.22. The trade was a 1.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Ravi Ramesh Srinivas acquired 4,000 shares of the firm’s stock in a transaction on Friday, March 21st. The shares were bought at an average price of $12.65 per share, for a total transaction of $50,600.00. Following the completion of the transaction, the vice president now owns 12,000 shares of the company’s stock, valued at approximately $151,800. This trade represents a 50.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 28,050 shares of company stock valued at $358,526 in the last ninety days. Corporate insiders own 9.31% of the company’s stock.
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.
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