Insider Buying: Ascent Industries Co. (NASDAQ:ACNT) VP Acquires 4,000 Shares of Stock

Ascent Industries Co. (NASDAQ:ACNT) VP Ravi Ramesh Srinivas acquired 4,000 shares of the firm’s stock in a transaction that occurred 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 purchase, the vice president now owns 12,000 shares in the company, valued at $151,800. This trade represents a 50.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Ravi Ramesh Srinivas also recently made the following trade(s):

• On Thursday, March 6th, Ravi Ramesh Srinivas purchased 4,000 shares of Ascent Industries stock. The stock was bought at an average cost of $11.81 per share, with a total value of $47,240.00.

Ascent Industries Price Performance

ACNT traded up $0.32 during midday trading on Monday, hitting $12.95. The stock had a trading volume of 18,356 shares, compared to its average volume of 28,517. Ascent Industries Co. has a 1 year low of $8.16 and a 1 year high of $13.00. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.81 and a current ratio of 3.77. The business has a fifty day moving average of $11.43 and a 200 day moving average of $10.66. The company has a market cap of $130.51 million, a P/E ratio of -76.16 and a beta of 0.81.

Ascent Industries (NASDAQ:ACNT) last released its earnings results on Tuesday, March 4th. The company reported $0.01 EPS for the quarter. Ascent Industries had a negative net margin of 0.80% and a negative return on equity of 12.48%. The company had revenue of $40.67 million for the quarter.

Hedge Funds Weigh In On Ascent Industries

Several institutional investors and hedge funds have recently bought and sold shares of ACNT. Millennium Management LLC bought a new position in shares of Ascent Industries in the fourth quarter worth approximately $208,000. Northern Trust Corp grew its holdings in Ascent Industries by 47.7% in the 4th quarter. Northern Trust Corp now owns 35,384 shares of the company’s stock worth $396,000 after acquiring an additional 11,420 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Ascent Industries by 5.3% during the third quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock valued at $414,000 after acquiring an additional 2,144 shares during the last quarter. AMH Equity Ltd purchased a new position in Ascent Industries during the 4th quarter valued at about $671,000. Finally, HighTower Advisors LLC increased its position in 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 purchasing an additional 1,083 shares during the period. 26.05% of the stock is currently owned by institutional investors.

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.