Ascent Industries Co. (NASDAQ:ACNT) Sees Large Growth in Short Interest

Ascent Industries Co. (NASDAQ:ACNT) was the recipient of a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 11,900 shares, an increase of 32.2% from the November 15th total of 9,000 shares. Approximately 0.2% of the company’s shares are sold short. Based on an average trading volume of 61,400 shares, the days-to-cover ratio is currently 0.2 days.

Insider Buying and Selling at Ascent Industries

In related news, insider Privet Fund Management Llc sold 1,665,000 shares of Ascent Industries stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $8.22, for a total transaction of $13,686,300.00. Following the completion of the transaction, the insider now owns 8,648 shares of the company’s stock, valued at $71,086.56. This trade represents a 99.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John Bryan Kitchen purchased 11,170 shares of the business’s stock in a transaction on Friday, September 20th. The shares were purchased at an average cost of $8.61 per share, for a total transaction of $96,173.70. Following the transaction, the chief executive officer now directly owns 50,841 shares of the company’s stock, valued at approximately $437,741.01. The trade was a 28.16 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 12.85% of the company’s stock.

Hedge Funds Weigh In On Ascent Industries

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Ascent Industries by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 256,736 shares of the company’s stock valued at $2,616,000 after acquiring an additional 10,688 shares in the last quarter. De Lisle Partners LLP grew its holdings in Ascent Industries by 5.5% in the third quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock worth $1,914,000 after purchasing an additional 10,349 shares during the period. Empowered Funds LLC increased its stake in Ascent Industries by 5.3% in the third quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock valued at $414,000 after purchasing an additional 2,144 shares in the last quarter. Values Added Financial LLC bought a new stake in Ascent Industries in the third quarter valued at $133,000. Finally, Essex Investment Management Co. LLC acquired a new position in shares of Ascent Industries during the third quarter valued at about $132,000. 26.05% of the stock is currently owned by institutional investors.

Ascent Industries Trading Up 0.3 %

NASDAQ ACNT opened at $11.66 on Friday. The stock has a market capitalization of $117.68 million, a P/E ratio of -68.59 and a beta of 0.85. The business has a 50 day simple moving average of $10.15 and a 200 day simple moving average of $9.98. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.77 and a quick ratio of 1.81. Ascent Industries has a one year low of $7.20 and a one year high of $12.38.

Ascent Industries Company 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.