Bard Associates Inc. Raises Holdings in Ascent Industries Co. $ACNT

Bard Associates Inc. lifted its position in Ascent Industries Co. (NASDAQ:ACNT) by 90.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 326,948 shares of the company’s stock after purchasing an additional 154,888 shares during the quarter. Bard Associates Inc. owned about 3.49% of Ascent Industries worth $4,211,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in Ascent Industries by 91.9% during the second quarter. Geode Capital Management LLC now owns 194,433 shares of the company’s stock valued at $2,452,000 after buying an additional 93,125 shares during the last quarter. American Century Companies Inc. bought a new stake in Ascent Industries in the 2nd quarter worth approximately $492,000. Two Sigma Investments LP bought a new stake in Ascent Industries in the 3rd quarter worth approximately $366,000. Ritholtz Wealth Management raised its holdings in shares of Ascent Industries by 88.5% during the 3rd quarter. Ritholtz Wealth Management now owns 59,772 shares of the company’s stock worth $770,000 after acquiring an additional 28,065 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in shares of Ascent Industries during the 1st quarter worth approximately $269,000. 26.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Ascent Industries

In other news, VP Anthony X. Pan acquired 3,400 shares of the company’s stock in a transaction on Friday, March 6th. The stock was bought at an average cost of $13.30 per share, with a total value of $45,220.00. Following the completion of the purchase, the vice president directly owned 20,651 shares of the company’s stock, valued at $274,658.30. This represents a 19.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 9.31% of the stock is currently owned by corporate insiders.

Ascent Industries Trading Down 0.9%

Shares of NASDAQ ACNT opened at $12.79 on Friday. Ascent Industries Co. has a 1-year low of $11.46 and a 1-year high of $17.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.72 and a quick ratio of 6.01. The business’s 50 day moving average is $16.25 and its two-hundred day moving average is $14.44. The stock has a market capitalization of $121.12 million, a P/E ratio of 116.28 and a beta of 0.43.

Ascent Industries (NASDAQ:ACNT) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.27). The company had revenue of $11.86 million during the quarter, compared to the consensus estimate of $48.90 million. Ascent Industries had a net margin of 1.06% and a negative return on equity of 2.89%.

Ascent Industries announced that its board has initiated a stock buyback program on Thursday, December 18th that permits the company to repurchase $2.00 million in shares. This repurchase authorization permits the company to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of Ascent Industries from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, January 15th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold”.

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.