Weiss Ratings Reaffirms “Sell (D-)” Rating for Ascent Industries (NASDAQ:ACNT)

Ascent Industries (NASDAQ:ACNT)‘s stock had its “sell (d-)” rating restated by research analysts at Weiss Ratings in a report released on Friday,Weiss Ratings reports.

Ascent Industries Stock Up 2.6%

NASDAQ ACNT opened at $12.37 on Friday. Ascent Industries has a twelve month low of $9.13 and a twelve month high of $13.70. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.13 and a current ratio of 6.64. The stock has a market cap of $115.91 million, a PE ratio of -42.65 and a beta of 0.67. The firm has a 50-day simple moving average of $12.29 and a 200 day simple moving average of $12.60.

Ascent Industries (NASDAQ:ACNT) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.35). The firm had revenue of $18.65 million for the quarter, compared to the consensus estimate of $56.90 million. Ascent Industries had a negative net margin of 2.51% and a negative return on equity of 2.52%.

Insider Transactions at Ascent Industries

In related news, Director Christopher Gerald Hutter sold 47,935 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $12.25, for a total value of $587,203.75. Following the completion of the transaction, the director owned 178,959 shares of the company’s stock, valued at $2,192,247.75. This represents a 21.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 190,674 shares of company stock valued at $2,335,034 over the last three months. Corporate insiders own 9.31% of the company’s stock.

Hedge Funds Weigh In On Ascent Industries

A number of hedge funds have recently modified their holdings of the stock. Bridgeway Capital Management LLC lifted its position in shares of Ascent Industries by 3.9% during the 2nd quarter. Bridgeway Capital Management LLC now owns 114,691 shares of the company’s stock worth $1,446,000 after buying an additional 4,346 shares during the period. Bank of America Corp DE boosted its stake in shares of Ascent Industries by 258.0% in the 2nd quarter. Bank of America Corp DE now owns 4,475 shares of the company’s stock valued at $56,000 after purchasing an additional 3,225 shares in the last quarter. Occudo Quantitative Strategies LP acquired a new stake in shares of Ascent Industries during the 2nd quarter worth about $135,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Ascent Industries during the 2nd quarter worth about $55,000. Finally, American Century Companies Inc. bought a new position in Ascent Industries during the 2nd quarter valued at about $492,000. 26.05% of the stock is owned by institutional investors and hedge funds.

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.