Ascent Industries Co. (NASDAQ:ACNT) Short Interest Up 27.2% in December

Ascent Industries Co. (NASDAQ:ACNT) was the target of a large growth in short interest during the month of December. As of December 15th, there was short interest totaling 280,620 shares, a growth of 27.2% from the November 30th total of 220,636 shares. Approximately 3.3% of the shares of the company are short sold. Based on an average trading volume of 77,648 shares, the days-to-cover ratio is presently 3.6 days. Based on an average trading volume of 77,648 shares, the days-to-cover ratio is presently 3.6 days. Approximately 3.3% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ascent Industries in a research report on Monday. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, Ascent Industries presently has a consensus rating of “Sell”.

Ascent Industries Price Performance

Ascent Industries stock opened at $16.19 on Friday. The company has a market capitalization of $151.54 million, a price-to-earnings ratio of 134.93 and a beta of 0.44. The company has a current ratio of 6.40, a quick ratio of 5.86 and a debt-to-equity ratio of 0.01. Ascent Industries has a 12 month low of $10.76 and a 12 month high of $16.84. The stock’s 50 day moving average is $14.38 and its 200-day moving average is $13.16.

Ascent Industries (NASDAQ:ACNT) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.28). Ascent Industries had a negative return on equity of 1.63% and a net margin of 0.85%.The firm had revenue of $19.70 million for the quarter, compared to analyst estimates of $59.40 million.

Ascent Industries announced that its Board of Directors has initiated a share buyback plan on Thursday, December 18th that allows the company to repurchase $2.00 million in shares. This repurchase authorization allows the company to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Ascent Industries

A number of hedge funds have recently bought and sold shares of ACNT. BNP Paribas Financial Markets boosted its holdings in Ascent Industries by 114.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,937 shares of the company’s stock valued at $25,000 after purchasing an additional 1,033 shares during the period. Russell Investments Group Ltd. bought a new position in shares of Ascent Industries during the third quarter worth approximately $25,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Ascent Industries in the second quarter valued at approximately $29,000. Ameriflex Group Inc. bought a new stake in shares of Ascent Industries in the second quarter valued at approximately $38,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Ascent Industries during the second quarter worth approximately $55,000. 26.05% of the stock is owned by institutional investors.

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.