Ascent Industries (NASDAQ:ACNT) Posts Earnings Results, Misses Expectations By $0.27 EPS

Ascent Industries (NASDAQ:ACNT) issued its quarterly earnings data on Tuesday. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.27), FiscalAI reports. Ascent Industries had a net margin of 0.85% and a negative return on equity of 1.63%. The firm had revenue of $18.76 million during the quarter, compared to analyst estimates of $48.90 million.

Ascent Industries Stock Down 2.1%

Shares of ACNT traded down $0.38 on Tuesday, hitting $17.38. The company’s stock had a trading volume of 73,156 shares, compared to its average volume of 52,264. Ascent Industries has a fifty-two week low of $11.05 and a fifty-two week high of $17.92. The company has a quick ratio of 5.86, a current ratio of 6.40 and a debt-to-equity ratio of 0.01. The firm’s fifty day moving average price is $16.70 and its 200-day moving average price is $14.36. The firm has a market capitalization of $162.68 million, a price-to-earnings ratio of 144.85 and a beta of 0.43.

Analyst Ratings Changes

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

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

Hedge Funds Weigh In On Ascent Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its position in Ascent Industries by 0.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 438,167 shares of the company’s stock valued at $5,643,000 after acquiring an additional 1,833 shares during the period. Renaissance Technologies LLC increased its holdings in Ascent Industries by 8.0% in the fourth quarter. Renaissance Technologies LLC now owns 295,100 shares of the company’s stock valued at $4,778,000 after purchasing an additional 21,800 shares during the period. Wells Fargo & Company MN increased its holdings in Ascent Industries by 0.9% in the fourth quarter. Wells Fargo & Company MN now owns 218,394 shares of the company’s stock valued at $3,536,000 after purchasing an additional 2,014 shares during the period. Geode Capital Management LLC raised its position in Ascent Industries by 91.9% during the 2nd quarter. Geode Capital Management LLC now owns 194,433 shares of the company’s stock worth $2,452,000 after purchasing an additional 93,125 shares during the last quarter. Finally, Bridgeway Capital Management LLC lifted its holdings in 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. 26.05% of the stock is 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.