Ascent Industries (NASDAQ:ACNT) Issues Quarterly Earnings Results

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

Ascent Industries Stock Down 2.1%

NASDAQ ACNT traded down $0.38 on Tuesday, reaching $17.38. The company had a trading volume of 72,656 shares, compared to its average volume of 52,264. 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 company’s fifty day moving average is $16.70 and its 200 day moving average is $14.36. Ascent Industries has a 52-week low of $11.05 and a 52-week high of $17.92. The stock has a market capitalization of $162.68 million, a P/E ratio of 144.85 and a beta of 0.43.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Quadrature Capital Ltd grew its position in Ascent Industries by 128.2% in the 4th quarter. Quadrature Capital Ltd now owns 24,889 shares of the company’s stock worth $403,000 after purchasing an additional 13,981 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Ascent Industries by 67.7% in the 4th quarter. AQR Capital Management LLC now owns 23,986 shares of the company’s stock worth $388,000 after buying an additional 9,685 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Ascent Industries by 2,171.7% in the fourth quarter. Russell Investments Group Ltd. now owns 44,935 shares of the company’s stock valued at $727,000 after acquiring an additional 42,957 shares in the last quarter. Rothschild Wealth LLC purchased a new stake in shares of Ascent Industries during the fourth quarter valued at approximately $389,000. Finally, Squarepoint Ops LLC bought a new stake in Ascent Industries during the fourth quarter worth $331,000. 26.05% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Ascent Industries declared that its Board of Directors has initiated a stock buyback plan on Thursday, December 18th that authorizes the company to buyback $2.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.