Ascent Industries (NASDAQ:ACNT) Stock Price Up 0.1% – Still a Buy?

Ascent Industries Co. (NASDAQ:ACNT) traded up 0.1% during mid-day trading on Wednesday. The stock traded as high as $13.60 and last traded at $13.56. Approximately 34,264 shares traded hands during trading, an increase of 32% from the average daily volume of 25,959 shares. The stock had previously closed at $13.54.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Ascent Industries from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday, August 28th. One research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the stock has an average rating of “Sell”.

Ascent Industries Trading Down 0.4%

The company has a fifty day simple moving average of $14.71 and a two-hundred day simple moving average of $14.45. The company has a quick ratio of 3.63, a current ratio of 4.33 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $121.53 million, a P/E ratio of -29.98 and a beta of 0.48.

Ascent Industries (NASDAQ:ACNT) last posted its earnings results on Tuesday, August 4th. The company reported $0.07 EPS for the quarter. Ascent Industries had a negative return on equity of 2.72% and a negative net margin of 5.31%. The company had revenue of $25.67 million for the quarter.

Institutional Trading of Ascent Industries

Large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Ascent Industries during the 2nd quarter valued at about $2,638,000. Expect Equity LLC acquired a new stake in Ascent Industries during the second quarter worth approximately $1,703,000. Heartland Advisors Inc. bought a new stake in Ascent Industries in the second quarter worth approximately $3,015,000. De Lisle Partners LLP bought a new stake in Ascent Industries in the second quarter worth approximately $2,976,000. Finally, Bard Associates Inc. bought a new stake in Ascent Industries in the second quarter worth approximately $4,839,000. 26.05% of the stock is currently owned by institutional investors and hedge funds.

Ascent Industries Company Profile

Ascent Industries Holdings, Inc (NASDAQ: ACNT) is a diversified industrial company that manufactures specialty chemicals and metal tubing products for customers in a range of industrial markets. The company operates primarily through its specialty chemicals and industrial manufacturing businesses.

Its specialty chemicals operations produce and distribute products used in water treatment, chemical processing, sanitation, agriculture, and other industrial applications. Products have included hydrochloric acid, sodium hypochlorite, ferric chloride, and other specialty and performance chemicals.

Through its industrial manufacturing operations, Ascent produces welded stainless steel, galvanized carbon steel, and other specialty alloy pipe and tubing.