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

by · The Markets Daily

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

Ascent Industries Trading Down 2.1%

Shares of Ascent Industries stock traded down $0.38 during trading on Tuesday, hitting $17.38. The company’s stock had a trading volume of 72,656 shares, compared to its average volume of 52,264. The stock has a market cap of $162.68 million, a price-to-earnings ratio of 144.85 and a beta of 0.43. Ascent Industries has a 52 week low of $11.05 and a 52 week high of $17.92. The stock has a 50-day moving average price of $16.70 and a two-hundred day moving average price of $14.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.40 and a quick ratio of 5.86.

Analysts Set New Price Targets

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

Check Out Our Latest Analysis on ACNT

Ascent Industries declared that its Board of Directors has approved a share repurchase 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 stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Ascent Industries

Several institutional investors and hedge funds have recently made changes to their positions in ACNT. Geode Capital Management LLC raised its position in shares of Ascent Industries by 91.9% during the second quarter. Geode Capital Management LLC now owns 194,433 shares of the company’s stock worth $2,452,000 after acquiring an additional 93,125 shares during the last quarter. Russell Investments Group Ltd. increased its position in Ascent Industries by 2,171.7% during the 4th quarter. Russell Investments Group Ltd. now owns 44,935 shares of the company’s stock valued at $727,000 after purchasing an additional 42,957 shares during the period. American Century Companies Inc. bought a new position in Ascent Industries during the 2nd quarter worth approximately $492,000. Two Sigma Investments LP acquired a new position in shares of Ascent Industries in the 3rd quarter worth approximately $366,000. Finally, Rothschild Wealth LLC acquired a new position in shares of Ascent Industries in the 4th quarter worth approximately $389,000. Institutional investors and hedge funds own 26.05% of the company’s stock.

Ascent Industries Company Profile

(Get Free Report)

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.

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