Ascent Industries (NASDAQ:ACNT) Posts Quarterly Earnings Results, Misses Expectations By $0.20 EPS

Ascent Industries (NASDAQ:ACNT) announced its quarterly earnings results on Monday. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.20), Zacks reports. Ascent Industries had a negative net margin of 0.80% and a negative return on equity of 12.48%. The business had revenue of $24.73 million during the quarter, compared to the consensus estimate of $48.90 million.

Ascent Industries Stock Down 0.4%

Ascent Industries stock traded down $0.06 during midday trading on Tuesday, hitting $12.77. 6,165 shares of the stock were exchanged, compared to its average volume of 35,710. Ascent Industries has a 52-week low of $8.16 and a 52-week high of $13.33. The company has a quick ratio of 1.81, a current ratio of 3.77 and a debt-to-equity ratio of 0.01. The business’s 50-day moving average price is $12.70 and its 200-day moving average price is $11.55. The stock has a market capitalization of $128.10 million, a price-to-earnings ratio of -74.47 and a beta of 0.64.

Insiders Place Their Bets

In other news, Director Christopher Gerald Hutter sold 15,010 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $12.16, for a total transaction of $182,521.60. Following the transaction, the director now owns 209,233 shares of the company’s stock, valued at $2,544,273.28. This represents a 6.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Ravi Ramesh Srinivas purchased 4,000 shares of the business’s stock in a transaction dated Friday, March 21st. The shares were purchased at an average price of $12.65 per share, with a total value of $50,600.00. Following the purchase, the vice president now directly owns 12,000 shares in the company, valued at $151,800. This trade represents a 50.00% increase in their position. The disclosure for this purchase can be found here. Insiders own 12.85% of the company’s stock.

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.