How are energy investors positioned?
Srinivas Ravi Ramesh, Vice President of Operations - Chemicals at Ascent Industries Co. (NASDAQ:ACNT), recently acquired 4,000 shares of the company’s common stock. The timing is notable as the stock trades near its 52-week high of $13, having gained over 30% in the past six months. The purchase, made on March 21, 2025, totaled approximately $50,610, with shares bought at a weighted average price of $12.6526 each. The acquisition increased Ramesh’s total holdings to 12,000 shares following the transaction. The shares were acquired through multiple transactions, with prices ranging from $12.63 to $12.6754 per share. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 3.73, and their Fair Value assessment suggests the stock may be slightly undervalued. For deeper insights into insider trading patterns and comprehensive analysis, InvestingPro offers detailed research reports covering over 1,400 US stocks.
In other recent news, Ascent Industries Co. reported its fourth-quarter 2024 earnings, which fell short of analyst expectations. The company posted an earnings per share (EPS) of $0.01, missing the forecasted $0.03, and reported revenue of $40.7 million, below the anticipated $46.4 million. Despite this, Ascent Industries saw improvements in adjusted EBITDA, which increased from a loss of $15.9 million in 2023 to a positive $4.0 million in 2024, alongside a significant increase in gross profit. In a strategic move, Ascent Industries announced it will sell its subsidiary, Bristol Metals, LLC, to Ta Chen International, Inc. for approximately $45 million, with plans to finalize the transaction by March 31, 2025. The company intends to use the proceeds to focus on growth within its specialty chemicals sector. Additionally, Ascent Industries has adopted a new share repurchase plan, allowing for the buyback of up to 1.0 million shares under Rule 10b5-1 of the Securities Exchange Act of 1934. The plan is scheduled to begin on March 22, 2025, and will be in effect until May 9, 2025.
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