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Ascent Industries Co. (NASDAQ:ACNT), a manufacturer in the steel pipe and tubes sector, has executed a buyback of its shares, as per the latest 8-K filing with the Securities and Exchange Commission. On Thursday, May 16, 2025, the company purchased 499,700 shares of its common stock from a shareholder at $12.00 per share, which is approximately 5% of its issued and outstanding common stock. The stock currently trades at $12.46, near its 52-week high of $13.33, with a market capitalization of $125 million.InvestingPro analysis reveals several key metrics about ACNT’s financial position. Subscribers can access detailed insights, including 7 additional ProTips and comprehensive valuation metrics in the Pro Research Report.
This transaction was carried out under Ascent Industries’ existing 10b5-1 share repurchase program, a plan that allows companies to repurchase their shares at pre-determined times to avoid accusations of insider trading. After this buyback, the company has 9,500,994 shares remaining in the market. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 2.95, indicating its liquid assets well exceed short-term obligations.
The repurchase reflects Ascent Industries’ use of its capital to buy back shares, which can potentially increase the value of remaining shares by reducing supply and demonstrating confidence in the company’s financial health. The company’s free cash flow yield stands at 9%, though it hasn’t been profitable over the last twelve months. Based on InvestingPro Fair Value analysis, the stock appears to be trading below its intrinsic value.
The 8-K filing also includes standard forward-looking statements, cautioning investors that the actual results may differ from those projected due to various risks and uncertainties. These statements are a common legal practice to manage investor expectations and mitigate legal risk.
Investors and stakeholders are reminded that the information provided is based on the company’s SEC filings, which are publicly available for review. The filings provide a more detailed look into the company’s financial activities and outline the risks involved in more depth.
Ascent Industries Co., formerly known as Synalloy Corp and Blackman Uhler Industries Inc., is headquartered in Schaumburg, Illinois, and operates under the laws of the state of Delaware. The company’s common stock is traded on the NASDAQ Global Market under the ticker symbol ACNT.
In other recent news, Ascent Industries Co. reported its Q1 2025 earnings, revealing a notable miss on earnings per share (EPS) expectations. The company posted an EPS of -$0.23, significantly below the forecasted $0.12, marking a substantial negative surprise for investors. Despite this, Ascent Industries achieved a gross margin increase to 19.3% from 8.3% the previous year, and reported a positive adjusted EBITDA of $843,000, a significant improvement from a loss of $2.7 million in the previous year. Net sales, however, declined to $24.7 million from $28 million in Q1 2024, reflecting challenging market conditions.
In addition to earnings, Ascent Industries completed the sale of substantially all assets of Bristol Metals to Taichen International for $45 million. The company highlighted its focus on the Specialty Chemicals segment, aiming for significant growth by 2030. Ascent Industries did not provide formal guidance for 2025 but indicated plans for a product mix shift towards higher-margin opportunities. Analyst firms have not issued new ratings following these developments, but the company’s strategic moves suggest a focus on profitability and operational efficiency. These recent developments provide insight into Ascent Industries’ current financial position and strategic direction.
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