Aceto Corp. (ACET) Lowered to Equal at First Analysis
Aceto Corp. (NASDAQ:ACET) was downgraded by First Analysis from an “overweight” rating to an “equal” rating in a research note issued on Monday. They currently have a $21.00 target price on the stock. First Analysis’ price target indicates a potential upside of 11.46% from the stock’s previous close.
A number of other research analysts also recently commented on ACET. Zacks Investment Research downgraded shares of Aceto Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, August 30th. Craig Hallum reaffirmed a “buy” rating on shares of Aceto Corp. in a report on Monday, August 29th.
Shares of Aceto Corp. (NASDAQ:ACET) opened at 18.84 on Monday. The firm’s 50-day moving average price is $18.68 and its 200 day moving average price is $21.57. The company has a market capitalization of $566.16 million, a PE ratio of 18.65 and a beta of 1.46. Aceto Corp. has a 52-week low of $15.69 and a 52-week high of $28.55.
Aceto Corp. (NASDAQ:ACET) last released its quarterly earnings data on Friday, November 4th. The company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.29 by $0.01. Aceto Corp. had a net margin of 5.40% and a return on equity of 13.91%. The company had revenue of $128.02 million for the quarter, compared to the consensus estimate of $132.88 million. During the same period last year, the company earned $0.37 EPS. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, equities analysts forecast that Aceto Corp. will post $1.47 earnings per share for the current year.
In related news, insider Frank Debenedittis sold 4,580 shares of the stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $19.85, for a total value of $90,913.00. Following the sale, the insider now directly owns 76,995 shares of the company’s stock, valued at approximately $1,528,350.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charles John Alaimo sold 2,567 shares of the stock in a transaction dated Friday, September 2nd. The stock was sold at an average price of $19.85, for a total transaction of $50,954.95. Following the completion of the sale, the insider now directly owns 20,255 shares in the company, valued at $402,061.75. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the company. Redwood Investments LLC raised its stake in Aceto Corp. by 82.1% in the second quarter. Redwood Investments LLC now owns 115,560 shares of the company’s stock worth $2,530,000 after buying an additional 52,083 shares during the period. Rice Hall James & Associates LLC purchased a new stake in Aceto Corp. during the second quarter worth $1,528,000. Bank of Montreal Can purchased a new stake in Aceto Corp. during the second quarter worth $1,489,000. Eqis Capital Management Inc. raised its stake in Aceto Corp. by 15.7% in the second quarter. Eqis Capital Management Inc. now owns 17,151 shares of the company’s stock worth $375,000 after buying an additional 2,328 shares during the period. Finally, Capstone Asset Management Co. raised its stake in Aceto Corp. by 12.0% in the second quarter. Capstone Asset Management Co. now owns 12,440 shares of the company’s stock worth $272,000 after buying an additional 1,330 shares during the period. 85.45% of the stock is currently owned by institutional investors.
Aceto Corp. Company Profile
Aceto Corporation (Aceto) is engaged in marketing, sales and distribution of finished dosage form generic pharmaceuticals, nutraceutical products, pharmaceutical active ingredients and intermediates, specialty performance chemicals inclusive of agricultural intermediates and agricultural protection products.
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