Aceto Corporation (ACET) Given Buy Rating at Canaccord Genuity
Canaccord Genuity reaffirmed their buy rating on shares of Aceto Corporation (NASDAQ:ACET) in a research report report published on Monday morning. The brokerage currently has a $15.00 price objective on the stock, down from their prior price objective of $19.00.
A number of other brokerages have also commented on ACET. BidaskClub lowered shares of Aceto Corporation from a buy rating to a hold rating in a report on Wednesday, July 12th. Zacks Investment Research lowered shares of Aceto Corporation from a hold rating to a sell rating in a report on Thursday, May 4th. Finally, ValuEngine lowered shares of Aceto Corporation from a buy rating to a hold rating in a report on Friday, June 2nd. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $20.00.
Aceto Corporation (NASDAQ:ACET) opened at 10.72 on Monday. Aceto Corporation has a 52 week low of $10.60 and a 52 week high of $23.40. The stock’s 50 day moving average price is $15.68 and its 200-day moving average price is $15.22. The stock has a market capitalization of $322.77 million, a P/E ratio of 30.63 and a beta of 1.27.
Aceto Corporation (NASDAQ:ACET) last issued its quarterly earnings data on Thursday, August 24th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by $0.17. Aceto Corporation had a return on equity of 10.21% and a net margin of 1.78%. The company had revenue of $194.60 million for the quarter, compared to analyst estimates of $184.49 million. During the same quarter in the previous year, the business earned $0.35 earnings per share. The company’s revenue was up 43.7% on a year-over-year basis. Equities research analysts expect that Aceto Corporation will post $1.36 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Friday, September 8th will be given a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Thursday, September 7th. Aceto Corporation’s dividend payout ratio (DPR) is currently 74.29%.
In related news, COO Walter J. Kaczmarek III sold 7,083 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $16.57, for a total value of $117,365.31. Following the completion of the transaction, the chief operating officer now owns 47,917 shares of the company’s stock, valued at $793,984.69. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Steven Rogers sold 2,285 shares of the firm’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $15.45, for a total transaction of $35,303.25. Following the completion of the transaction, the senior vice president now directly owns 18,995 shares of the company’s stock, valued at approximately $293,472.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,065 shares of company stock valued at $515,271. 4.10% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its position in Aceto Corporation by 3.9% in the first quarter. Principal Financial Group Inc. now owns 229,836 shares of the company’s stock worth $3,634,000 after buying an additional 8,546 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of Aceto Corporation by 5.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 114,076 shares of the company’s stock worth $1,804,000 after buying an additional 6,156 shares during the period. Denver Investment Advisors LLC increased its position in shares of Aceto Corporation by 1.3% in the second quarter. Denver Investment Advisors LLC now owns 887,443 shares of the company’s stock worth $13,711,000 after buying an additional 11,512 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Aceto Corporation by 10.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,396,238 shares of the company’s stock worth $37,885,000 after buying an additional 218,781 shares during the period. Finally, Teachers Advisors LLC increased its position in shares of Aceto Corporation by 2.8% in the fourth quarter. Teachers Advisors LLC now owns 48,713 shares of the company’s stock worth $1,070,000 after buying an additional 1,307 shares during the period. 82.32% of the stock is owned by institutional investors and hedge funds.
Aceto Corporation Company Profile
Aceto Corporation (Aceto) is engaged in the 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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