Aceto Corporation (ACET) Cut to “Strong Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of Aceto Corporation (NASDAQ:ACET) from a hold rating to a strong sell rating in a research report released on Wednesday.
According to Zacks, “Aceto Corporation markets, sells and distributes finished dosage form generics, nutraceutical products, pharmaceutical intermediates and active ingredients, agricultural protection products and specialty chemicals. The company’s operating segment consists of Human Health, Pharmaceutical Ingredients and Performance Chemicals. Human Health segment supplies raw materials used in the production of nutritional and packaged dietary supplements. It markets and distributes its generic prescription and over the counter pharmaceutical products. Pharmaceutical Ingredients segment offers active pharmaceutical ingredients and pharmaceutical intermediates. Performance Chemicals segment provides specialty chemicals. It serves chemical, agricultural, human health and pharmaceutical industries. The company operates primarily in United States, Europe, and Asia. Aceto Corporation and is headquartered in Port Washington, New York. “
A number of other brokerages have also commented on ACET. Canaccord Genuity initiated coverage on Aceto Corporation in a report on Monday, July 31st. They set a buy rating and a $19.00 price target on the stock. ValuEngine lowered Aceto Corporation from a buy rating to a hold rating in a report on Friday, June 2nd. Finally, BidaskClub lowered Aceto Corporation from a buy rating to a hold rating in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $20.00.
Aceto Corporation (ACET) opened at 10.67 on Wednesday. Aceto Corporation has a one year low of $10.50 and a one year high of $23.40. The firm has a market capitalization of $321.26 million, a PE ratio of 30.49 and a beta of 1.37. The stock has a 50 day moving average of $15.03 and a 200-day moving average of $15.05.
Aceto Corporation (NASDAQ:ACET) last issued its earnings results on Thursday, August 24th. The company reported $0.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analyst estimates of $184.49 million. During the same period in the prior year, the business earned $0.35 earnings per share. Aceto Corporation’s quarterly revenue was up 43.7% on a year-over-year basis. On average, equities analysts predict that Aceto Corporation will post $1.36 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Friday, September 8th will be paid a dividend of $0.065 per share. The ex-dividend date is Thursday, September 7th. This represents a $0.26 annualized dividend and a yield of 2.44%. Aceto Corporation’s dividend payout ratio is currently 74.29%.
In related news, Chairman Albert L. Eilender sold 6,500 shares of the stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $15.21, for a total value of $98,865.00. Following the completion of the transaction, the chairman now owns 252,029 shares in the company, valued at approximately $3,833,361.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Salvatore J. Sr Guccione, Sr. sold 7,421 shares of the stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $15.21, for a total value of $112,873.41. Following the completion of the transaction, the chief executive officer now owns 190,662 shares of the company’s stock, valued at approximately $2,899,969.02. The disclosure for this sale can be found here. Insiders have sold 33,065 shares of company stock valued at $515,271 in the last ninety days. Company insiders own 4.10% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Teachers Advisors LLC raised its position in 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. Bank of Montreal Can raised its stake in shares of Aceto Corporation by 1.5% in the first quarter. Bank of Montreal Can now owns 63,614 shares of the company’s stock worth $1,006,000 after buying an additional 913 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Aceto Corporation by 1.7% in the first quarter. Louisiana State Employees Retirement System now owns 12,300 shares of the company’s stock worth $194,000 after buying an additional 200 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of Aceto Corporation by 48.1% in the first quarter. Fisher Asset Management LLC now owns 103,850 shares of the company’s stock worth $1,642,000 after buying an additional 33,745 shares during the last quarter. Finally, Great West Life Assurance Co. Can raised its stake in shares of Aceto Corporation by 7.7% in the first quarter. Great West Life Assurance Co. Can now owns 45,431 shares of the company’s stock worth $718,000 after buying an additional 3,266 shares during the last quarter. Institutional investors and hedge funds own 82.32% of the company’s stock.
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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