Aceto Corporation (ACET) Hits New 1-Year Low on Insider Selling
Aceto Corporation (NASDAQ:ACET)’s share price hit a new 52-week low during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $10.41 and last traded at $10.39, with a volume of 305,074 shares traded. The stock had previously closed at $10.50.
Specifically, Chairman Albert L. Eilender sold 9,530 shares of the business’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $10.47, for a total value of $99,779.10. Following the completion of the sale, the chairman now directly owns 307,028 shares of the company’s stock, valued at approximately $3,214,583.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frank Debenedittis sold 2,089 shares of the business’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $15.28, for a total value of $31,919.92. Following the completion of the sale, the insider now directly owns 76,936 shares of the company’s stock, valued at $1,175,582.08. The disclosure for this sale can be found here. Insiders sold a total of 57,130 shares of company stock valued at $767,495 over the last three months. Company insiders own 4.10% of the company’s stock.
Several analysts have recently weighed in on ACET shares. Canaccord Genuity reissued a “buy” rating and issued a $15.00 target price (down from $19.00) on shares of Aceto Corporation in a report on Monday, August 28th. Zacks Investment Research downgraded Aceto Corporation from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 30th. ValuEngine downgraded Aceto Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, BidaskClub downgraded Aceto Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $20.00.
The stock has a market capitalization of $315.54 million, a price-to-earnings ratio of 29.94 and a beta of 1.35. The firm’s 50 day moving average is $14.74 and its 200-day moving average is $14.96.
Aceto Corporation (NASDAQ:ACET) last issued its earnings results on Thursday, August 24th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the Zacks’ 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 business had revenue of $194.60 million during the quarter, compared to the consensus estimate of $184.49 million. During the same period in the prior year, the business earned $0.35 EPS. The business’s revenue was up 43.7% on a year-over-year basis. On average, analysts anticipate that Aceto Corporation will post $1.36 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Friday, September 8th will be issued a $0.065 dividend. The ex-dividend date is Thursday, September 7th. This represents a $0.26 dividend on an annualized basis and a yield of 2.48%. Aceto Corporation’s dividend payout ratio is currently 74.29%.
A number of hedge funds and other institutional investors have recently modified their holdings of ACET. Mason Street Advisors LLC lifted its holdings in Aceto Corporation by 7.2% in the first quarter. Mason Street Advisors LLC now owns 7,043 shares of the company’s stock worth $111,000 after acquiring an additional 476 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Aceto Corporation by 56.9% in the second quarter. BNP Paribas Arbitrage SA now owns 8,608 shares of the company’s stock worth $133,000 after acquiring an additional 3,121 shares during the last quarter. Hartford Investment Management Co. bought a new position in Aceto Corporation in the second quarter worth about $165,000. Louisiana State Employees Retirement System lifted its holdings in 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 acquiring an additional 200 shares during the last quarter. Finally, Karp Capital Management Corp bought a new position in Aceto Corporation in the first quarter worth about $214,000. 82.32% of the stock is currently owned by hedge funds and other institutional investors.
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About Aceto Corporation
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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