Aceto Corporation (ACET) Cut to Strong Sell at Zacks Investment Research
Aceto Corporation (NASDAQ:ACET) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday.
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 equities research analysts have also issued reports on the stock. ValuEngine raised shares of Aceto Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, September 13th. BidaskClub lowered shares of Aceto Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, Canaccord Genuity reiterated a “buy” rating on shares of Aceto Corporation in a research report on Monday. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $18.00.
Aceto Corporation (NASDAQ ACET) traded down $0.18 during midday trading on Thursday, hitting $9.00. 554,310 shares of the stock traded hands, compared to its average volume of 393,638. Aceto Corporation has a 12-month low of $8.29 and a 12-month high of $22.46. The stock has a market cap of $295.69, a price-to-earnings ratio of 8.04, a P/E/G ratio of 0.88 and a beta of 1.38. The company has a quick ratio of 1.46, a current ratio of 2.06 and a debt-to-equity ratio of 0.77.
Aceto Corporation (NASDAQ:ACET) last released its quarterly earnings results on Thursday, November 2nd. The company reported $0.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.02. Aceto Corporation had a net margin of 1.07% and a return on equity of 10.18%. The firm had revenue of $185.26 million during the quarter, compared to analyst estimates of $190.58 million. During the same quarter in the prior year, the firm earned $0.28 EPS. The business’s revenue for the quarter was up 44.7% compared to the same quarter last year. analysts forecast that Aceto Corporation will post 1.1 EPS for the current fiscal year.
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In other news, insider Salvatore J. Sr Guccione, Sr. sold 9,850 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $10.47, for a total transaction of $103,129.50. Following the transaction, the insider now owns 241,262 shares in the company, valued at $2,526,013.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Albert L. Eilender sold 9,530 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $10.47, for a total value of $99,779.10. Following the transaction, the chairman now owns 307,028 shares in the company, valued at approximately $3,214,583.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,283 shares of company stock valued at $275,189. 4.10% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in shares of Aceto Corporation by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 2,530,011 shares of the company’s stock valued at $39,089,000 after buying an additional 133,773 shares during the period. Northern Trust Corp grew its stake in Aceto Corporation by 18.2% in the second quarter. Northern Trust Corp now owns 1,556,429 shares of the company’s stock valued at $24,047,000 after purchasing an additional 239,212 shares during the last quarter. Vanguard Group Inc. grew its stake in Aceto Corporation by 14.1% in the second quarter. Vanguard Group Inc. now owns 1,545,990 shares of the company’s stock valued at $23,887,000 after purchasing an additional 191,584 shares during the last quarter. Deprince Race & Zollo Inc. grew its stake in Aceto Corporation by 2.7% in the second quarter. Deprince Race & Zollo Inc. now owns 1,288,994 shares of the company’s stock valued at $19,915,000 after purchasing an additional 34,447 shares during the last quarter. Finally, Denver Investment Advisors LLC grew its stake in Aceto Corporation by 1.3% in the second quarter. Denver Investment Advisors LLC now owns 887,443 shares of the company’s stock valued at $13,711,000 after purchasing an additional 11,512 shares during the last quarter. Hedge funds and other institutional investors own 80.44% of the company’s stock.
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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