Insider Selling: Charles John Alaimo Sells 2,000 Shares of Aceto Stock (ACET)
Aceto (NASDAQ:ACET) SVP Charles John Alaimo sold 2,000 shares of the stock on the open market in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $17.51, for a total value of $35,020.00. Following the completion of the sale, the senior vice president now directly owns 14,385 shares in the company, valued at approximately $251,881. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Aceto (NASDAQ:ACET) traded up 2.21% on Friday, hitting $17.61. The stock had a trading volume of 123,599 shares. Aceto has a 52 week low of $12.40 and a 52 week high of $25.25. The stock has a 50-day moving average of $19.72 and a 200-day moving average of $20.56. The company has a market cap of $505.9 million and a price-to-earnings ratio of 17.03. Aceto also was the recipient of a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 1,304,565 shares, a growth of 45.8% from the April 30th total of 894,563 shares. Based on an average trading volume of 585,936 shares, the days-to-cover ratio is presently 2.2 days. Currently, 4.9% of the company’s stock are sold short.
Aceto (NASDAQ:ACET) last announced its earnings results on Thursday, May 8th. The company reported $0.19 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.28 by $0.09. The company had revenue of $124.83 million for the quarter, compared to the consensus estimate of $136.70 million. Aceto’s revenue was down 17.3% compared to the same quarter last year. On average, analysts predict that Aceto will post $1.00 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, June 27th. Shareholders of record on Thursday, June 12th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend is Tuesday, June 10th.
ACET has been the subject of a number of recent research reports. Analysts at Singular Research cut their price target on shares of Aceto from $24.00 to $22.00 in a research note on Tuesday, May 20th. They now have a “buy” rating on the stock. Analysts at Sidoti upgraded shares of Aceto from a “neutral” rating to a “buy” rating in a research note on Monday, May 19th.
Aceto Corporation (NASDAQ:ACET) is primarily engaged in the sourcing, regulatory support, quality assurance, marketing, sales and distribution of pharmaceutical intermediates and active ingredients, finished dosage form generics, nutraceutical products, agricultural protection products and specialty chemicals used principally as finished products or raw materials in the pharmaceutical, nutraceutical, agricultural, coatings and industrial chemical consuming industries.
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