ValuEngine Upgrades Aceto Corporation (ACET) to Buy
Aceto Corporation (NASDAQ:ACET) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.
A number of other analysts have also issued reports on ACET. BidaskClub lowered Aceto Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Canaccord Genuity assumed coverage on Aceto Corporation in a research note on Monday, July 31st. They issued a “buy” rating and a $19.00 price target on the stock. Finally, Zacks Investment Research raised Aceto Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Aceto Corporation has an average rating of “Hold” and an average target price of $20.00.
Shares of Aceto Corporation (NASDAQ:ACET) traded up 0.19% during mid-day trading on Wednesday, hitting $10.44. The stock had a trading volume of 911,760 shares. Aceto Corporation has a one year low of $10.27 and a one year high of $22.46. The firm has a 50 day moving average of $13.75 and a 200-day moving average of $14.72. The stock has a market cap of $314.34 million, a P/E ratio of 29.83 and a beta of 1.35.
Aceto Corporation (NASDAQ:ACET) last issued its quarterly 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). The firm had revenue of $194.60 million during the quarter, compared to analyst estimates of $184.49 million. Aceto Corporation had a return on equity of 10.21% and a net margin of 1.78%. The business’s revenue was up 43.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 earnings per share. Equities research analysts expect that Aceto Corporation will post $1.36 earnings per share for the current fiscal year.
In related news, COO Walter J. Kaczmarek III sold 7,083 shares of Aceto Corporation stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $16.57, for a total transaction of $117,365.31. Following the transaction, the chief operating officer now owns 47,917 shares in the company, valued at $793,984.69. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Albert L. Eilender sold 6,500 shares of Aceto Corporation stock in a transaction that occurred 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 transaction, the chairman now owns 252,029 shares in the company, valued at approximately $3,833,361.09. The disclosure for this sale can be found here. Insiders sold 59,348 shares of company stock worth $790,460 over the last ninety days. Corporate insiders own 4.10% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Mason Street Advisors LLC lifted its position in Aceto Corporation by 7.2% during the first quarter. Mason Street Advisors LLC now owns 7,043 shares of the company’s stock worth $111,000 after buying an additional 476 shares in the last quarter. BNP Paribas Arbitrage SA lifted its position in Aceto Corporation by 56.9% during the second quarter. BNP Paribas Arbitrage SA now owns 8,608 shares of the company’s stock worth $133,000 after buying an additional 3,121 shares in the last quarter. Hartford Investment Management Co. purchased a new position in Aceto Corporation during the second quarter worth approximately $165,000. Louisiana State Employees Retirement System lifted its position in Aceto Corporation by 1.7% during 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 in the last quarter. Finally, Karp Capital Management Corp purchased a new position in Aceto Corporation during the first quarter worth approximately $214,000. Hedge funds and other institutional investors 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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