Aceto Corporation (ACET) Lifted to Hold at Zacks Investment Research
Aceto Corporation (NASDAQ:ACET) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday.
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. “
ACET has been the subject of a number of other research reports. ValuEngine raised shares of Aceto Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, September 13th. Canaccord Genuity assumed coverage on shares of Aceto Corporation in a report on Monday, July 31st. They set a “buy” rating and a $19.00 price target for the company. Finally, BidaskClub lowered shares of Aceto Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Aceto Corporation presently has a consensus rating of “Hold” and an average price target of $18.00.
Shares of Aceto Corporation (NASDAQ ACET) traded down 3.24% during trading on Monday, reaching $10.14. 415,951 shares of the company traded hands. The stock has a market capitalization of $305.31 million, a PE ratio of 28.97 and a beta of 1.35. The firm’s 50-day moving average is $11.06 and its 200-day moving average is $13.88. Aceto Corporation has a 12-month low of $10.09 and a 12-month high of $22.46.
Aceto Corporation (NASDAQ:ACET) last released its quarterly earnings results on Thursday, August 24th. The company reported $0.27 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 company had revenue of $194.60 million during the quarter, compared to analysts’ expectations of $184.49 million. During the same period in the prior year, the firm earned $0.35 EPS. 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 $1.28 earnings per share for the current fiscal year.
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In related news, Chairman Albert L. Eilender sold 9,530 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $10.47, for a total transaction of $99,779.10. Following the sale, the chairman now directly owns 307,028 shares of the company’s stock, valued at approximately $3,214,583.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Salvatore J. Sr Guccione, Sr. sold 9,850 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $10.47, for a total transaction of $103,129.50. Following the sale, the insider now directly owns 241,262 shares in the company, valued at $2,526,013.14. The disclosure for this sale can be found here. Insiders sold a total of 33,366 shares of company stock worth $392,554 over the last ninety days. Insiders own 4.10% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in shares of Aceto Corporation by 5.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,530,011 shares of the company’s stock worth $39,089,000 after purchasing an additional 133,773 shares during the period. Northern Trust Corp lifted its stake in shares of Aceto Corporation by 18.2% in the 2nd quarter. Northern Trust Corp now owns 1,556,429 shares of the company’s stock worth $24,047,000 after purchasing an additional 239,212 shares during the period. Vanguard Group Inc. lifted its stake in shares of Aceto Corporation by 14.1% in the 2nd quarter. Vanguard Group Inc. now owns 1,545,990 shares of the company’s stock worth $23,887,000 after purchasing an additional 191,584 shares during the period. Deprince Race & Zollo Inc. lifted its stake in shares of Aceto Corporation by 2.7% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,288,994 shares of the company’s stock worth $19,915,000 after purchasing an additional 34,447 shares during the period. Finally, Denver Investment Advisors LLC lifted its stake in shares of Aceto Corporation by 1.3% in the 2nd quarter. Denver Investment Advisors LLC now owns 887,443 shares of the company’s stock worth $13,711,000 after purchasing an additional 11,512 shares during the period. 80.85% of the stock is currently owned by hedge funds and other institutional investors.
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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