Aceto Corporation (ACET) Downgraded to “Strong Sell” at Zacks Investment Research
Zacks Investment Research downgraded shares of Aceto Corporation (NASDAQ:ACET) from a hold rating to a strong sell rating in a research report sent to investors on Thursday morning.
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. Canaccord Genuity reissued a buy rating and set a $15.00 target price (down previously from $19.00) on shares of Aceto Corporation in a research report on Monday, August 28th. BidaskClub downgraded shares of Aceto Corporation from a buy rating to a hold rating in a research report on Wednesday, July 12th. Finally, ValuEngine raised shares of Aceto Corporation from a hold rating to a buy rating in a research report on Wednesday, September 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $18.00.
Shares of Aceto Corporation (NASDAQ ACET) opened at $9.02 on Thursday. The stock has a market cap of $271.58, a P/E ratio of 7.52, a P/E/G ratio of 0.84 and a beta of 1.38. Aceto Corporation has a 1 year low of $8.29 and a 1 year high of $22.46. The company has a current ratio of 2.06, a quick ratio of 1.46 and a debt-to-equity ratio of 0.77.
Aceto Corporation (NASDAQ:ACET) last posted its earnings results on Thursday, November 2nd. The company reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.02. The firm had revenue of $185.26 million during the quarter, compared to the consensus estimate of $190.58 million. Aceto Corporation had a net margin of 1.07% and a return on equity of 10.18%. The company’s revenue was up 44.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.28 EPS. analysts expect that Aceto Corporation will post 1.07 earnings per share for the current year.
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In other Aceto Corporation news, Chairman Albert L. Eilender sold 9,530 shares of the company’s stock in a transaction that occurred on 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 transaction, the chairman now owns 307,028 shares in the company, valued at approximately $3,214,583.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Salvatore J. Sr Guccione, Sr. sold 9,850 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $10.47, for a total value of $103,129.50. Following the completion of the transaction, the insider now owns 241,262 shares of the company’s stock, valued at approximately $2,526,013.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,283 shares of company stock valued at $275,189. Corporate insiders own 4.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its holdings in 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 acquiring an additional 133,773 shares during the period. Northern Trust Corp boosted its holdings in 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 acquiring an additional 239,212 shares during the period. Vanguard Group Inc. boosted its holdings in 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 acquiring an additional 191,584 shares during the period. Deprince Race & Zollo Inc. boosted its holdings in 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 acquiring an additional 34,447 shares during the period. Finally, Denver Investment Advisors LLC boosted its holdings in 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 acquiring an additional 11,512 shares during the period. 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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