Aceto Corporation (ACET) Rating Reiterated by Canaccord Genuity
Canaccord Genuity reissued their buy rating on shares of Aceto Corporation (NASDAQ:ACET) in a research note released on Monday morning, MarketBeat reports. They currently have a $15.00 target price on the stock, down from their previous target price of $19.00.
Several other analysts also recently commented on ACET. Zacks Investment Research downgraded shares of Aceto Corporation from a hold rating to a sell rating in a research report on Thursday, May 4th. ValuEngine downgraded shares of Aceto Corporation from a buy rating to a hold rating in a research report on Friday, June 2nd. Finally, BidaskClub downgraded shares of Aceto Corporation from a buy rating to a hold rating in a research report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $20.00.
Aceto Corporation (NASDAQ ACET) opened at 10.61 on Monday. The firm has a 50-day moving average of $15.17 and a 200-day moving average of $15.08. The company has a market cap of $319.46 million, a price-to-earnings ratio of 30.31 and a beta of 1.27. Aceto Corporation has a 52 week low of $10.55 and a 52 week high of $23.40.
Aceto Corporation (NASDAQ:ACET) last released its earnings results on Thursday, August 24th. The company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by $0.17. The firm had revenue of $194.60 million for the quarter, compared to analyst estimates of $184.49 million. Aceto Corporation had a net margin of 1.78% and a return on equity of 10.21%. The business’s revenue for the quarter was up 43.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.35 EPS. Equities analysts forecast that Aceto Corporation will post $1.36 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Friday, September 8th will be given a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Thursday, September 7th. Aceto Corporation’s dividend payout ratio (DPR) is 74.29%.
In other news, insider Frank Debenedittis sold 2,089 shares of the firm’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $15.28, for a total transaction of $31,919.92. Following the completion of the sale, the insider now owns 76,936 shares of the company’s stock, valued at approximately $1,175,582.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Albert L. Eilender sold 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $15.21, for a total transaction of $98,865.00. Following the sale, the chairman now directly owns 252,029 shares of the company’s stock, valued at approximately $3,833,361.09. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,065 shares of company stock valued at $515,271. Insiders own 4.10% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Teachers Advisors LLC boosted its position in shares of Aceto Corporation by 2.8% in the fourth quarter. Teachers Advisors LLC now owns 48,713 shares of the company’s stock worth $1,070,000 after buying an additional 1,307 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Aceto Corporation by 1.5% in the first quarter. Bank of Montreal Can now owns 63,614 shares of the company’s stock worth $1,006,000 after buying an additional 913 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Aceto Corporation by 1.7% in 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. Fisher Asset Management LLC boosted its position in shares of Aceto Corporation by 48.1% in the first quarter. Fisher Asset Management LLC now owns 103,850 shares of the company’s stock worth $1,642,000 after buying an additional 33,745 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its position in shares of Aceto Corporation by 7.7% in the first quarter. Great West Life Assurance Co. Can now owns 45,431 shares of the company’s stock worth $718,000 after buying an additional 3,266 shares in the last quarter. 82.32% of the stock is owned by institutional investors.
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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