Aceto Corporation (NASDAQ:ACET) rose 1.4% during trading on Friday following a better than expected earnings announcement. The company traded as high as $10.95 and last traded at $9.88. Approximately 1,546,011 shares traded hands during trading, an increase of 386% from the average daily volume of 318,138 shares. The stock had previously closed at $9.74.

The company reported $0.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.02. Aceto Corporation had a net margin of 1.78% and a return on equity of 10.21%. The company had revenue of $185.26 million for the quarter, compared to analysts’ expectations of $190.58 million. During the same quarter last year, the company posted $0.28 earnings per share. The firm’s quarterly revenue was up 44.7% on a year-over-year basis.

ACET has been the topic of several research reports. Canaccord Genuity set a $15.00 target price on shares of Aceto Corporation and gave the stock a “buy” rating in a report on Monday, October 30th. ValuEngine upgraded shares of Aceto Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, September 13th. BidaskClub cut shares of Aceto Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Zacks Investment Research upgraded shares of Aceto Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Aceto Corporation presently has a consensus rating of “Hold” and a consensus price target of $18.00.

In other news, COO Walter J. Kaczmarek III sold 2,635 shares of the firm’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $10.57, for a total transaction of $27,851.95. Following the sale, the chief operating officer now directly owns 72,817 shares in the company, valued at approximately $769,675.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Albert L. Eilender sold 9,530 shares of the firm’s stock in a transaction on 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 owns 307,028 shares in the company, valued at $3,214,583.16. The disclosure for this sale can be found here. Insiders have sold a total of 26,283 shares of company stock worth $275,189 in the last quarter. Corporate insiders own 4.10% of the company’s stock.

Several hedge funds have recently made changes to their positions in ACET. Northern Trust Corp raised its position in shares of Aceto Corporation by 18.2% during the 2nd quarter. Northern Trust Corp now owns 1,556,429 shares of the company’s stock valued at $24,047,000 after purchasing an additional 239,212 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Aceto Corporation by 10.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,396,238 shares of the company’s stock valued at $37,885,000 after purchasing an additional 218,781 shares during the period. Vanguard Group Inc. raised its position in shares of Aceto Corporation by 14.1% during the 2nd quarter. Vanguard Group Inc. now owns 1,545,990 shares of the company’s stock valued at $23,887,000 after purchasing an additional 191,584 shares during the period. Bank of America Corp DE raised its position in shares of Aceto Corporation by 105.3% during the 1st quarter. Bank of America Corp DE now owns 354,549 shares of the company’s stock valued at $5,605,000 after purchasing an additional 181,819 shares during the period. Finally, Ameriprise Financial Inc. raised its position in shares of Aceto Corporation by 49.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 494,739 shares of the company’s stock valued at $7,646,000 after purchasing an additional 163,046 shares during the period. Hedge funds and other institutional investors own 80.85% of the company’s stock.

The firm has a market cap of $302.73, a PE ratio of 8.23, a P/E/G ratio of 0.76 and a beta of 1.38. The company has a current ratio of 2.13, a quick ratio of 1.52 and a debt-to-equity ratio of 0.83.

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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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