Aceto Corporation (ACET) Stock Rating Reaffirmed by Canaccord Genuity
Aceto Corporation (NASDAQ:ACET)‘s stock had its “buy” rating restated by equities researchers at Canaccord Genuity in a research note issued to investors on Monday.
Several other research firms also recently issued reports on ACET. BidaskClub downgraded Aceto Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Zacks Investment Research raised Aceto Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th. Finally, ValuEngine raised Aceto Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, September 13th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Aceto Corporation has an average rating of “Hold” and a consensus target price of $18.00.
Shares of Aceto Corporation (NASDAQ ACET) opened at $9.73 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.06 and a quick ratio of 1.46. The firm has a market cap of $302.74, a P/E ratio of 8.23, a price-to-earnings-growth ratio of 0.90 and a beta of 1.38.
Aceto Corporation (NASDAQ:ACET) last released its quarterly earnings results on Thursday, November 2nd. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.02. The business had revenue of $185.26 million during the quarter, compared to the consensus estimate of $190.58 million. Aceto Corporation had a return on equity of 10.18% and a net margin of 1.07%. The business’s revenue was up 44.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.28 EPS. research analysts anticipate that Aceto Corporation will post 1.1 earnings per share for the current fiscal year.
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In related news, Chairman Albert L. Eilender sold 9,530 shares of Aceto Corporation stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $10.47, for a total transaction of $99,779.10. Following the completion of the sale, 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 is available at the SEC website. Also, insider Salvatore J. Sr Guccione, Sr. sold 9,850 shares of Aceto Corporation stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $10.47, for a total value of $103,129.50. Following the sale, 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. Insiders have sold a total of 26,283 shares of company stock valued at $275,189 in the last ninety days. Corporate insiders own 4.10% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA increased its position in Aceto Corporation by 56.9% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,608 shares of the company’s stock worth $133,000 after purchasing an additional 3,121 shares in the last quarter. Hartford Investment Management Co. purchased a new stake in Aceto Corporation during the 2nd quarter worth about $165,000. Palisade Capital Management LLC NJ purchased a new stake in Aceto Corporation during the 3rd quarter worth about $131,000. Karp Capital Management Corp purchased a new stake in Aceto Corporation during the 1st quarter worth about $214,000. Finally, PNC Financial Services Group Inc. increased its position in Aceto Corporation by 1.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 15,824 shares of the company’s stock worth $250,000 after purchasing an additional 224 shares in the last quarter. Hedge funds and other institutional investors own 80.44% 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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