Zacks Investment Research Lowers Aceto Corporation (ACET) to Strong Sell
Aceto Corporation (NASDAQ:ACET) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday.
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. “
Other equities analysts have also recently issued research reports about the company. BidaskClub cut Aceto Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. ValuEngine cut Aceto Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $15.00 target price (down previously from $19.00) on shares of Aceto Corporation in a report on Monday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $20.00.
Shares of Aceto Corporation (ACET) traded down 0.94% on Wednesday, reaching $10.54. 457,132 shares of the company were exchanged. The firm has a market capitalization of $317.35 million, a PE ratio of 30.11 and a beta of 1.27. The stock’s 50-day moving average is $15.68 and its 200 day moving average is $15.22. Aceto Corporation has a 12-month low of $10.46 and a 12-month high of $23.40.
Aceto Corporation (NASDAQ:ACET) last released its quarterly earnings results on Thursday, August 24th. The company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.44 by $0.17. The firm had revenue of $194.60 million for the quarter, compared to analysts’ expectations of $184.49 million. Aceto Corporation had a net margin of 1.78% and a return on equity of 10.21%. The business’s quarterly revenue was up 43.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.35 EPS. On average, analysts forecast that Aceto Corporation will post $1.36 EPS for the current year.
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In other news, COO Walter J. Kaczmarek III sold 7,083 shares of Aceto Corporation stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $16.57, for a total value of $117,365.31. Following the completion of the transaction, the chief operating officer now owns 47,917 shares in the company, valued at approximately $793,984.69. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Albert L. Eilender sold 6,500 shares of Aceto Corporation stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $15.21, for a total value of $98,865.00. Following the completion of the transaction, the chairman now 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 quarter, insiders sold 33,065 shares of company stock valued at $515,271. Company insiders own 4.10% of the company’s stock.
Several institutional investors have recently made changes to their positions in ACET. Seizert Capital Partners LLC boosted its position in shares of Aceto Corporation by 0.3% in the second quarter. Seizert Capital Partners LLC now owns 24,145 shares of the company’s stock worth $373,000 after buying an additional 75 shares during the period. Texas Permanent School Fund boosted its position in shares of Aceto Corporation by 0.8% in the second quarter. Texas Permanent School Fund now owns 21,977 shares of the company’s stock worth $340,000 after buying an additional 170 shares during the period. Louisiana State Employees Retirement System raised its stake 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. Arizona State Retirement System raised its stake in shares of Aceto Corporation by 1.3% in the first quarter. Arizona State Retirement System now owns 15,649 shares of the company’s stock worth $247,000 after buying an additional 200 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Aceto Corporation by 1.4% in the first quarter. PNC Financial Services Group Inc. now owns 15,824 shares of the company’s stock worth $250,000 after buying an additional 224 shares in the last quarter. Hedge funds and other institutional investors own 82.32% 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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