Aceto Corporation (ACET) Lowered to Hold at BidaskClub

BidaskClub cut shares of Aceto Corporation (NASDAQ:ACET) from a buy rating to a hold rating in a report issued on Wednesday morning.

A number of other research analysts have also recently issued reports on the stock. Zacks Investment Research upgraded shares of Aceto Corporation from a sell rating to a hold rating in a research note on Tuesday. ValuEngine cut shares of Aceto Corporation from a buy rating to a hold rating in a research note on Friday, June 2nd. Five equities research analysts have rated the stock with a hold rating, The company presently has an average rating of Hold and a consensus price target of $22.50.

Shares of Aceto Corporation (NASDAQ ACET) traded up 0.26% during mid-day trading on Wednesday, hitting $15.39. The stock had a trading volume of 50,022 shares. The firm has a 50 day moving average of $14.71 and a 200 day moving average of $16.54. Aceto Corporation has a one year low of $13.50 and a one year high of $25.98. The stock has a market cap of $463.24 million, a price-to-earnings ratio of 29.37 and a beta of 1.26.

Aceto Corporation (NASDAQ:ACET) last posted its earnings results on Thursday, May 4th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by $0.05. Aceto Corporation had a net margin of 2.79% and a return on equity of 11.15%. The firm had revenue of $190.10 million during the quarter, compared to the consensus estimate of $195.09 million. During the same quarter last year, the firm posted $0.42 EPS. The business’s revenue was up 20.4% on a year-over-year basis. On average, analysts forecast that Aceto Corporation will post $1.36 earnings per share for the current year.

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The business also recently declared a quarterly dividend, which was paid on Friday, June 23rd. Investors of record on Friday, June 9th were issued a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend was Wednesday, June 7th. Aceto Corporation’s dividend payout ratio is currently 50.00%.

In related news, CEO Salvatore J. Sr Guccione, Sr. sold 7,421 shares of the firm’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $15.21, for a total value of $112,873.41. Following the completion of the sale, the chief executive officer now owns 190,662 shares of the company’s stock, valued at $2,899,969.02. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Albert L. Eilender sold 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $15.21, for a total transaction of $98,865.00. Following the completion of 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 three months, insiders sold 25,982 shares of company stock valued at $397,906. 4.10% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of the stock. Louisiana State Employees Retirement System raised its stake in 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 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. PNC Financial Services Group Inc. raised its stake in 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. Mason Street Advisors LLC raised its stake in Aceto Corporation by 7.2% in the first quarter. Mason Street Advisors LLC now owns 7,043 shares of the company’s stock worth $111,000 after buying an additional 476 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in 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. 81.13% of the stock is owned by institutional investors and hedge funds.

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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