State Board of Administration of Florida Retirement System Sells 922 Shares of Aceto Corp. (ACET)
State Board of Administration of Florida Retirement System cut its stake in shares of Aceto Corp. (NASDAQ:ACET) by 2.9% during the second quarter, Holdings Channel reports. The firm owned 30,834 shares of the company’s stock after selling 922 shares during the period. State Board of Administration of Florida Retirement System owned about 0.10% of Aceto Corp. worth $675,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its position in Aceto Corp. by 45.8% in the first quarter. Envestnet Asset Management Inc. now owns 4,713 shares of the company’s stock valued at $111,000 after buying an additional 1,480 shares during the period. Legal & General Group Plc boosted its position in Aceto Corp. by 22.0% in the first quarter. Legal & General Group Plc now owns 5,010 shares of the company’s stock valued at $119,000 after buying an additional 905 shares during the period. Bessemer Group Inc. purchased a new position in Aceto Corp. during the first quarter valued at approximately $159,000. BNP Paribas Arbitrage SA boosted its position in Aceto Corp. by 115.2% in the second quarter. BNP Paribas Arbitrage SA now owns 9,442 shares of the company’s stock valued at $207,000 after buying an additional 5,055 shares during the period. Finally, Capstone Asset Management Co. boosted its position in Aceto Corp. by 12.0% in the second quarter. Capstone Asset Management Co. now owns 12,440 shares of the company’s stock valued at $272,000 after buying an additional 1,330 shares during the period. 86.85% of the stock is owned by hedge funds and other institutional investors.
Shares of Aceto Corp. (NASDAQ:ACET) traded down 0.47% during trading on Friday, hitting $18.99. The stock had a trading volume of 279,528 shares. The stock has a market capitalization of $563.02 million, a P/E ratio of 16.09 and a beta of 1.36. Aceto Corp. has a 12-month low of $18.25 and a 12-month high of $32.20. The stock’s 50-day moving average is $20.86 and its 200-day moving average is $22.48.
Aceto Corp. (NASDAQ:ACET) last released its earnings results on Thursday, August 25th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by $0.04. The company earned $135.40 million during the quarter, compared to analyst estimates of $146.71 million. Aceto Corp. had a net margin of 6.22% and a return on equity of 15.39%. Aceto Corp.’s revenue was down 7.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.40 EPS. Analysts predict that Aceto Corp. will post $1.50 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 20th. Investors of record on Friday, September 9th were given a $0.065 dividend. The ex-dividend date was Wednesday, September 7th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 1.37%. This is an increase from Aceto Corp.’s previous quarterly dividend of $0.06. Aceto Corp.’s payout ratio is currently 22.03%.
Several equities analysts have commented on the company. Zacks Investment Research cut Aceto Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 4th. Craig Hallum reaffirmed a “buy” rating on shares of Aceto Corp. in a report on Monday, August 29th.
In related news, insider Frank Debenedittis sold 4,580 shares of Aceto Corp. stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $19.85, for a total transaction of $90,913.00. Following the completion of the transaction, the insider now owns 76,995 shares in the company, valued at $1,528,350.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Steven Rogers sold 3,275 shares of Aceto Corp. stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $22.50, for a total value of $73,687.50. Following the transaction, the vice president now owns 11,943 shares of the company’s stock, valued at approximately $268,717.50. The disclosure for this sale can be found here. 3.70% of the stock is owned by corporate insiders.
About Aceto Corp.
Aceto Corporation (Aceto) is engaged in 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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