Aceto Corp. (ACET) Trading Up 2.2%
Shares of Aceto Corp. (NASDAQ:ACET) were up 2.2% on Thursday . The stock traded as high as $23.96 and last traded at $23.63, with a volume of 154,378 shares changing hands. The stock had previously closed at $23.12.
Several analysts recently weighed in on ACET shares. Zacks Investment Research downgraded Aceto Corp. from a “hold” rating to a “sell” rating in a research note on Friday, March 25th. First Analysis started coverage on Aceto Corp. in a research note on Wednesday, March 30th. They set an “overweight” rating and a $30.00 target price for the company.
The company’s 50-day moving average is $22.15 and its 200-day moving average is $22.59. The stock has a market capitalization of $702.35 million and a PE ratio of 16.85.
Aceto Corp. (NASDAQ:ACET) last released its quarterly earnings results on Thursday, May 5th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.03. The firm earned $157.90 million during the quarter, compared to analyst estimates of $150.07 million. During the same period in the prior year, the business earned $0.34 EPS. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. Equities analysts expect that Aceto Corp. will post $1.54 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 24th. Shareholders of record on Thursday, June 9th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend was Tuesday, June 7th.
In related news, Director William N. Britton sold 4,200 shares of Aceto Corp. stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $23.12, for a total value of $97,104.00. Following the sale, the director now owns 44,767 shares of the company’s stock, valued at $1,035,013.04. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Albert L. Eilender sold 9,881 shares of Aceto Corp. stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $22.21, for a total value of $219,457.01. Following the completion of the sale, the chairman now directly owns 217,889 shares in the company, valued at approximately $4,839,314.69. The disclosure for this sale can be found here.
Several hedge funds recently added to or reduced their stakes in ACET. Dimensional Fund Advisors LP increased its stake in Aceto Corp. by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,023,521 shares of the company’s stock worth $54,595,000 after buying an additional 61,871 shares in the last quarter. Morgan Stanley increased its stake in Aceto Corp. by 15.7% in the fourth quarter. Morgan Stanley now owns 457,690 shares of the company’s stock worth $12,349,000 after buying an additional 62,003 shares in the last quarter. Public Employees Retirement Association of Colorado increased its stake in Aceto Corp. by 113.2% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 244,247 shares of the company’s stock worth $6,590,000 after buying an additional 129,700 shares in the last quarter. Russell Frank Co increased its stake in Aceto Corp. by 30.8% in the fourth quarter. Russell Frank Co now owns 197,652 shares of the company’s stock worth $5,320,000 after buying an additional 46,591 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake in Aceto Corp. by 24.6% in the fourth quarter. California Public Employees Retirement System now owns 115,000 shares of the company’s stock worth $3,103,000 after buying an additional 22,700 shares in the last quarter.
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.