Aceto Corporation (NASDAQ:ACET) Stake Boosted by OppenheimerFunds Inc.
OppenheimerFunds Inc. boosted its stake in shares of Aceto Corporation (NASDAQ:ACET) by 69.2% during the first quarter, Holdings Channel reports. The institutional investor owned 27,507 shares of the company’s stock after buying an additional 11,252 shares during the period. OppenheimerFunds Inc.’s holdings in Aceto Corporation were worth $435,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Russell Investments Group Ltd. purchased a new position in shares of Aceto Corporation during the fourth quarter valued at approximately $1,077,000. Comerica Bank raised its position in shares of Aceto Corporation by 6.0% in the fourth quarter. Comerica Bank now owns 31,814 shares of the company’s stock valued at $658,000 after buying an additional 1,814 shares in the last quarter. State Street Corp raised its position in shares of Aceto Corporation by 3.4% in the fourth quarter. State Street Corp now owns 697,707 shares of the company’s stock valued at $15,330,000 after buying an additional 23,185 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Aceto Corporation by 6.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,177,457 shares of the company’s stock valued at $47,839,000 after buying an additional 125,913 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its position in shares of Aceto Corporation by 6.5% in the fourth quarter. Public Sector Pension Investment Board now owns 21,353 shares of the company’s stock valued at $469,000 after buying an additional 1,300 shares in the last quarter. 81.09% of the stock is owned by institutional investors and hedge funds.
Aceto Corporation (ACET) opened at 15.51 on Tuesday. The stock has a 50 day moving average price of $14.71 and a 200 day moving average price of $16.54. Aceto Corporation has a 52-week low of $13.50 and a 52-week high of $25.98. The stock has a market cap of $466.85 million, a price-to-earnings ratio of 29.60 and a beta of 1.26.
Aceto Corporation (NASDAQ:ACET) last issued its quarterly earnings data on Thursday, May 4th. The company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by $0.05. The company had revenue of $190.10 million for the quarter, compared to analysts’ expectations of $195.09 million. Aceto Corporation had a return on equity of 11.15% and a net margin of 2.79%. The company’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.42 earnings per share. Analysts expect that Aceto Corporation will post $1.36 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 23rd. Investors of record on Friday, June 9th were paid a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date was Wednesday, June 7th. Aceto Corporation’s dividend payout ratio (DPR) is currently 50.00%.
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ACET has been the subject of several recent research reports. Zacks Investment Research lowered Aceto Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, May 4th. ValuEngine lowered Aceto Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, BidaskClub lowered Aceto Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Five research analysts have rated the stock with a hold rating, Aceto Corporation currently has a consensus rating of “Hold” and a consensus target price of $22.50.
In related news, insider Frank Debenedittis sold 2,089 shares of the company’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $15.28, for a total transaction of $31,919.92. Following the completion of the sale, the insider now directly owns 76,936 shares in the company, valued at approximately $1,175,582.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Salvatore J. Sr Guccione, Sr. sold 7,421 shares of the company’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $15.21, for a total value of $112,873.41. Following the sale, the chief executive officer now owns 190,662 shares of the company’s stock, valued at $2,899,969.02. The disclosure for this sale can be found here. Insiders have sold a total of 25,982 shares of company stock valued at $397,906 over the last 90 days. 4.10% of the stock is currently owned by company insiders.
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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