Aceto (ACET) PT Set at $10.00 by Canaccord Genuity

Canaccord Genuity set a $10.00 price objective on Aceto (NASDAQ:ACET) in a research note published on Friday morning. The firm currently has a buy rating on the stock.

“We are pleased with the appointment of Ed Borkowski as chief financial officer, as he brings a breadth of generics knowledge and experience that will likely help Aceto’s continued transition into a human health company. We like the turnaround potential for Aceto, but believe management will need to execute for a number of quarters before generating meaningful investor interest; we maintain our BUY rating on ACET shares. Roth’s retirement has been well telegraphed in parallel to the on-boarding of William Kennally as CEO. Douglas Roth has been CFO since 2001, and was a key leader in the transformation of Aceto from specialty chemicals/API to human health. After the appointment of Bill Kennally as CEO late last year, we expected Aceto to find a thoughtful, seasoned finance leader to complement Kennally’s experience, and see Borkowski as an excellent add.”,” Canaccord Genuity’s analyst wrote.

Several other brokerages have also recently issued reports on ACET. ValuEngine cut Aceto from a buy rating to a hold rating in a research note on Friday, February 2nd. Zacks Investment Research cut Aceto from a hold rating to a strong sell rating in a research note on Tuesday, February 6th. Finally, BidaskClub cut Aceto from a sell rating to a strong sell rating in a research note on Friday, December 15th.

Shares of Aceto (ACET) opened at $7.27 on Friday. The stock has a market capitalization of $223.64, a price-to-earnings ratio of -45.44, a PEG ratio of 0.71 and a beta of 1.40. The company has a quick ratio of 1.38, a current ratio of 2.00 and a debt-to-equity ratio of 0.79. Aceto has a 52 week low of $7.06 and a 52 week high of $17.10.

Aceto (NASDAQ:ACET) last announced its quarterly earnings data on Thursday, February 1st. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.01). The company had revenue of $171.20 million during the quarter, compared to analyst estimates of $176.50 million. Aceto had a negative net margin of 0.79% and a positive return on equity of 10.26%. The firm’s revenue was up 36.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.24 earnings per share. analysts anticipate that Aceto will post 1.02 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 23rd. Investors of record on Friday, March 9th will be issued a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 3.58%. The ex-dividend date is Thursday, March 8th. Aceto’s dividend payout ratio (DPR) is presently -162.50%.

Large investors have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new position in Aceto in the third quarter valued at $106,000. Teacher Retirement System of Texas purchased a new position in Aceto in the fourth quarter valued at $108,000. Palisade Capital Management LLC NJ purchased a new position in Aceto in the third quarter valued at $131,000. Stone Ridge Asset Management LLC purchased a new position in Aceto in the fourth quarter valued at $122,000. Finally, MetLife Investment Advisors LLC purchased a new position in Aceto in the fourth quarter valued at $146,000. 73.64% of the stock is currently owned by hedge funds and other institutional investors.

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About Aceto

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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