Aceto (NASDAQ:ACET) has been assigned a $10.00 target price by equities researchers at Canaccord Genuity in a note issued to investors on Friday. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity’s target price points to a potential upside of 37.55% from the stock’s previous close.
The analysts wrote, “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.””
Other equities analysts have also issued reports about the company. Zacks Investment Research upgraded Aceto from a “strong sell” rating to a “hold” rating in a research note on Monday, October 30th. ValuEngine lowered Aceto from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Finally, BidaskClub upgraded Aceto from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 4th.
Aceto (NASDAQ ACET) opened at $7.27 on Friday. The firm has a market capitalization of $223.65, a PE ratio of 6.16, a price-to-earnings-growth 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 one year low of $7.06 and a one year high of $17.10.
Aceto (NASDAQ:ACET) last announced its earnings results on Thursday, February 1st. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The business had revenue of $171.20 million during the quarter, compared to the consensus estimate of $176.50 million. Aceto had a positive return on equity of 10.26% and a negative net margin of 0.79%. Aceto’s revenue was up 36.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.24 earnings per share. equities analysts predict that Aceto will post 1.02 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. MetLife Investment Advisors LLC bought a new position in Aceto in the 4th quarter worth about $146,000. Gotham Asset Management LLC bought a new position in Aceto in the 4th quarter worth about $212,000. Municipal Employees Retirement System of Michigan boosted its holdings in shares of Aceto by 33.5% in the 4th quarter. Municipal Employees Retirement System of Michigan now owns 244,250 shares of the company’s stock worth $2,524,000 after purchasing an additional 61,290 shares in the last quarter. TIAA CREF Investment Management LLC boosted its holdings in shares of Aceto by 3.8% in the 4th quarter. TIAA CREF Investment Management LLC now owns 202,323 shares of the company’s stock worth $2,090,000 after purchasing an additional 7,394 shares in the last quarter. Finally, Two Sigma Investments LP boosted its holdings in shares of Aceto by 537.8% in the 4th quarter. Two Sigma Investments LP now owns 343,005 shares of the company’s stock worth $3,543,000 after purchasing an additional 289,225 shares in the last quarter. Institutional investors and hedge funds own 76.72% of the company’s stock.
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Aceto Company Profile
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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