PNC Financial Services Group Inc. cut its stake in shares of Aceto Corp. (NASDAQ:ACET) by 16.3% during the second quarter, Holdings Channel reports. The institutional investor owned 15,754 shares of the company’s stock after selling 3,071 shares during the period. PNC Financial Services Group Inc. owned about 0.05% of Aceto Corp. worth $346,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of ACET. Prudential Financial Inc. boosted its stake in Aceto Corp. by 2.8% in the first quarter. Prudential Financial Inc. now owns 70,671 shares of the company’s stock valued at $1,665,000 after buying an additional 1,900 shares in the last quarter. Glenmede Trust Co. NA boosted its stake in Aceto Corp. by 53.2% in the second quarter. Glenmede Trust Co. NA now owns 102,443 shares of the company’s stock valued at $2,242,000 after buying an additional 35,578 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Aceto Corp. by 57.2% in the first quarter. Goldman Sachs Group Inc. now owns 47,926 shares of the company’s stock valued at $1,129,000 after buying an additional 17,441 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in Aceto Corp. by 10.8% in the first quarter. TIAA CREF Investment Management LLC now owns 132,047 shares of the company’s stock valued at $3,111,000 after buying an additional 12,886 shares in the last quarter. Finally, Royce & Associates LP boosted its stake in Aceto Corp. by 37.5% in the first quarter. Royce & Associates LP now owns 423,190 shares of the company’s stock valued at $9,970,000 after buying an additional 115,400 shares in the last quarter. 86.85% of the stock is owned by institutional investors and hedge funds.
Shares of Aceto Corp. (NASDAQ:ACET) traded up 0.68% during trading on Wednesday, reaching $19.29. The company had a trading volume of 126,419 shares. The stock’s 50-day moving average price is $21.32 and its 200-day moving average price is $22.55. The stock has a market capitalization of $571.91 million, a PE ratio of 16.35 and a beta of 1.36. Aceto Corp. has a 12 month low of $18.25 and a 12 month high of $32.20.
Aceto Corp. (NASDAQ:ACET) last announced its quarterly earnings data on Thursday, August 25th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by $0.04. Aceto Corp. had a net margin of 6.22% and a return on equity of 15.39%. The firm had revenue of $135.40 million for the quarter, compared to analyst estimates of $146.71 million. During the same quarter in the previous year, the company earned $0.40 EPS. The company’s quarterly revenue was down 7.6% compared to the same quarter last year. Equities analysts forecast that Aceto Corp. will post $1.53 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 20th. Stockholders of record on Friday, September 9th were issued a dividend of $0.065 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This is a positive change from Aceto Corp.’s previous quarterly dividend of $0.06. This represents a $0.26 annualized dividend and a dividend yield of 1.36%. Aceto Corp.’s dividend payout ratio is 22.03%.
Several brokerages recently issued reports on ACET. Craig Hallum reaffirmed a “buy” rating on shares of Aceto Corp. in a report on Monday, August 29th. Zacks Investment Research cut Aceto Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 4th.
In other news, Chairman Albert L. Eilender sold 7,690 shares of the company’s stock in a transaction that occurred on Wednesday, July 6th. The stock was sold at an average price of $22.53, for a total transaction of $173,255.70. Following the completion of the transaction, the chairman now directly owns 210,199 shares of the company’s stock, valued at $4,735,783.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Frank Debenedittis sold 3,275 shares of the company’s stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $23.34, for a total value of $76,438.50. Following the transaction, the vice president now directly owns 67,495 shares of the company’s stock, valued at $1,575,333.30. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.
Aceto Corp. Company Profile
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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