Fisher Asset Management LLC Raises Position in Aceto Corporation (NASDAQ:ACET)

Fisher Asset Management LLC increased its stake in shares of Aceto Corporation (NASDAQ:ACET) by 32.9% during the second quarter, Holdings Channel reports. The firm owned 138,018 shares of the company’s stock after buying an additional 34,168 shares during the period. Fisher Asset Management LLC’s holdings in Aceto Corporation were worth $2,132,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ACET. Deprince Race & Zollo Inc. increased its stake in Aceto Corporation by 131.8% in the first quarter. Deprince Race & Zollo Inc. now owns 1,254,547 shares of the company’s stock valued at $19,834,000 after buying an additional 713,284 shares during the period. Dimensional Fund Advisors LP increased its stake in Aceto Corporation by 10.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,396,238 shares of the company’s stock valued at $37,885,000 after buying an additional 218,781 shares during the period. AlphaOne Investment Services LLC increased its stake in Aceto Corporation by 496.5% in the first quarter. AlphaOne Investment Services LLC now owns 242,180 shares of the company’s stock valued at $3,828,000 after buying an additional 201,580 shares during the period. Champlain Investment Partners LLC increased its stake in Aceto Corporation by 15.1% in the first quarter. Champlain Investment Partners LLC now owns 1,432,580 shares of the company’s stock valued at $22,649,000 after buying an additional 187,980 shares during the period. Finally, Bank of America Corp DE increased its stake in Aceto Corporation by 105.3% in the first quarter. Bank of America Corp DE now owns 354,549 shares of the company’s stock valued at $5,605,000 after buying an additional 181,819 shares during the period. Hedge funds and other institutional investors own 81.09% of the company’s stock.

Aceto Corporation (ACET) opened at 15.26 on Friday. Aceto Corporation has a 1-year low of $13.50 and a 1-year high of $25.98. The firm has a 50 day moving average of $15.12 and a 200 day moving average of $15.93. The firm has a market cap of $459.33 million, a P/E ratio of 29.12 and a beta of 1.26.

Aceto Corporation (NASDAQ:ACET) last released its quarterly earnings results on Thursday, May 4th. The company reported $0.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.44 by $0.05. The firm had revenue of $190.10 million for the quarter, compared to analyst estimates of $195.09 million. Aceto Corporation had a net margin of 2.79% and a return on equity of 11.15%. Aceto Corporation’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.42 earnings per share. On average, equities research analysts expect that Aceto Corporation will post $1.36 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 23rd. Investors of record on Friday, June 9th were issued a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date was Wednesday, June 7th. Aceto Corporation’s payout ratio is 50.00%.

Several analysts recently weighed in on ACET shares. Zacks Investment Research downgraded shares of Aceto Corporation from a “hold” rating to a “sell” rating in a report on Thursday, May 4th. ValuEngine downgraded shares of Aceto Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, BidaskClub downgraded shares of Aceto Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Five research analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and an average target price of $22.50.

In other Aceto Corporation news, insider Frank Debenedittis sold 2,089 shares of the firm’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $15.28, for a total transaction of $31,919.92. Following the completion of the transaction, the insider now directly owns 76,936 shares of the company’s stock, valued at approximately $1,175,582.08. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Steven Rogers sold 2,285 shares of the firm’s stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $15.45, for a total transaction of $35,303.25. Following the transaction, the senior vice president now directly owns 18,995 shares of the company’s stock, valued at $293,472.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,982 shares of company stock valued at $397,906. Company insiders own 4.10% of the company’s stock.

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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