Capital Management Corp VA Sells 98,986 Shares of Acme United Co. $ACU

Key Points

• Capital Management Corp VA reduced its Acme United stake by 20.9%, selling 98,986 shares and retaining 375,161 shares worth approximately $23.8 million, or 9.85% of the company.
• Institutional investors own 62.1% of Acme United, while insiders own 29.5%; company insiders sold 27,525 shares worth about $1.64 million over the past three months.
• Acme United shares rose 2.6% to $68.99, near the 12-month high, while analysts maintain a consensus “Buy” rating with an average price target of $70. The company also pays a quarterly dividend of $0.16, yielding about 0.9%.

Capital Management Corp VA trimmed its holdings in Acme United Co. (NYSE:ACU - Free Report) by 20.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 375,161 shares of the company's stock after selling 98,986 shares during the quarter. Acme United makes up about 3.6% of Capital Management Corp VA's holdings, making the stock its 7th biggest position. Capital Management Corp VA owned 9.85% of Acme United worth $23,793,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of ACU. Bank of New York Mellon Corp acquired a new stake in shares of Acme United during the second quarter worth about $1,509,000. Nantahala Capital Management LLC purchased a new position in shares of Acme United in the 2nd quarter valued at approximately $974,776. BlackRock Inc. purchased a new position in shares of Acme United in the 2nd quarter valued at approximately $8,578,000. Bard Associates Inc. acquired a new stake in shares of Acme United during the second quarter worth $5,163,000. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of Acme United during the second quarter worth $1,627,000. Hedge funds and other institutional investors own 62.10% of the company's stock.

Acme United Trading Up 2.6%

Shares of Acme United stock opened at $68.99 on Tuesday. Acme United Co. has a 12-month low of $35.50 and a 12-month high of $69.83. The stock has a market cap of $262.85 million, a PE ratio of 14.11 and a beta of 0.40. The company has a 50-day moving average of $62.99 and a two-hundred day moving average of $50.46. The company has a current ratio of 4.41, a quick ratio of 1.91 and a debt-to-equity ratio of 0.30.

Acme United Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 22nd. Investors of record on Friday, October 2nd were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Friday, October 2nd. Acme United's dividend payout ratio is presently 23.53%.

Insider Activity at Acme United

In other Acme United news, COO Brian Olschan sold 1,936 shares of the firm's stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $69.07, for a total transaction of $133,719.52. Following the completion of the transaction, the chief operating officer directly owned 56,635 shares in the company, valued at approximately $3,911,779.45. This trade represents a 3.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Rex Lynn Davidson sold 3,684 shares of Acme United stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $56.48, for a total transaction of $208,072.32. Following the transaction, the director owned 6,228 shares of the company's stock, valued at approximately $351,757.44. The trade was a 37.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 27,525 shares of company stock valued at $1,639,256. Insiders own 29.50% of the company's stock.

Analysts Set New Price Targets

Separately, Freedom Broker boosted their price objective on shares of Acme United from $58.00 to $70.00 and gave the company a "hold" rating in a research note on Wednesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $70.00.

Acme United Company Profile

Acme United Corporation is a manufacturer and supplier of first aid and medical products, cutting instruments, measuring tools and school and office supplies. The company serves the consumer, industrial, medical, school and office markets through a portfolio of branded and private-label products.

Its product offerings include workplace first aid cabinets and kits, medical and emergency supplies, scissors, shears, knives, sharpeners, rulers and other measuring instruments. Acme United markets products under brands such as PhysiciansCare, First Aid Only, Pac-Kit, Westcott and Clauss.

Founded in 1867, Acme United is headquartered in Fairfield, Connecticut, and serves customers in the United States, Canada and Europe.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.