II-VI Inc. (NASDAQ:IIVI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. The Company’s infrared optics business manufactures optical and opto-electronic components sold under the II-VI brand name and used primarily in CO2 lasers. The Company’s near-infrared optics business manufactures near-infrared & visible light products for industrial, scientific, military & medical instruments and laser gain materials and products for solid-state YAG and YLF lasers at the Company’s VLOC subsidiary. The Company’s military infrared optics business manufactures infrared products for military applications under the Exotic Electro-Optics brand name. “
Several other equities analysts have also weighed in on the stock. B. Riley reaffirmed a “neutral” rating and set a $22.00 price objective on shares of II-VI in a research report on Tuesday, August 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 price objective on shares of II-VI in a research report on Wednesday, August 3rd. Finally, Benchmark Co. cut their price objective on shares of II-VI from $25.00 to $23.50 and set a “buy” rating on the stock in a research report on Tuesday, August 2nd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $23.38.
II-VI (NASDAQ:IIVI) traded down 0.46% during mid-day trading on Wednesday, reaching $25.72. 65,218 shares of the company traded hands. II-VI has a 52-week low of $16.09 and a 52-week high of $25.87. The stock has a 50 day moving average price of $22.55 and a 200-day moving average price of $20.92. The company has a market capitalization of $1.61 billion, a P/E ratio of 24.73 and a beta of 0.42.
II-VI (NASDAQ:IIVI) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.16. The firm had revenue of $241.40 million for the quarter, compared to analyst estimates of $214.13 million. II-VI had a net margin of 7.92% and a return on equity of 10.93%. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.27 earnings per share. Analysts expect that II-VI will post $1.04 EPS for the current fiscal year.
In other news, Director Thomas E. Mistler sold 4,310 shares of the firm’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $21.55, for a total value of $92,880.50. Following the sale, the director now owns 22,346 shares in the company, valued at $481,556.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Howard H. Xia acquired 3,696 shares of the stock in a transaction dated Saturday, August 20th. The stock was bought at an average price of $21.67 per share, for a total transaction of $80,092.32. Following the purchase, the director now owns 30,996 shares of the company’s stock, valued at approximately $671,683.32. The disclosure for this purchase can be found here. Company insiders own 6.80% of the company’s stock.
Several large investors have recently made changes to their positions in IIVI. Pacad Investment Ltd. bought a new stake in shares of II-VI during the second quarter valued at about $107,000. PineBridge Investments L.P. increased its stake in shares of II-VI by 4.5% in the second quarter. PineBridge Investments L.P. now owns 6,729 shares of the company’s stock valued at $126,000 after buying an additional 292 shares during the last quarter. Teacher Retirement System of Texas increased its stake in shares of II-VI by 20.8% in the second quarter. Teacher Retirement System of Texas now owns 7,699 shares of the company’s stock valued at $144,000 after buying an additional 1,327 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of II-VI by 4.3% in the second quarter. Fifth Third Bancorp now owns 9,599 shares of the company’s stock valued at $180,000 after buying an additional 399 shares during the last quarter. Finally, Mason Street Advisors LLC bought a new stake in shares of II-VI during the second quarter valued at about $195,000. Institutional investors and hedge funds own 72.71% of the company’s stock.
II-VI Company Profile
II-VI Incorporated develops, manufactures and markets engineered materials and opto-electronic components and products for precision use in industrial, optical communications, military, semiconductor, medical and life science, and consumer applications. The Company has three segments: II-VI Laser Solutions, II-VI Photonics and II-VI Performance Products.
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