II-VI Incorporated (NASDAQ:IIVI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued 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. “
A number of other analysts have also recently weighed in on IIVI. Needham & Company LLC raised their price target on II-VI from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, June 21st. B. Riley restated a “neutral” rating and issued a $39.50 price target on shares of II-VI in a research note on Saturday, August 5th. Northland Securities began coverage on II-VI in a research note on Thursday, July 6th. They issued an “outperform” rating and a $45.00 price target on the stock. BidaskClub upgraded II-VI from a “sell” rating to a “hold” rating in a research note on Thursday, June 15th. Finally, Craig Hallum began coverage on II-VI in a research note on Monday, July 24th. They issued a “buy” rating and a $50.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. II-VI currently has a consensus rating of “Buy” and an average target price of $44.92.
II-VI (NASDAQ:IIVI) last released its earnings results on Monday, August 7th. The scientific and technical instruments company reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.17. The firm had revenue of $273.70 million during the quarter, compared to analyst estimates of $249.90 million. II-VI had a return on equity of 12.94% and a net margin of 9.80%. II-VI’s revenue was up 13.4% compared to the same quarter last year. During the same period last year, the business posted $0.40 earnings per share.
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In related news, Director Francis J. Kramer sold 20,000 shares of the business’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $40.00, for a total value of $800,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.80% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Pinebridge Investments L.P. boosted its holdings in II-VI by 1.9% in the 2nd quarter. Pinebridge Investments L.P. now owns 7,237 shares of the scientific and technical instruments company’s stock valued at $249,000 after purchasing an additional 137 shares in the last quarter. Nationwide Fund Advisors boosted its holdings in II-VI by 0.8% in the 2nd quarter. Nationwide Fund Advisors now owns 41,893 shares of the scientific and technical instruments company’s stock valued at $1,437,000 after purchasing an additional 339 shares in the last quarter. Prudential Financial Inc. boosted its holdings in II-VI by 0.5% in the 1st quarter. Prudential Financial Inc. now owns 94,285 shares of the scientific and technical instruments company’s stock valued at $3,399,000 after purchasing an additional 440 shares in the last quarter. Arizona State Retirement System boosted its holdings in II-VI by 1.8% in the 1st quarter. Arizona State Retirement System now owns 28,348 shares of the scientific and technical instruments company’s stock valued at $1,022,000 after purchasing an additional 500 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in II-VI by 0.7% in the 1st quarter. Legal & General Group Plc now owns 97,851 shares of the scientific and technical instruments company’s stock valued at $3,528,000 after purchasing an additional 663 shares in the last quarter. 78.25% of the stock is currently owned by institutional investors.
II-VI Incorporated develops and manufactures engineered materials, optoelectronic components and products. The Company has three segments: II-VI Laser Solutions, II-VI Photonics and II-VI Performance Products. The II-VI Laser Solutions segment designs, manufactures and markets optical and electro-optical components and materials sold under the II-VI Infrared brand name and used in carbon dioxide (CO2) lasers, fiber-delivered beam delivery systems and processing tools and direct diode lasers for industrial lasers sold under the II-VI HIGHYAG and II-VI Laser Enterprise brand names.
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