Korea Investment CORP Acquires New Stake in II-VI, Inc. (IIVI)

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Korea Investment CORP acquired a new stake in shares of II-VI, Inc. (NASDAQ:IIVI) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 46,300 shares of the scientific and technical instruments company’s stock, valued at approximately $2,012,000. Korea Investment CORP owned about 0.07% of II-VI as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Ontario Teachers Pension Plan Board bought a new stake in II-VI during the second quarter valued at about $384,000. ClariVest Asset Management LLC grew its holdings in II-VI by 11.6% during the second quarter. ClariVest Asset Management LLC now owns 15,400 shares of the scientific and technical instruments company’s stock valued at $669,000 after purchasing an additional 1,600 shares during the period. Legal & General Group Plc grew its holdings in II-VI by 2.9% during the second quarter. Legal & General Group Plc now owns 120,865 shares of the scientific and technical instruments company’s stock valued at $5,257,000 after purchasing an additional 3,446 shares during the period. Janus Henderson Group PLC bought a new stake in II-VI during the second quarter valued at about $244,000. Finally, BlackRock Inc. grew its holdings in II-VI by 9.3% during the second quarter. BlackRock Inc. now owns 8,651,418 shares of the scientific and technical instruments company’s stock valued at $375,905,000 after purchasing an additional 739,662 shares during the period. Institutional investors own 92.96% of the company’s stock.

Several research firms have issued reports on IIVI. B. Riley lowered II-VI from a “buy” rating to a “neutral” rating and set a $54.00 price target for the company. in a report on Tuesday, September 4th. Deutsche Bank began coverage on II-VI in a report on Monday, August 27th. They set a “buy” rating and a $58.00 price target for the company. BidaskClub raised II-VI from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. Morgan Stanley set a $48.00 price target on II-VI and gave the company a “hold” rating in a report on Wednesday, August 8th. Finally, Cowen reissued a “buy” rating and set a $64.00 price target on shares of II-VI in a report on Wednesday, August 8th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $53.69.

NASDAQ IIVI opened at $47.65 on Friday. The stock has a market capitalization of $2.99 billion, a PE ratio of 30.69, a price-to-earnings-growth ratio of 1.42 and a beta of 0.20. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.22 and a quick ratio of 2.17. II-VI, Inc. has a twelve month low of $36.60 and a twelve month high of $53.08.

II-VI (NASDAQ:IIVI) last released its quarterly earnings data on Tuesday, August 7th. The scientific and technical instruments company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.13. The firm had revenue of $321.10 million during the quarter, compared to analyst estimates of $301.45 million. II-VI had a return on equity of 10.09% and a net margin of 7.59%. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.50 earnings per share. equities research analysts predict that II-VI, Inc. will post 1.94 earnings per share for the current fiscal year.

In other news, VP David G. Wagner sold 33,076 shares of the company’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $48.01, for a total value of $1,587,978.76. Following the completion of the transaction, the vice president now owns 71,578 shares of the company’s stock, valued at $3,436,459.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph J. Corasanti sold 40,120 shares of the company’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $44.88, for a total value of $1,800,585.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 92,041 shares of company stock valued at $4,193,219. Corporate insiders own 3.80% of the company’s stock.

About II-VI

II-VI Incorporated develops, manufactures, and markets engineered materials, and optoelectronic components and devices worldwide. The company operates in three segments: II-VI Laser Solutions, II-VI Photonics, and II-VI Performance Products. The II-VI Laser Solutions segment offers optical and electro-optical components and materials primarily used in high-power CO2 lasers; fiber-delivered beam delivery systems, and processing tools and direct diode lasers for industrial lasers; direct diode laser modules, sub-systems, and systems; super-hard materials processing laser systems; and compound semiconductor epitaxial and gallium arsenide wafers.

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Institutional Ownership by Quarter for II-VI (NASDAQ:IIVI)

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