Intevac (NASDAQ:IVAC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Intevac, Inc. is a leading supplier of static sputtering systems and related manufacturing equipment used to manufacture thin-film disks for computer hard disk drives. Sputtering is a complex vacuum deposition process used to deposit multiple thin-film layers on a disk. The company’s primary objective is to be the industry leader in supplying disk sputtering equipment by providing disk sputtering systems which have both the highest overall performance and the lowest cost of ownership in the industry. “
IVAC has been the subject of several other reports. B. Riley reduced their price objective on Intevac from $6.50 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, July 31st. Noble Financial reiterated a “hold” rating on shares of Intevac in a report on Tuesday, July 31st. ValuEngine downgraded Intevac from a “hold” rating to a “sell” rating in a report on Saturday, August 18th. Finally, Benchmark upgraded Intevac from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $5.75.
Intevac (NASDAQ:IVAC) last issued its quarterly earnings results on Monday, July 30th. The electronics maker reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.11. Intevac had a negative return on equity of 5.40% and a negative net margin of 4.30%. The firm had revenue of $26.10 million during the quarter, compared to the consensus estimate of $24.75 million. During the same period last year, the company earned $0.05 earnings per share. On average, sell-side analysts anticipate that Intevac will post -0.25 EPS for the current fiscal year.
Intevac announced that its board has approved a stock repurchase program on Monday, August 20th that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the electronics maker to purchase up to 8.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC bought a new stake in Intevac in the 2nd quarter worth about $113,000. Millennium Management LLC bought a new stake in Intevac in the 2nd quarter worth about $728,000. Paloma Partners Management Co bought a new stake in Intevac in the 2nd quarter worth about $472,000. Laurion Capital Management LP bought a new stake in Intevac in the 2nd quarter worth about $134,000. Finally, Dimensional Fund Advisors LP increased its holdings in Intevac by 24.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,231,623 shares of the electronics maker’s stock worth $5,973,000 after buying an additional 242,655 shares in the last quarter. Institutional investors own 63.22% of the company’s stock.
Intevac Company Profile
Intevac, Inc provides vacuum deposition equipment for various thin-film applications, and digital night-vision technologies and products to the defense industry in the United States, Asia, Europe, and internationally. It operates in two segments, Thin-Film Equipment and Photonics. The Thin-film Equipment segment designs, manufactures, markets, and services disk sputtering, etch and deposition, and disk lubrication systems; and offers upgrades, spares, and consumables, as well as provides process and applications support, customer training, installation, start-up assistance, and post-installation support services.
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