II-VI (IIVI) Downgraded to Strong Sell at BidaskClub

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BidaskClub lowered shares of II-VI (NASDAQ:IIVI) from a sell rating to a strong sell rating in a report released on Friday morning, BidAskClub reports.

A number of other research analysts have also recently issued reports on IIVI. Northland Securities set a $41.00 price objective on shares of II-VI and gave the company a buy rating in a report on Monday, May 20th. Zacks Investment Research cut shares of II-VI from a hold rating to a sell rating in a report on Thursday, May 9th. Benchmark restated a buy rating and set a $57.00 price objective (up previously from $55.00) on shares of II-VI in a report on Thursday, May 2nd. ValuEngine upgraded shares of II-VI from a hold rating to a buy rating in a report on Monday, February 25th. Finally, Craig Hallum restated a buy rating and set a $54.00 price objective (up previously from $47.00) on shares of II-VI in a report on Thursday, May 2nd. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $49.82.

Shares of NASDAQ IIVI opened at $32.67 on Friday. The company has a market cap of $2.08 billion, a P/E ratio of 18.99, a PEG ratio of 1.26 and a beta of 0.83. The company has a quick ratio of 2.15, a current ratio of 3.41 and a debt-to-equity ratio of 0.44. II-VI has a 52-week low of $29.31 and a 52-week high of $50.75.

II-VI (NASDAQ:IIVI) last issued its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.21. The firm had revenue of $342.40 million during the quarter, compared to analysts’ expectations of $339.93 million. II-VI had a net margin of 8.07% and a return on equity of 10.77%. The business’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.36 earnings per share. As a group, equities research analysts predict that II-VI will post 1.6 earnings per share for the current year.

In other news, insider Vincent D. Mattera, Jr. sold 1,973 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $40.00, for a total value of $78,920.00. Following the completion of the transaction, the insider now owns 260,138 shares in the company, valued at $10,405,520. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Shaker Sadasivam purchased 14,250 shares of II-VI stock in a transaction dated Tuesday, May 21st. The stock was bought at an average price of $34.63 per share, with a total value of $493,477.50. Following the acquisition, the director now directly owns 21,834 shares of the company’s stock, valued at $756,111.42. The disclosure for this purchase can be found here. Insiders sold 81,050 shares of company stock valued at $3,263,657 in the last quarter. Corporate insiders own 4.00% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in IIVI. Advisory Services Network LLC boosted its holdings in shares of II-VI by 750.0% in the fourth quarter. Advisory Services Network LLC now owns 850 shares of the scientific and technical instruments company’s stock valued at $28,000 after buying an additional 750 shares during the period. Fifth Third Bancorp bought a new stake in shares of II-VI in the first quarter worth $32,000. Winslow Evans & Crocker Inc. bought a new stake in shares of II-VI in the fourth quarter worth $34,000. Versant Capital Management Inc lifted its position in shares of II-VI by 578.4% in the first quarter. Versant Capital Management Inc now owns 1,289 shares of the scientific and technical instruments company’s stock worth $48,000 after purchasing an additional 1,099 shares in the last quarter. Finally, Doyle Wealth Management bought a new stake in shares of II-VI in the fourth quarter worth $49,000. Institutional investors own 92.27% of the company’s stock.

II-VI Company Profile

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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Analyst Recommendations for II-VI (NASDAQ:IIVI)

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