International Rectifier Corp. Sees Unusually-High Trading Volume After Earnings Beat (IRF)
International Rectifier Corp. (NYSE:IRF) shares saw an uptick in trading volume on Thursday following a better than expected earnings announcement, American Banking and Market News reports. 9,981,232 shares changed hands during trading, an increase of 285% from the previous session’s volume of 2,591,047 shares.The stock last traded at $39.13 and had previously closed at $39.10.
The company reported $0.30 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.29 by $0.01. The company had revenue of $297.60 million for the quarter. During the same quarter in the prior year, the company posted ($0.02) earnings per share. The company’s quarterly revenue was up 7.7% on a year-over-year basis.
A number of analysts have recently weighed in on IRF shares. Analysts at S&P Equity Research reiterated an “average” rating on shares of International Rectifier Corp. in a research note on Thursday. They now have a $21.25 price target on the stock, up previously from $19.14. Separately, analysts at Goldman Sachs upgraded shares of International Rectifier Corp. from a “sell” rating to a “neutral” rating in a research note on Thursday. They now have a $31.00 price target on the stock. Finally, analysts at FBR Capital Markets raised their price target on shares of International Rectifier Corp. from $28.00 to $40.00 in a research note on Thursday. They now have a “market perform” rating on the stock. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $31.04.
The stock has a 50-day moving average of $27.02 and a 200-day moving average of $26.75. The company has a market cap of $2.788 billion and a P/E ratio of 70.32.
International Rectifier Corporation (NYSE:IRF) designs, manufactures and markets power management semiconductors.
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