Oclaro Inc. (OCLR) Stock Price Up 2.8%
Oclaro Inc. (NASDAQ:OCLR) rose 2.8% on Wednesday . The company traded as high as $8.97 and last traded at $8.86, with a volume of 2,645,584 shares changing hands. The stock had previously closed at $8.62.
OCLR has been the subject of several recent research reports. Piper Jaffray Cos. restated an “overweight” rating and issued a $6.75 price target on shares of Oclaro in a report on Wednesday, June 1st. MKM Partners restated a “buy” rating on shares of Oclaro in a report on Monday, June 6th. Zacks Investment Research lowered shares of Oclaro from a “buy” rating to a “hold” rating in a report on Wednesday, July 6th. Needham & Company LLC upgraded shares of Oclaro from a “buy” rating to a “strong-buy” rating and boosted their price target for the company from $7.00 to $7.50 in a report on Monday, July 25th. Finally, B. Riley restated a “buy” rating and issued a $8.00 price target on shares of Oclaro in a report on Wednesday, August 3rd. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and three have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $7.95.
The company has a market cap of $1.31 billion, a P/E ratio of 113.72 and a beta of 1.86. The firm has a 50 day moving average of $7.54 and a 200-day moving average of $5.63.
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Oclaro (NASDAQ:OCLR) last announced its earnings results on Wednesday, August 3rd. The company reported $0.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.05. The company earned $125.20 million during the quarter, compared to analyst estimates of $119.41 million. Oclaro had a net margin of 2.10% and a return on equity of 6.24%. Oclaro’s revenue was up 52.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.06) earnings per share. On average, analysts expect that Oclaro Inc. will post $0.40 earnings per share for the current year.
In other news, EVP Lisa Paul sold 9,363 shares of the stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $7.69, for a total transaction of $72,001.47. Following the sale, the executive vice president now owns 218,264 shares of the company’s stock, valued at $1,678,450.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Adam Carter sold 19,506 shares of the stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $6.00, for a total transaction of $117,036.00. Following the sale, the insider now directly owns 202,584 shares in the company, valued at approximately $1,215,504. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.
Several hedge funds have recently modified their holdings of OCLR. Harvest Capital Strategies LLC acquired a new stake in shares of Oclaro during the first quarter valued at about $540,000. Bayesian Capital Management LP acquired a new stake in shares of Oclaro during the first quarter valued at about $107,000. Kennedy Capital Management Inc. acquired a new stake in shares of Oclaro during the first quarter valued at about $5,279,000. Bogle Investment Management L P DE acquired a new stake in shares of Oclaro during the first quarter valued at about $5,068,000. Finally, Wellington Management Group LLP acquired a new stake in shares of Oclaro during the first quarter valued at about $7,976,000. 62.49% of the stock is currently owned by institutional investors and hedge funds.
Oclaro Company Profile
Oclaro, Inc is a provider of optical components, modules and subsystems for the optical transport, service provider, enterprise and data center markets. The Company supplies optical network technology to telecommunication and data communication equipment companies across the world. The Company designs, manufactures and markets optical components, modules and subsystems that generate, detect, combine and separate light signals in optical communications networks.
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