II-VI Inc. (IIVI) Hits New 52-Week High at $23.49
Shares of II-VI Inc. (NASDAQ:IIVI) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $23.49 and last traded at $23.47, with a volume of 328,890 shares. The stock had previously closed at $22.65.
A number of analysts have recently issued reports on the stock. B. Riley restated a “neutral” rating and set a $22.00 target price on shares of II-VI in a research note on Tuesday, August 9th. Zacks Investment Research cut shares of II-VI from a “hold” rating to a “sell” rating in a research note on Saturday, August 6th. Needham & Company LLC restated a “buy” rating and set a $26.00 target price on shares of II-VI in a research note on Wednesday, August 3rd. Finally, Benchmark Co. cut their target price on shares of II-VI from $25.00 to $23.50 and set a “buy” rating for the company in a research note on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. II-VI currently has an average rating of “Hold” and a consensus target price of $23.38.
The company has a 50-day moving average price of $21.60 and a 200-day moving average price of $20.68. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 22.57 and a beta of 0.55.
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II-VI (NASDAQ:IIVI) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.16. The business earned $241.40 million during the quarter, compared to analyst estimates of $214.13 million. II-VI had a net margin of 7.92% and a return on equity of 10.93%. II-VI’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.27 EPS. On average, equities research analysts anticipate that II-VI Inc. will post $1.04 EPS for the current year.
In other II-VI news, Director Wendy F. Dicicco sold 4,000 shares of the business’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $22.30, for a total transaction of $89,200.00. Following the completion of the sale, the director now owns 38,946 shares in the company, valued at approximately $868,495.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Howard H. Xia purchased 3,696 shares of the firm’s stock in a transaction on Saturday, August 20th. The shares were acquired at an average price of $21.67 per share, with a total value of $80,092.32. Following the purchase, the director now directly owns 30,996 shares in the company, valued at approximately $671,683.32. The disclosure for this purchase can be found here. Company insiders own 6.80% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Pacad Investment Ltd. acquired a new stake in shares of II-VI during the second quarter worth approximately $107,000. PineBridge Investments L.P. raised its stake in shares of II-VI by 4.5% in the second quarter. PineBridge Investments L.P. now owns 6,729 shares of the company’s stock worth $126,000 after buying an additional 292 shares during the period. Teacher Retirement System of Texas raised its stake in shares of II-VI by 20.8% in the second quarter. Teacher Retirement System of Texas now owns 7,699 shares of the company’s stock worth $144,000 after buying an additional 1,327 shares during the period. Fifth Third Bancorp raised its stake in shares of II-VI by 4.3% in the second quarter. Fifth Third Bancorp now owns 9,599 shares of the company’s stock worth $180,000 after buying an additional 399 shares during the period. Finally, Mason Street Advisors LLC acquired a new stake in shares of II-VI during the second quarter worth approximately $195,000. Institutional investors and hedge funds own 73.04% of the company’s stock.
II-VI Company Profile
II-VI Incorporated develops, manufactures and markets engineered materials and opto-electronic components and products for precision use in industrial, optical communications, military, semiconductor, medical and life science, and consumer applications. The Company has three segments: II-VI Laser Solutions, II-VI Photonics and II-VI Performance Products.
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