II-VI Inc. (IIVI) Rating Increased to Hold at Zacks Investment Research
II-VI Inc. (NASDAQ:IIVI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. The Company’s infrared optics business manufactures optical and opto-electronic components sold under the II-VI brand name and used primarily in CO2 lasers. The Company’s near-infrared optics business manufactures near-infrared & visible light products for industrial, scientific, military & medical instruments and laser gain materials and products for solid-state YAG and YLF lasers at the Company’s VLOC subsidiary. The Company’s military infrared optics business manufactures infrared products for military applications under the Exotic Electro-Optics brand name. “
IIVI has been the subject of several other reports. B. Riley reiterated a “neutral” rating and set a $22.00 price objective on shares of II-VI in a research report on Wednesday, August 3rd. Needham & Company LLC reiterated a “buy” rating and set a $26.00 price objective on shares of II-VI in a research report on Wednesday, August 3rd. Finally, Benchmark Co. reduced their price objective on II-VI from $25.00 to $23.50 and set a “buy” rating for the company in a research report on Tuesday, August 2nd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $23.38.
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II-VI (NASDAQ:IIVI) traded down 0.54% during midday trading on Wednesday, hitting $25.70. The stock had a trading volume of 401,107 shares. The stock has a market cap of $1.61 billion, a PE ratio of 24.71 and a beta of 0.42. The firm has a 50 day moving average price of $22.66 and a 200 day moving average price of $20.96. II-VI has a one year low of $16.09 and a one year high of $25.87.
II-VI (NASDAQ:IIVI) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.16. The business earned $241.40 million during the quarter, compared to the consensus estimate of $214.13 million. II-VI had a return on equity of 10.93% and a net margin of 7.92%. The business’s revenue was up 17.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 earnings per share. Equities analysts expect that II-VI will post $1.04 EPS for the current year.
In other II-VI news, Director Wendy F. Dicicco sold 4,000 shares of II-VI stock in a transaction that occurred 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 transaction, the director now directly owns 38,946 shares in the company, valued at approximately $868,495.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Howard H. Xia acquired 3,696 shares of the stock in a transaction on Saturday, August 20th. The shares were purchased at an average price of $21.67 per share, for a total transaction of $80,092.32. Following the completion of the transaction, the director now owns 30,996 shares in the company, valued at approximately $671,683.32. The disclosure for this purchase can be found here. 6.80% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC boosted its position in II-VI by 442.3% in the first quarter. Acadian Asset Management LLC now owns 25,710 shares of the company’s stock valued at $558,000 after buying an additional 20,969 shares in the last quarter. Aperio Group LLC boosted its position in II-VI by 0.6% in the first quarter. Aperio Group LLC now owns 17,335 shares of the company’s stock valued at $376,000 after buying an additional 101 shares in the last quarter. Ngam Advisors L.P. boosted its position in II-VI by 5.6% in the first quarter. Ngam Advisors L.P. now owns 40,305 shares of the company’s stock valued at $875,000 after buying an additional 2,121 shares in the last quarter. Teachers Advisors Inc. boosted its position in II-VI by 11.6% in the first quarter. Teachers Advisors Inc. now owns 619,254 shares of the company’s stock valued at $13,444,000 after buying an additional 64,248 shares in the last quarter. Finally, Algert Global LLC boosted its position in II-VI by 43.2% in the first quarter. Algert Global LLC now owns 38,142 shares of the company’s stock valued at $828,000 after buying an additional 11,512 shares in the last quarter. Hedge funds and other institutional investors own 72.71% 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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