Zacks Investment Research Lowers Intevac Inc. (IVAC) to Hold
Intevac Inc. (NASDAQ:IVAC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Intevac, Inc. is a leading supplier of static sputtering systems and related manufacturing equipment used to manufacture thin-film disks for computer hard disk drives. Sputtering is a complex vacuum deposition process used to deposit multiple thin-film layers on a disk. The company’s primary objective is to be the industry leader in supplying disk sputtering equipment by providing disk sputtering systems which have both the highest overall performance and the lowest cost of ownership in the industry. “
Several other equities research analysts have also weighed in on IVAC. B. Riley restated a “neutral” rating and set a $6.50 price target on shares of Intevac in a research report on Tuesday, August 2nd. Benchmark Co. upgraded Intevac from a “hold” rating to a “buy” rating and lifted their price target for the company from $5.50 to $6.50 in a research report on Wednesday, June 8th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $7.05.
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Intevac (NASDAQ:IVAC) traded up 0.16% on Wednesday, hitting $6.13. The stock had a trading volume of 13,607 shares. The company’s market capitalization is $128.26 million. The firm has a 50-day moving average of $6.00 and a 200 day moving average of $5.43. Intevac has a 52 week low of $3.99 and a 52 week high of $6.60.
Intevac (NASDAQ:IVAC) last released its quarterly earnings results on Monday, August 1st. The company reported ($0.17) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.28) by $0.11. Intevac had a negative return on equity of 21.55% and a negative net margin of 25.36%. The company had revenue of $14.90 million for the quarter, compared to analyst estimates of $14.20 million. During the same period in the previous year, the company posted ($0.01) earnings per share. The firm’s revenue was down 27.3% on a year-over-year basis. On average, analysts predict that Intevac will post ($0.43) earnings per share for the current year.
In other Intevac news, Director Matthew A. Drapkin purchased 175,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The stock was purchased at an average price of $6.09 per share, for a total transaction of $1,065,750.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 13.90% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of IVAC. Royce & Associates LP boosted its position in Intevac by 10.6% in the first quarter. Royce & Associates LP now owns 2,015,240 shares of the company’s stock valued at $9,069,000 after buying an additional 192,360 shares in the last quarter. Teton Advisors Inc. boosted its position in Intevac by 28.3% in the second quarter. Teton Advisors Inc. now owns 232,030 shares of the company’s stock valued at $1,318,000 after buying an additional 51,161 shares in the last quarter. Renaissance Technologies LLC boosted its position in Intevac by 17.4% in the first quarter. Renaissance Technologies LLC now owns 218,100 shares of the company’s stock valued at $981,000 after buying an additional 32,400 shares in the last quarter. Finally, Bridgeway Capital Management Inc. boosted its position in Intevac by 86.3% in the second quarter. Bridgeway Capital Management Inc. now owns 107,933 shares of the company’s stock valued at $613,000 after buying an additional 50,000 shares in the last quarter. Hedge funds and other institutional investors own 73.53% of the company’s stock.
Intevac, Inc (Intevac) is a provider of vacuum deposition equipment for a range of thin-film applications, and a provider of digital night-vision technologies and products to the defense industry. The Company’s segments include Thin-film Equipment and Photonics. Intevac is engaged in the design and development of thin-film processing systems.
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