Oclaro, Inc. (NASDAQ:OCLR) Expected to Announce Quarterly Sales of $148.07 Million
Brokerages expect Oclaro, Inc. (NASDAQ:OCLR) to announce sales of $148.07 million for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Oclaro’s earnings, with estimates ranging from $147.00 million to $149.00 million. Oclaro posted sales of $125.19 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 18.3%. The business is expected to announce its next earnings results on Tuesday, August 1st.
On average, analysts expect that Oclaro will report full year sales of $148.07 million for the current fiscal year, with estimates ranging from $598.60 million to $600.60 million. For the next year, analysts forecast that the company will report sales of $636.54 million per share, with estimates ranging from $623.02 million to $650.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Oclaro.
Oclaro (NASDAQ:OCLR) last posted its quarterly earnings data on Tuesday, May 2nd. The semiconductor company reported $0.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.04. The firm had revenue of $162.18 million for the quarter, compared to analysts’ expectations of $160.06 million. Oclaro had a net margin of 14.51% and a return on equity of 28.78%. During the same quarter last year, the company posted $0.03 EPS.
A number of research firms recently issued reports on OCLR. B. Riley reaffirmed a “buy” rating and set a $12.00 price target on shares of Oclaro in a research note on Wednesday, May 3rd. Zacks Investment Research downgraded shares of Oclaro from a “hold” rating to a “sell” rating in a research note on Friday, May 5th. MKM Partners reissued a “buy” rating and issued a $10.50 target price (down previously from $12.00) on shares of Oclaro in a research note on Thursday, May 4th. Jefferies Group LLC reissued a “buy” rating on shares of Oclaro in a research note on Thursday, March 16th. Finally, Cowen and Company reduced their target price on shares of Oclaro from $17.00 to $13.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $11.90.
In other news, EVP David Teichmann sold 41,612 shares of the firm’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $8.88, for a total value of $369,514.56. Following the sale, the executive vice president now directly owns 333,738 shares in the company, valued at approximately $2,963,593.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael H. Fernicola sold 5,067 shares of the firm’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $8.77, for a total transaction of $44,437.59. Following the completion of the sale, the insider now owns 61,292 shares in the company, valued at $537,530.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 124,031 shares of company stock worth $1,114,852. 2.30% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Park Avenue Securities LLC purchased a new stake in Oclaro during the first quarter worth $104,000. FormulaFolio Investments LLC bought a new position in shares of Oclaro during the first quarter valued at approximately $116,000. National Asset Management Inc. raised its position in shares of Oclaro by 15.2% in the first quarter. National Asset Management Inc. now owns 12,144 shares of the semiconductor company’s stock valued at $121,000 after buying an additional 1,601 shares during the last quarter. Trexquant Investment LP bought a new position in shares of Oclaro during the fourth quarter valued at approximately $160,000. Finally, Envestnet Asset Management Inc. bought a new position in shares of Oclaro during the first quarter valued at approximately $160,000. Institutional investors and hedge funds own 70.50% of the company’s stock.
Oclaro (NASDAQ:OCLR) traded up 3.1411% during mid-day trading on Friday, hitting $9.4271. 1,477,638 shares of the stock traded hands. The company has a market cap of $1.58 billion, a P/E ratio of 17.1402 and a beta of 1.54. The company’s 50 day moving average is $9.37 and its 200 day moving average is $9.20. Oclaro has a 12 month low of $4.58 and a 12 month high of $11.30.
Oclaro Company Profile
Oclaro, Inc is a provider of optical components, modules and subsystems for the core optical transport, service provider, enterprise and data center markets. The Company provides various solutions for optical networks and interconnects driving the next wave of streaming video, cloud computing, application virtualization and other bandwidth-intensive and high-speed applications.
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