MKM Partners Reiterates “Buy” Rating for Oclaro, Inc. (OCLR)
Oclaro, Inc. (NASDAQ:OCLR)‘s stock had its “buy” rating restated by analysts at MKM Partners in a note issued to investors on Wednesday. They currently have a $12.00 price objective on the semiconductor company’s stock, up from their previous price objective of $10.50. MKM Partners’ target price would suggest a potential upside of 16.50% from the stock’s previous close.
OCLR has been the subject of several other reports. Zacks Investment Research upgraded shares of Oclaro from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Wednesday, April 5th. DA Davidson started coverage on shares of Oclaro in a research note on Thursday, June 22nd. They issued a “buy” rating and a $14.00 target price for the company. Needham & Company LLC reiterated a “strong-buy” rating and issued a $14.00 target price on shares of Oclaro in a research note on Monday, June 12th. ValuEngine upgraded shares of Oclaro from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 3rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $21.00 target price (down from $35.00) on shares of Oclaro in a research note on Thursday, July 13th. One analyst has rated the stock with a sell rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Oclaro currently has a consensus rating of “Buy” and an average target price of $12.87.
Oclaro (OCLR) traded down 1.796% during mid-day trading on Wednesday, reaching $10.115. The company had a trading volume of 4,271,500 shares. Oclaro has a 12 month low of $5.41 and a 12 month high of $11.30. The stock has a market cap of $1.69 billion, a PE ratio of 18.391 and a beta of 1.54. The firm’s 50-day moving average price is $9.71 and its 200-day moving average price is $9.29. Oclaro also was the target of some unusual options trading activity on Monday. Stock investors purchased 8,187 call options on the stock. This represents an increase of 125% compared to the typical volume of 3,643 call options.
Oclaro (NASDAQ:OCLR) last issued its earnings results on Tuesday, May 2nd. The semiconductor company reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.04. Oclaro had a net margin of 14.51% and a return on equity of 28.78%. The business had revenue of $162.18 million during the quarter, compared to the consensus estimate of $160.06 million. During the same period last year, the business posted $0.03 EPS. Equities research analysts forecast that Oclaro will post $0.76 EPS for the current fiscal year.
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In other news, EVP Lisa Paul sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $9.17, for a total transaction of $45,850.00. Following the transaction, the executive vice president now directly owns 183,460 shares of the company’s stock, valued at $1,682,328.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Greg Dougherty sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $9.00, for a total transaction of $360,000.00. Following the transaction, the chief executive officer now directly owns 1,220,619 shares in the company, valued at $10,985,571. The disclosure for this sale can be found here. Over the last three months, insiders sold 124,031 shares of company stock worth $1,114,852. Insiders own 2.30% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Teachers Advisors LLC boosted its position in shares of Oclaro by 574.9% in the first quarter. Teachers Advisors LLC now owns 5,129,019 shares of the semiconductor company’s stock valued at $50,367,000 after buying an additional 4,369,074 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Oclaro by 77.5% in the first quarter. Ameriprise Financial Inc. now owns 7,973,627 shares of the semiconductor company’s stock valued at $78,300,000 after buying an additional 3,481,430 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Oclaro by 30.5% in the first quarter. Wellington Management Group LLP now owns 9,737,747 shares of the semiconductor company’s stock valued at $95,624,000 after buying an additional 2,278,171 shares in the last quarter. Old Mutual Global Investors UK Ltd. acquired a new position in shares of Oclaro during the first quarter valued at approximately $16,130,000. Finally, ING Groep NV acquired a new position in shares of Oclaro during the second quarter valued at approximately $13,957,000. 70.61% of the stock is currently owned by institutional investors.
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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