II-VI Incorporated (IIVI) Announces Quarterly Earnings Results
II-VI Incorporated (NASDAQ:IIVI) released its quarterly earnings results on Monday. The scientific and technical instruments company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.17, Bloomberg Earnings reports. The company had revenue of $273.70 million during the quarter, compared to the consensus estimate of $249.90 million. II-VI had a return on equity of 12.49% and a net margin of 8.19%. II-VI’s revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 earnings per share. II-VI updated its Q1 guidance to $0.37-0.41 EPS.
Shares of II-VI (IIVI) traded up 7.50% on Monday, hitting $38.00. The company’s stock had a trading volume of 727,985 shares. The stock has a market capitalization of $2.40 billion, a P/E ratio of 31.64 and a beta of 0.07. The stock’s 50 day moving average price is $35.92 and its 200 day moving average price is $34.63. II-VI has a 52 week low of $20.29 and a 52 week high of $41.10.
IIVI has been the subject of several recent research reports. ValuEngine raised II-VI from a “hold” rating to a “buy” rating in a research report on Thursday, June 1st. Benchmark Co. reaffirmed a “buy” rating on shares of II-VI in a research report on Sunday, June 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 price objective (down previously from $40.00) on shares of II-VI in a research report on Wednesday, May 3rd. BidaskClub raised II-VI from a “sell” rating to a “hold” rating in a research report on Thursday, June 15th. Finally, Northland Securities initiated coverage on II-VI in a research report on Thursday, July 6th. They issued an “outperform” rating and a $45.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. II-VI has a consensus rating of “Buy” and an average price target of $42.75.
In other II-VI news, VP David G. Wagner sold 4,444 shares of the stock in a transaction on Monday, July 10th. The shares were sold at an average price of $36.00, for a total transaction of $159,984.00. Following the transaction, the vice president now directly owns 45,284 shares of the company’s stock, valued at $1,630,224. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Francis J. Kramer sold 20,000 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $40.00, for a total transaction of $800,000.00. The disclosure for this sale can be found here. Corporate insiders own 6.80% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in II-VI by 91.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,764 shares of the scientific and technical instruments company’s stock worth $100,000 after buying an additional 1,322 shares during the period. Meadow Creek Investment Management LLC boosted its stake in II-VI by 1.9% in the first quarter. Meadow Creek Investment Management LLC now owns 2,996 shares of the scientific and technical instruments company’s stock worth $108,000 after buying an additional 56 shares during the period. Glen Harbor Capital Management LLC boosted its stake in II-VI by 1.9% in the first quarter. Glen Harbor Capital Management LLC now owns 3,638 shares of the scientific and technical instruments company’s stock worth $131,000 after buying an additional 68 shares during the period. Mutual of America Capital Management LLC purchased a new stake in II-VI during the first quarter worth about $180,000. Finally, LS Investment Advisors LLC boosted its stake in II-VI by 158.9% in the first quarter. LS Investment Advisors LLC now owns 5,061 shares of the scientific and technical instruments company’s stock worth $182,000 after buying an additional 3,106 shares during the period. Institutional investors own 78.41% of the company’s stock.
TRADEMARK VIOLATION NOTICE: “II-VI Incorporated (IIVI) Announces Quarterly Earnings Results” was posted by American Banking News and is the sole property of of American Banking News. If you are reading this news story on another domain, it was illegally copied and republished in violation of U.S. & international copyright and trademark legislation. The original version of this news story can be read at https://www.americanbankingnews.com/2017/08/07/ii-vi-incorporated-iivi-releases-quarterly-earnings-results-beats-expectations-by-0-15-eps.html.
II-VI Company Profile
II-VI Incorporated develops and manufactures engineered materials, optoelectronic components and products. The Company has three segments: II-VI Laser Solutions, II-VI Photonics and II-VI Performance Products. The II-VI Laser Solutions segment designs, manufactures and markets optical and electro-optical components and materials sold under the II-VI Infrared brand name and used in carbon dioxide (CO2) lasers, fiber-delivered beam delivery systems and processing tools and direct diode lasers for industrial lasers sold under the II-VI HIGHYAG and II-VI Laser Enterprise brand names.
Receive News & Ratings for II-VI Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for II-VI Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.