II-VI Incorporated (NASDAQ:IIVI) PT Raised to $44.00 at Benchmark Co.
II-VI Incorporated (NASDAQ:IIVI) had its price target increased by equities researchers at Benchmark Co. from $40.00 to $44.00 in a research note issued to investors on Tuesday, The Fly reports. The firm currently has a “buy” rating on the scientific and technical instruments company’s stock. Benchmark Co.’s price target would indicate a potential upside of 15.33% from the company’s previous close.
A number of other analysts also recently weighed in on IIVI. Northland Securities set a $45.00 price target on shares of II-VI and gave the company a “buy” rating in a research report on Monday. B. Riley reiterated a “neutral” rating and issued a $39.50 price target on shares of II-VI in a research report on Saturday. BidaskClub downgraded shares of II-VI from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Craig Hallum started coverage on shares of II-VI in a research report on Monday, July 24th. They issued a “buy” rating and a $50.00 price target on the stock. Finally, Needham & Company LLC increased their price target on shares of II-VI from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, June 21st. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $43.42.
Shares of II-VI (IIVI) opened at 38.15 on Tuesday. The company has a 50 day moving average of $35.92 and a 200-day moving average of $34.63. The company has a market capitalization of $2.41 billion, a P/E ratio of 31.77 and a beta of 0.07. II-VI has a 12-month low of $20.29 and a 12-month high of $41.10.
II-VI (NASDAQ:IIVI) last issued its earnings results on Monday, August 7th. The scientific and technical instruments company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.17. The company had revenue of $273.70 million for the quarter, compared to analyst estimates of $249.90 million. II-VI had a net margin of 8.19% and a return on equity of 12.49%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.40 EPS. On average, equities analysts anticipate that II-VI will post $1.60 EPS for the current fiscal year.
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In other II-VI news, VP David G. Wagner sold 4,444 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president now directly owns 45,284 shares in the company, valued at approximately $1,630,224. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Francis J. Kramer sold 20,000 shares of the firm’s stock in a transaction that occurred 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. Company insiders own 6.80% of the company’s stock.
A number of hedge funds have recently made changes to their positions in IIVI. Quadrature Capital Ltd bought a new stake in shares of II-VI during the fourth quarter valued at approximately $233,000. Legato Capital Management LLC increased its stake in shares of II-VI by 3,505.0% in the first quarter. Legato Capital Management LLC now owns 68,279 shares of the scientific and technical instruments company’s stock valued at $1,894,000 after buying an additional 66,385 shares during the period. ClariVest Asset Management LLC increased its stake in shares of II-VI by 14.6% in the first quarter. ClariVest Asset Management LLC now owns 236,915 shares of the scientific and technical instruments company’s stock valued at $8,540,000 after buying an additional 30,100 shares during the period. Macquarie Group Ltd. bought a new stake in shares of II-VI during the fourth quarter valued at approximately $8,923,000. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of II-VI by 6.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 313,756 shares of the scientific and technical instruments company’s stock valued at $11,311,000 after buying an additional 18,919 shares during the period. Hedge funds and other institutional investors own 78.41% of the company’s stock.
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.
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