$253.11 Million in Sales Expected for II-VI Incorporated (IIVI) This Quarter
Brokerages expect II-VI Incorporated (NASDAQ:IIVI) to announce sales of $253.11 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for II-VI’s earnings, with the lowest sales estimate coming in at $251.22 million and the highest estimate coming in at $255.00 million. II-VI posted sales of $221.52 million in the same quarter last year, which would indicate a positive year over year growth rate of 14.3%. The company is expected to issue its next quarterly earnings report on Tuesday, October 24th.
According to Zacks, analysts expect that II-VI will report full-year sales of $253.11 million for the current fiscal year, with estimates ranging from $1.05 billion to $1.12 billion. For the next fiscal year, analysts forecast that the firm will report sales of $1.23 billion per share, with estimates ranging from $1.15 billion to $1.30 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover II-VI.
II-VI (NASDAQ:IIVI) last issued its quarterly earnings results on Monday, August 7th. The scientific and technical instruments company reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.17. The company had revenue of $273.70 million during the quarter, compared to analyst estimates of $249.90 million. II-VI had a net margin of 9.80% and a return on equity of 12.94%. II-VI’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the business earned $0.40 EPS.
Several research firms have recently issued reports on IIVI. BidaskClub upgraded shares of II-VI from a “sell” rating to a “hold” rating in a report on Thursday, June 15th. Needham & Company LLC upped their price objective on shares of II-VI from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, June 21st. B. Riley downgraded shares of II-VI from a “buy” rating to a “neutral” rating and upped their price objective for the company from $35.75 to $39.50 in a report on Wednesday, July 26th. Craig Hallum began coverage on shares of II-VI in a report on Monday, July 24th. They set a “buy” rating and a $50.00 price objective on the stock. Finally, Benchmark Co. restated a “buy” rating on shares of II-VI in a report on Sunday, June 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. II-VI presently has an average rating of “Buy” and a consensus target price of $44.25.
Shares of II-VI (NASDAQ:IIVI) traded up 0.357% on Friday, hitting $35.175. 185,673 shares of the company traded hands. The firm has a market capitalization of $2.22 billion, a P/E ratio of 23.767 and a beta of 0.07. The firm’s 50-day moving average is $36.77 and its 200 day moving average is $34.88. II-VI has a 1-year low of $21.02 and a 1-year high of $41.10.
In related news, Director Francis J. Kramer sold 20,000 shares of the company’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 value of $800,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP David G. Wagner sold 4,444 shares of the company’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 value of $159,984.00. Following the completion of the sale, the vice president now owns 45,284 shares in the company, valued at approximately $1,630,224. The disclosure for this sale can be found here. 6.80% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Miles Capital Inc. raised its stake in shares of II-VI by 0.3% in the first quarter. Miles Capital Inc. now owns 9,204 shares of the scientific and technical instruments company’s stock worth $332,000 after buying an additional 25 shares in the last quarter. Meadow Creek Investment Management LLC raised its stake in shares of 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 in the last quarter. Glen Harbor Capital Management LLC raised its stake in shares of 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 in the last quarter. State of Alaska Department of Revenue raised its stake in shares of II-VI by 1.9% in the first quarter. State of Alaska Department of Revenue now owns 6,010 shares of the scientific and technical instruments company’s stock worth $216,000 after buying an additional 110 shares in the last quarter. Finally, HGK Asset Management Inc. raised its stake in shares of II-VI by 0.8% in the first quarter. HGK Asset Management Inc. now owns 15,344 shares of the scientific and technical instruments company’s stock worth $553,000 after buying an additional 124 shares in the last quarter. Hedge funds and other institutional investors own 77.74% of the company’s stock.
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.
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