II-VI Incorporated (IIVI) Sees Significant Growth in Short Interest
II-VI Incorporated (NASDAQ:IIVI) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 3,167,659 shares, an increase of 49.6% from the August 15th total of 2,117,244 shares. Approximately 5.6% of the company’s stock are sold short. Based on an average daily trading volume, of 943,843 shares, the days-to-cover ratio is presently 3.4 days.
Shares of II-VI (IIVI) opened at 39.30 on Friday. II-VI has a 52-week low of $22.31 and a 52-week high of $41.10. The firm has a 50-day moving average of $36.51 and a 200 day moving average of $34.65. The company has a market capitalization of $2.49 billion, a P/E ratio of 26.55 and a beta of 0.07.
II-VI (NASDAQ:IIVI) last announced its earnings results on Monday, August 7th. The scientific and technical instruments company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.33 by $0.17. The firm had revenue of $273.70 million for the quarter, compared to the consensus estimate of $249.90 million. II-VI had a net margin of 9.80% and a return on equity of 12.94%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period last year, the company posted $0.40 EPS. On average, analysts anticipate that II-VI will post $1.83 EPS for the current year.
IIVI has been the topic of several research reports. BidaskClub upgraded shares of II-VI from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Northland Securities set a $45.00 price objective on shares of II-VI and gave the company a “buy” rating in a research note on Monday, August 7th. Benchmark Co. upped their price objective on shares of II-VI from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, August 8th. B. Riley lowered shares of II-VI to a “neutral” rating and set a $39.50 price objective on the stock. in a research note on Monday, July 31st. Finally, ValuEngine upgraded shares of II-VI from a “hold” rating to a “buy” rating in a research note on Thursday, June 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $44.25.
In other II-VI news, 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 transaction, the vice president now owns 45,284 shares in the company, valued at approximately $1,630,224. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Francis J. Kramer sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were 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. 6.80% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. raised its holdings in II-VI by 6.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 313,756 shares of the scientific and technical instruments company’s stock worth $11,311,000 after buying an additional 18,919 shares during the period. ClariVest Asset Management LLC raised its holdings 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 purchasing an additional 30,100 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of II-VI in the first quarter valued at approximately $3,212,000. Geode Capital Management LLC raised its holdings in shares of II-VI by 5.7% in the first quarter. Geode Capital Management LLC now owns 458,914 shares of the scientific and technical instruments company’s stock valued at $16,543,000 after purchasing an additional 24,824 shares during the last quarter. Finally, Virginia Retirement Systems ET AL raised its holdings in shares of II-VI by 38.4% in the first quarter. Virginia Retirement Systems ET AL now owns 37,100 shares of the scientific and technical instruments company’s stock valued at $1,337,000 after purchasing an additional 10,300 shares during the last quarter. Hedge funds and other institutional investors own 78.53% of the company’s stock.
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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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