II-VI, Inc. (IIVI) Receives Average Recommendation of “Buy” from Analysts
Shares of II-VI, Inc. (NASDAQ:IIVI) have earned a consensus recommendation of “Buy” from the eight research firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $44.70.
IIVI has been the topic of several research reports. B. Riley downgraded shares of II-VI from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $35.75 to $39.50 in a report on Wednesday, July 26th. Craig Hallum initiated 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. Benchmark Co. upped their price objective on shares of II-VI from $40.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, August 8th. BidaskClub downgraded shares of II-VI from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Finally, Needham & Company LLC restated a “buy” rating and set a $45.00 price objective (up previously from $40.00) on shares of II-VI in a report on Wednesday, August 9th.
In related news, VP David G. Wagner sold 4,444 shares of the firm’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $36.00, for a total transaction of $159,984.00. Following the completion of the sale, the vice president now owns 45,284 shares in the company, valued at $1,630,224. The transaction 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 dated 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 large investors have recently modified their holdings of the business. Piedmont Investment Advisors LLC bought a new position in II-VI during the second quarter worth about $407,000. Argent Capital Management LLC bought a new position in II-VI during the second quarter worth about $1,610,000. Pinebridge Investments L.P. boosted its position in II-VI by 1.9% during the second quarter. Pinebridge Investments L.P. now owns 7,237 shares of the scientific and technical instruments company’s stock worth $249,000 after purchasing an additional 137 shares during the period. Nationwide Fund Advisors boosted its position in II-VI by 0.8% during the second quarter. Nationwide Fund Advisors now owns 41,893 shares of the scientific and technical instruments company’s stock worth $1,437,000 after purchasing an additional 339 shares during the period. Finally, Bridge City Capital LLC bought a new position in II-VI during the second quarter worth about $1,295,000. Hedge funds and other institutional investors own 78.25% of the company’s stock.
Shares of II-VI (IIVI) opened at 40.40 on Friday. The company’s 50 day moving average is $36.62 and its 200-day moving average is $34.69. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 27.30 and a beta of 0.07. II-VI has a one year low of $22.64 and a one year 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, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.17. The business had revenue of $273.70 million for the quarter, compared to analyst estimates of $249.90 million. II-VI had a net margin of 11.93% and a return on equity of 14.94%. II-VI’s revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.40 earnings per share. Equities analysts expect that II-VI will post $1.83 EPS for the current year.
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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