II-VI Incorporated (IIVI) CFO Sells $45,000.00 in Stock
II-VI Incorporated (NASDAQ:IIVI) CFO Mary Jane Raymond sold 1,000 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $45.00, for a total transaction of $45,000.00. Following the completion of the transaction, the chief financial officer now directly owns 53,415 shares of the company’s stock, valued at $2,403,675. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
II-VI (NASDAQ:IIVI) last announced its quarterly earnings results on Tuesday, October 31st. The scientific and technical instruments company reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.04). The business had revenue of $261.50 million during the quarter, compared to analyst estimates of $255.20 million. II-VI had a net margin of 9.80% and a return on equity of 12.94%. The business’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period last year, the company earned $0.35 earnings per share.
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A number of hedge funds and other institutional investors have recently modified their holdings of the business. Kornitzer Capital Management Inc. KS lifted its stake in II-VI by 83.0% in the third quarter. Kornitzer Capital Management Inc. KS now owns 137,480 shares of the scientific and technical instruments company’s stock valued at $5,657,000 after buying an additional 62,335 shares during the last quarter. Bridge City Capital LLC lifted its stake in II-VI by 8.7% in the third quarter. Bridge City Capital LLC now owns 41,025 shares of the scientific and technical instruments company’s stock valued at $1,688,000 after buying an additional 3,280 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in II-VI in the second quarter valued at approximately $407,000. Argent Capital Management LLC purchased a new stake in II-VI in the second quarter valued at approximately $1,610,000. Finally, Pinebridge Investments L.P. lifted its stake in II-VI by 1.9% in the second quarter. Pinebridge Investments L.P. now owns 7,237 shares of the scientific and technical instruments company’s stock valued at $249,000 after buying an additional 137 shares during the last quarter. Institutional investors own 78.17% of the company’s stock.
Several brokerages recently commented on IIVI. B. Riley reaffirmed a “neutral” rating and issued a $39.50 price objective on shares of II-VI in a research report on Thursday, August 10th. Craig Hallum reaffirmed a “buy” rating and issued a $58.00 price objective (up from $50.00) on shares of II-VI in a research report on Wednesday. B. Riley FBR, Inc. increased their price objective on shares of II-VI from $39.50 to $40.50 and gave the company a “neutral” rating in a research report on Wednesday. BidaskClub lowered shares of II-VI from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Finally, Benchmark Co. increased their price objective on shares of II-VI from $44.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. II-VI has an average rating of “Hold” and a consensus price target of $47.29.
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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