II-VI Incorporated (NASDAQ:IIVI) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research note issued on Friday. The firm currently has a $47.00 target price on the scientific and technical instruments company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 13.25% from the company’s previous close.

According to Zacks, “II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. The Company’s infrared optics business manufactures optical and opto-electronic components sold under the II-VI brand name and used primarily in CO2 lasers. The Company’s near-infrared optics business manufactures near-infrared & visible light products for industrial, scientific, military & medical instruments and laser gain materials and products for solid-state YAG and YLF lasers at the Company’s VLOC subsidiary. The Company’s military infrared optics business manufactures infrared products for military applications under the Exotic Electro-Optics brand name. “

IIVI has been the topic of several other research reports. BidaskClub downgraded shares of II-VI from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. B. Riley raised their price objective on shares of II-VI from $39.50 to $40.50 and gave the stock a “neutral” rating in a research note on Wednesday. Craig Hallum restated a “buy” rating and issued a $58.00 price objective (up previously from $50.00) on shares of II-VI in a research note on Wednesday. Needham & Company LLC restated a “buy” rating and issued a $45.00 price objective (up previously from $40.00) on shares of II-VI in a research note on Wednesday, August 9th. Finally, Benchmark Co. restated a “buy” rating and issued a $52.00 price objective (up previously from $44.00) on shares of II-VI in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $48.75.

II-VI (IIVI) traded down $2.80 during midday trading on Friday, hitting $41.50. 667,155 shares of the stock were exchanged, compared to its average volume of 649,749. The company has a quick ratio of 2.70, a current ratio of 3.89 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $2.63 billion, a PE ratio of 25.06 and a beta of 0.02.

II-VI (NASDAQ:IIVI) last issued its quarterly earnings data on Tuesday, October 31st. The scientific and technical instruments company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.04). The business had revenue of $261.50 million for the quarter, compared to the consensus estimate of $255.20 million. II-VI had a net margin of 9.89% and a return on equity of 12.25%. II-VI’s revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 EPS. analysts anticipate that II-VI will post 1.56 EPS for the current fiscal year.

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In related news, CFO Mary Jane Raymond sold 1,000 shares of II-VI stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $45.00, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Francis J. Kramer sold 25,000 shares of II-VI stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $42.00, for a total value of $1,050,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,000 shares of company stock valued at $2,222,500. Company insiders own 3.80% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of II-VI by 91.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,764 shares of the scientific and technical instruments company’s stock worth $100,000 after buying an additional 1,322 shares during the period. Meadow Creek Investment Management LLC grew its position in shares of II-VI by 1.9% during the 1st 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 during the period. PineBridge Investments L.P. grew its position in shares of II-VI by 4.5% during the 2nd quarter. PineBridge Investments L.P. now owns 6,729 shares of the scientific and technical instruments company’s stock worth $126,000 after buying an additional 292 shares during the period. Glen Harbor Capital Management LLC grew its position in shares of II-VI by 1.9% during the 1st 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 during the period. Finally, Teacher Retirement System of Texas grew its position in shares of II-VI by 20.8% during the 2nd quarter. Teacher Retirement System of Texas now owns 7,699 shares of the scientific and technical instruments company’s stock worth $144,000 after buying an additional 1,327 shares during the period. Hedge funds and other institutional investors own 78.17% of the company’s stock.

About II-VI

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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Analyst Recommendations for II-VI (NASDAQ:IIVI)

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