Oclaro, Inc. (OCLR) Earns Buy Rating from Cowen and Company
Oclaro, Inc. (NASDAQ:OCLR)‘s stock had its “buy” rating reaffirmed by investment analysts at Cowen and Company in a report issued on Friday.
OCLR has been the topic of several other research reports. Raymond James Financial, Inc. initiated coverage on shares of Oclaro in a research report on Thursday, September 14th. They issued a “strong-buy” rating and a $12.00 target price on the stock. Zacks Investment Research lowered shares of Oclaro from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Northland Securities reiterated a “buy” rating and issued a $12.75 target price on shares of Oclaro in a research report on Wednesday. BidaskClub lowered shares of Oclaro from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $12.00 target price on shares of Oclaro in a research report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Oclaro has an average rating of “Buy” and an average price target of $12.67.
Shares of Oclaro (OCLR) traded down $1.83 during midday trading on Friday, hitting $6.19. 10,660,447 shares of the stock traded hands, compared to its average volume of 5,905,021. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 7.64 and a beta of 1.41.
Oclaro (NASDAQ:OCLR) last announced its earnings results on Wednesday, November 1st. The semiconductor company reported $0.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.02. Oclaro had a net margin of 24.31% and a return on equity of 28.11%. The business had revenue of $155.60 million for the quarter, compared to analyst estimates of $154.51 million. During the same quarter last year, the business earned $0.14 earnings per share. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. equities analysts expect that Oclaro will post 0.65 EPS for the current fiscal year.
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In other Oclaro news, insider Michael H. Fernicola sold 12,869 shares of Oclaro stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $8.62, for a total transaction of $110,930.78. Following the transaction, the insider now directly owns 106,225 shares of the company’s stock, valued at $915,659.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lisa Paul sold 12,182 shares of Oclaro stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $8.45, for a total transaction of $102,937.90. Following the transaction, the executive vice president now directly owns 246,090 shares in the company, valued at $2,079,460.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 85,183 shares of company stock worth $747,174. Insiders own 2.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. raised its stake in Oclaro by 120.0% during the second quarter. BlackRock Inc. now owns 16,827,106 shares of the semiconductor company’s stock worth $157,166,000 after purchasing an additional 9,177,551 shares during the period. Vanguard Group Inc. raised its stake in Oclaro by 17.9% during the second quarter. Vanguard Group Inc. now owns 8,326,122 shares of the semiconductor company’s stock worth $77,766,000 after purchasing an additional 1,265,269 shares during the period. State Street Corp raised its stake in Oclaro by 54.0% during the second quarter. State Street Corp now owns 3,841,177 shares of the semiconductor company’s stock worth $35,877,000 after purchasing an additional 1,346,216 shares during the period. Quentec Asset Management LLC raised its stake in Oclaro by 33.9% during the second quarter. Quentec Asset Management LLC now owns 2,592,207 shares of the semiconductor company’s stock worth $24,211,000 after purchasing an additional 655,567 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Oclaro by 4.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,590,749 shares of the semiconductor company’s stock worth $24,198,000 after purchasing an additional 115,378 shares during the period. 70.69% of the stock is currently owned by institutional investors.
Oclaro Company Profile
Oclaro, Inc is a provider of optical components, modules and subsystems for the core optical transport, service provider, enterprise and data center markets. The Company provides various solutions for optical networks and interconnects driving the next wave of streaming video, cloud computing, application virtualization and other bandwidth-intensive and high-speed applications.
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