Emerald Mutual Fund Advisers Trust reduced its stake in II-VI, Inc. (NASDAQ:IIVI) by 24.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 289,614 shares of the scientific and technical instruments company’s stock after selling 92,926 shares during the period. Emerald Mutual Fund Advisers Trust owned approximately 0.45% of II-VI worth $13,699,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tower Research Capital LLC TRC acquired a new stake in II-VI in the 2nd quarter valued at $128,000. Jaffetilchin Investment Partners LLC acquired a new stake in II-VI in the 3rd quarter valued at $238,000. Janus Henderson Group PLC acquired a new stake in II-VI in the 2nd quarter valued at $244,000. Gagnon Securities LLC acquired a new stake in II-VI in the 2nd quarter valued at $254,000. Finally, Sheets Smith Wealth Management increased its holdings in II-VI by 60.6% in the 2nd quarter. Sheets Smith Wealth Management now owns 8,391 shares of the scientific and technical instruments company’s stock valued at $365,000 after purchasing an additional 3,166 shares in the last quarter. Hedge funds and other institutional investors own 92.64% of the company’s stock.
Shares of II-VI stock opened at $37.23 on Thursday. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.22 and a quick ratio of 2.17. The stock has a market cap of $2.30 billion, a PE ratio of 23.61, a price-to-earnings-growth ratio of 1.16 and a beta of 0.23. II-VI, Inc. has a 1-year low of $34.88 and a 1-year high of $53.08.
II-VI (NASDAQ:IIVI) last announced its earnings results on Tuesday, August 7th. The scientific and technical instruments company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.13. The company had revenue of $321.10 million during the quarter, compared to the consensus estimate of $301.45 million. II-VI had a return on equity of 10.09% and a net margin of 7.59%. The company’s revenue was up 17.3% on a year-over-year basis. During the same period last year, the firm earned $0.50 earnings per share. On average, analysts predict that II-VI, Inc. will post 1.84 EPS for the current fiscal year.
In other news, CFO Mary Jane Raymond sold 4,000 shares of the firm’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $44.88, for a total transaction of $179,520.00. Following the completion of the sale, the chief financial officer now directly owns 47,368 shares in the company, valued at $2,125,875.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Francis J. Kramer sold 910 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $50.00, for a total value of $45,500.00. Following the sale, the director now owns 225,790 shares of the company’s stock, valued at $11,289,500. The disclosure for this sale can be found here. Insiders have sold 87,624 shares of company stock valued at $4,063,820 over the last 90 days. Insiders own 4.00% of the company’s stock.
Several brokerages recently issued reports on IIVI. ValuEngine upgraded II-VI from a “hold” rating to a “buy” rating in a report on Wednesday, August 8th. BidaskClub upgraded II-VI from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. Morgan Stanley set a $48.00 price target on II-VI and gave the company a “hold” rating in a report on Wednesday, August 8th. Piper Jaffray Companies increased their price target on II-VI to $57.00 and gave the company an “overweight” rating in a report on Tuesday, August 7th. Finally, B. Riley increased their price target on II-VI from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, August 8th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. II-VI currently has a consensus rating of “Buy” and a consensus price target of $53.69.
II-VI Incorporated develops, manufactures, and markets engineered materials, and optoelectronic components and devices worldwide. The company operates in three segments: II-VI Laser Solutions, II-VI Photonics, and II-VI Performance Products. The II-VI Laser Solutions segment offers optical and electro-optical components and materials primarily used in high-power CO2 lasers; fiber-delivered beam delivery systems, and processing tools and direct diode lasers for industrial lasers; direct diode laser modules, sub-systems, and systems; super-hard materials processing laser systems; and compound semiconductor epitaxial and gallium arsenide wafers.
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