Northland Securities Downgrades II-VI (IIVI) to Market Perform

II-VI (NASDAQ:IIVI) was downgraded by research analysts at Northland Securities from an “outperform” rating to a “market perform” rating in a research report issued on Monday.

Other research analysts have also issued research reports about the stock. BidaskClub raised shares of II-VI from a “hold” rating to a “buy” rating in a research note on Wednesday, January 10th. Needham & Company LLC lifted their price target on shares of II-VI from $50.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, November 13th. Zacks Investment Research lowered shares of II-VI from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. ValuEngine lowered shares of II-VI from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Finally, B. Riley lifted their price target on shares of II-VI from $39.50 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, November 1st. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. II-VI currently has a consensus rating of “Buy” and an average target price of $50.64.

II-VI (NASDAQ IIVI) traded down $3.80 during trading on Monday, reaching $49.15. 310,355 shares of the company traded hands, compared to its average volume of 599,054. II-VI has a twelve month low of $27.25 and a twelve month high of $53.08. The company has a market cap of $3,140.00, a price-to-earnings ratio of 31.92 and a beta of 0.03. The company has a quick ratio of 2.63, a current ratio of 3.89 and a debt-to-equity ratio of 0.43.

II-VI (NASDAQ:IIVI) last released 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). II-VI had a return on equity of 12.25% and a net margin of 9.89%. The firm had revenue of $261.50 million for the quarter, compared to the consensus estimate of $255.20 million. During the same period in the previous year, the business earned $0.35 EPS. The firm’s revenue was up 18.1% compared to the same quarter last year. research analysts anticipate that II-VI will post 1.55 EPS for the current fiscal year.

In other news, CFO Mary Jane Raymond sold 1,000 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $45.00, for a total value of $45,000.00. Following the sale, the chief financial officer now owns 53,415 shares of the company’s stock, valued at $2,403,675. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP David G. Wagner sold 6,577 shares of the business’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $47.63, for a total transaction of $313,262.51. The disclosure for this sale can be found here. In the last three months, insiders sold 36,712 shares of company stock worth $1,699,046. 3.80% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in IIVI. Pinebridge Investments L.P. lifted its position in shares of 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 worth $249,000 after purchasing an additional 137 shares in the last quarter. Piedmont Investment Advisors LLC bought a new stake in shares of II-VI in the second quarter worth $407,000. Louisiana State Employees Retirement System lifted its position in shares of II-VI by 4.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the scientific and technical instruments company’s stock worth $1,108,000 after purchasing an additional 1,000 shares in the last quarter. Nationwide Fund Advisors lifted its position in shares of II-VI by 0.8% in 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 in the last quarter. Finally, Argent Capital Management LLC bought a new stake in shares of II-VI in the second quarter worth $1,610,000. 80.49% of the stock is currently owned by institutional investors and hedge funds.

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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.