II-VI Incorporated (NASDAQ:IIVI) released its quarterly earnings data on Monday, August 7th. The scientific and technical instruments company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.17, Bloomberg Earnings reports. II-VI had a net margin of 9.80% and a return on equity of 12.94%. The company had revenue of $273.70 million for the quarter, compared to analysts’ expectations of $249.90 million. During the same quarter last year, the company earned $0.40 earnings per share. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. II-VI updated its Q1 guidance to $0.37-0.41 EPS.
Shares of II-VI (IIVI) traded up 0.57% during trading on Friday, hitting $35.25. 295,795 shares of the stock were exchanged. The company has a market cap of $2.22 billion, a price-to-earnings ratio of 23.82 and a beta of 0.07. The firm has a 50 day moving average of $36.81 and a 200-day moving average of $34.87. II-VI has a 12-month low of $21.02 and a 12-month high of $41.10.
A number of analysts have weighed in on IIVI shares. Benchmark Co. reissued a “buy” rating and set a $40.00 price objective on shares of II-VI in a report on Tuesday, July 4th. ValuEngine raised shares of II-VI from a “hold” rating to a “buy” rating in a report on Thursday, June 1st. BidaskClub raised shares of II-VI from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 target price (up from $40.00) on shares of II-VI in a report on Wednesday, August 9th. Finally, Northland Securities set a $45.00 target price on shares of II-VI and gave the company a “buy” rating in a report on Monday, August 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. II-VI has an average rating of “Buy” and an average price target of $44.25.
In related news, VP David G. Wagner sold 4,444 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $36.00, for a total transaction of $159,984.00. Following the sale, the vice president now directly owns 45,284 shares of the company’s stock, valued at approximately $1,630,224. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Francis J. Kramer sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $40.00, for a total value of $800,000.00. The disclosure for this sale can be found here. Corporate insiders own 6.80% of the company’s stock.
A number of large investors have recently modified their holdings of IIVI. BlackRock Inc. raised its stake in shares of II-VI by 55,200.0% in the first quarter. BlackRock Inc. now owns 6,752,130 shares of the scientific and technical instruments company’s stock valued at $243,415,000 after buying an additional 6,739,920 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of II-VI during the first quarter valued at $88,905,000. Norges Bank bought a new stake in shares of II-VI during the fourth quarter valued at $22,341,000. Garelick Capital Partners LP bought a new stake in shares of II-VI during the first quarter valued at $19,022,000. Finally, Loomis Sayles & Co. L P raised its stake in shares of II-VI by 111.5% in the first quarter. Loomis Sayles & Co. L P now owns 884,213 shares of the scientific and technical instruments company’s stock valued at $31,876,000 after buying an additional 466,160 shares in the last quarter. 77.74% of the stock is currently owned by hedge funds and other institutional investors.
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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