Oclaro, Inc. (OCLR) Lowered to “Sell” at Zacks Investment Research

Oclaro, Inc. (NASDAQ:OCLR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, August 9th.

According to Zacks, “Oclaro, with headquarters in San Jose, California, is a tier 1 provider of high performance optical components, modules and subsystems to the telecommunications market, and is one of the largest providers to metro and long haul network applications. Oclaro, the result of the combination of Bookham, Inc. and Avanex Corporation, leverages proprietary core technologies and vertically integrated product development to provide its customers with cost-effective and innovative optical devices, modules and subsystems. Its photonic technologies also serve selected potential high growth markets, including industrial, defense, life sciences, semiconductor, and scientific, with diversification providing both significant potential revenue streams and strategic technological advantage. Oclaro is a global company, with leading chip fabrication facilities in the UK, Switzerland and Italy, and manufacturing sites in the US, Thailand and China. “

Other equities analysts also recently issued reports about the company. B. Riley reissued a “buy” rating and issued a $12.00 target price on shares of Oclaro in a research report on Wednesday, May 3rd. ValuEngine downgraded Oclaro from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 8th. MKM Partners reaffirmed a “buy” rating and set a $10.50 price target (down from $12.00) on shares of Oclaro in a research report on Thursday, May 4th. Jefferies Group LLC reaffirmed a “buy” rating and set a $12.50 price target (up from $12.00) on shares of Oclaro in a research report on Thursday, August 3rd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $12.00 price target (up from $10.00) on shares of Oclaro in a research report on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $12.97.

Oclaro (NASDAQ:OCLR) traded up 0.12% during mid-day trading on Wednesday, hitting $8.32. The company’s stock had a trading volume of 2,834,296 shares. The firm’s 50-day moving average is $9.35 and its 200-day moving average is $9.29. The company has a market cap of $1.39 billion, a P/E ratio of 10.81 and a beta of 1.55. Oclaro has a 12-month low of $6.92 and a 12-month high of $11.30.

Oclaro (NASDAQ:OCLR) last released its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.03. Oclaro had a return on equity of 27.63% and a net margin of 21.28%. The firm had revenue of $149.38 million for the quarter, compared to the consensus estimate of $148.04 million. During the same period in the prior year, the firm earned $0.11 EPS. The firm’s revenue was up 19.3% on a year-over-year basis. Analysts predict that Oclaro will post $0.74 EPS for the current fiscal year.

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In other news, EVP David Teichmann sold 20,132 shares of the stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $8.37, for a total transaction of $168,504.84. Following the sale, the executive vice president now directly owns 422,126 shares of the company’s stock, valued at approximately $3,533,194.62. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Lisa Paul sold 5,000 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $9.17, for a total transaction of $45,850.00. Following the sale, the executive vice president now directly owns 183,460 shares in the company, valued at $1,682,328.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,001 shares of company stock worth $325,286. Corporate insiders own 2.30% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Oclaro by 120.0% in the second quarter. BlackRock Inc. now owns 16,827,106 shares of the semiconductor company’s stock worth $157,166,000 after buying an additional 9,177,551 shares in the last quarter. Teachers Advisors LLC raised its position in shares of Oclaro by 574.9% in the first quarter. Teachers Advisors LLC now owns 5,129,019 shares of the semiconductor company’s stock worth $50,367,000 after buying an additional 4,369,074 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Oclaro by 77.5% in the first quarter. Ameriprise Financial Inc. now owns 7,973,627 shares of the semiconductor company’s stock worth $78,300,000 after buying an additional 3,481,430 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Oclaro by 30.5% in the first quarter. Wellington Management Group LLP now owns 9,737,747 shares of the semiconductor company’s stock worth $95,624,000 after buying an additional 2,278,171 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. bought a new position in shares of Oclaro during the first quarter worth $16,130,000. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

About Oclaro

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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