Craig Hallum reissued their buy rating on shares of II-VI Incorporated (NASDAQ:IIVI) in a research report sent to investors on Wednesday, The Fly reports. They currently have a $58.00 price target on the scientific and technical instruments company’s stock, up from their prior price target of $50.00.
Several other research analysts also recently issued reports on the company. Benchmark Co. reaffirmed a buy rating and set a $52.00 price objective (up previously from $44.00) on shares of II-VI in a report on Wednesday. B. Riley upped their price objective on II-VI from $39.50 to $40.50 and gave the stock a neutral rating in a report on Wednesday. Needham & Company LLC reaffirmed a buy rating and set a $50.00 price objective (up previously from $45.00) on shares of II-VI in a report on Wednesday. Zacks Investment Research downgraded II-VI from a strong-buy rating to a hold rating in a report on Wednesday, October 11th. Finally, BidaskClub downgraded II-VI from a hold rating to a sell rating in a report on Monday, August 14th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. II-VI has a consensus rating of Buy and an average price target of $48.75.
Shares of II-VI (NASDAQ:IIVI) traded down $2.80 during midday trading on Wednesday, reaching $41.50. 667,155 shares of the company traded hands, compared to its average volume of 654,451. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of 25.06 and a beta of 0.02. II-VI has a 12 month low of $26.70 and a 12 month high of $46.50. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.89 and a quick ratio of 2.70.
II-VI (NASDAQ:IIVI) last posted its quarterly earnings data on Tuesday, October 31st. The scientific and technical instruments company reported $0.32 earnings per share (EPS) 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 analyst estimates of $255.20 million. During the same period in the prior year, the company posted $0.35 EPS. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. analysts predict that II-VI will post 1.56 EPS for the current fiscal year.
In other news, CFO Mary Jane Raymond sold 1,000 shares of the stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $45.00, for a total value of $45,000.00. Following the transaction, the chief financial officer now owns 53,415 shares of the company’s stock, valued at approximately $2,403,675. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Francis J. Kramer sold 25,000 shares of the stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $45.10, for a total value of $1,127,500.00. Following the completion of the transaction, the director now directly owns 286,259 shares in the company, valued at approximately $12,910,280.90. The disclosure for this sale can be found here. In the last three months, insiders sold 51,000 shares of company stock worth $2,222,500. 3.80% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of IIVI. BlackRock Inc. lifted its stake in shares of II-VI by 55,200.0% in the 1st quarter. BlackRock Inc. now owns 6,752,130 shares of the scientific and technical instruments company’s stock valued at $243,415,000 after purchasing an additional 6,739,920 shares during the period. Vanguard Group Inc. lifted its stake in shares of II-VI by 10.0% in the 1st quarter. Vanguard Group Inc. now owns 4,959,583 shares of the scientific and technical instruments company’s stock valued at $178,793,000 after purchasing an additional 450,482 shares during the period. State Street Corp lifted its stake in shares of II-VI by 9.1% in the 1st quarter. State Street Corp now owns 1,374,859 shares of the scientific and technical instruments company’s stock valued at $49,563,000 after purchasing an additional 114,283 shares during the period. Kornitzer Capital Management Inc. KS acquired a new position in shares of II-VI in the 2nd quarter valued at $2,577,000. Finally, Argent Capital Management LLC bought a new stake in shares of II-VI in the 2nd quarter valued at $1,610,000. 78.17% of the stock is currently owned by institutional investors.
II-VI Company Profile
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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