Zacks Investment Research upgraded shares of II-VI Incorporated (NASDAQ:IIVI) from a sell rating to a buy rating in a report published on Friday morning. The firm currently has $47.00 target price on the scientific and technical instruments company’s stock.
According to Zacks, “II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. The Company’s infrared optics business manufactures optical and opto-electronic components sold under the II-VI brand name and used primarily in CO2 lasers. The Company’s near-infrared optics business manufactures near-infrared & visible light products for industrial, scientific, military & medical instruments and laser gain materials and products for solid-state YAG and YLF lasers at the Company’s VLOC subsidiary. The Company’s military infrared optics business manufactures infrared products for military applications under the Exotic Electro-Optics brand name. “
Other research analysts have also recently issued reports about the stock. B. Riley reiterated a neutral rating and set a $39.50 target price on shares of II-VI in a report on Thursday, August 10th. Northland Securities assumed coverage on shares of II-VI in a report on Thursday, July 6th. They set an outperform rating and a $45.00 target price on the stock. Needham & Company LLC reiterated a buy rating and set a $50.00 target price (up from $45.00) on shares of II-VI in a report on Wednesday, November 1st. BidaskClub lowered shares of II-VI from a buy rating to a hold rating in a research report on Monday, July 31st. Finally, Craig Hallum began coverage on shares of II-VI in a research report on Monday, July 24th. They set a buy rating and a $50.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $48.75.
II-VI (IIVI) opened at $41.50 on Friday. The company has a quick ratio of 2.63, a current ratio of 3.89 and a debt-to-equity ratio of 0.43. The company has a market cap of $2,619.84, a PE ratio of 25.00 and a beta of 0.02. II-VI has a 1-year low of $26.70 and a 1-year high of $46.50.
II-VI (NASDAQ:IIVI) last issued its earnings results on Tuesday, October 31st. The scientific and technical instruments company reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $261.50 million for the quarter, compared to the consensus estimate of $255.20 million. During the same quarter in the previous year, the company earned $0.35 earnings per share. The firm’s revenue was up 18.1% on a year-over-year basis. research analysts predict that II-VI will post 1.55 EPS for the current year.
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In related news, CFO Mary Jane Raymond sold 1,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 53,415 shares of the company’s stock, valued at approximately $2,403,675. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Francis J. Kramer sold 25,000 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $42.00, for a total transaction of $1,050,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,000 shares of company stock valued at $2,222,500. Insiders own 3.80% of the company’s stock.
Several institutional investors have recently made changes to their positions in IIVI. BlackRock Inc. raised its position 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 last quarter. Vanguard Group Inc. raised its position 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 last quarter. State Street Corp raised its position 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 last quarter. Kornitzer Capital Management Inc. KS purchased a new position in shares of II-VI in the 2nd quarter valued at approximately $2,577,000. Finally, Argent Capital Management LLC purchased a new position in shares of II-VI in the 2nd quarter valued at approximately $1,610,000. 78.03% of the stock is owned by hedge funds and other 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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