Canada Pension Plan Investment Board reduced its position in II-VI Incorporated (NASDAQ:IIVI) by 9.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 47,800 shares of the scientific and technical instruments company’s stock after selling 5,100 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.08% of II-VI worth $1,967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. boosted its holdings in shares of II-VI by 6.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 313,756 shares of the scientific and technical instruments company’s stock worth $11,311,000 after acquiring an additional 18,919 shares during the period. State Street Corp boosted its holdings in shares of II-VI by 9.1% in the first quarter. State Street Corp now owns 1,374,859 shares of the scientific and technical instruments company’s stock worth $49,563,000 after acquiring an additional 114,283 shares during the period. Aperio Group LLC boosted its holdings in shares of II-VI by 3.6% in the second quarter. Aperio Group LLC now owns 22,586 shares of the scientific and technical instruments company’s stock worth $775,000 after acquiring an additional 784 shares during the period. Kornitzer Capital Management Inc. KS bought a new position in shares of II-VI in the second quarter worth $2,577,000. Finally, Rhumbline Advisers boosted its holdings in shares of II-VI by 1.8% in the second quarter. Rhumbline Advisers now owns 131,153 shares of the scientific and technical instruments company’s stock worth $4,499,000 after acquiring an additional 2,375 shares during the period. 78.35% of the stock is owned by institutional investors and hedge funds.
In related news, Director Francis J. Kramer sold 25,000 shares of II-VI stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $45.10, for a total transaction of $1,127,500.00. Following the completion of the sale, the director now owns 286,259 shares of the company’s stock, valued at $12,910,280.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mary Jane Raymond sold 1,000 shares of II-VI 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 directly owns 53,415 shares of the company’s stock, valued at approximately $2,403,675. The disclosure for this sale can be found here. Insiders have sold 51,000 shares of company stock valued at $2,222,500 in the last three months. 3.80% of the stock is owned by corporate insiders.
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 Thomson Reuters’ consensus estimate of $0.36 by ($0.04). The business had revenue of $261.50 million for the quarter, compared to the consensus estimate of $255.20 million. II-VI had a net margin of 9.89% and a return on equity of 12.25%. II-VI’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.35 EPS. equities analysts expect that II-VI Incorporated will post 1.55 EPS for the current fiscal year.
A number of equities analysts have recently commented on IIVI shares. raised their price target on II-VI from $50.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday. Northland Securities set a $45.00 price target on II-VI and gave the stock a “buy” rating in a report on Monday, August 7th. Benchmark Co. raised their price target on II-VI from $40.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, August 8th. B. Riley lowered II-VI to a “neutral” rating and set a $39.50 price target for the company. in a report on Monday, July 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price target (up from $45.00) on shares of II-VI in a report on Wednesday, November 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $50.64.
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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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