Assetmark Inc. boosted its stake in shares of II-VI Incorporated (NASDAQ:IIVI) by 157.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,616 shares of the scientific and technical instruments company’s stock after purchasing an additional 84,176 shares during the quarter. Assetmark Inc. owned about 0.22% of II-VI worth $5,663,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in shares of II-VI by 9.1% during 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 buying an additional 114,283 shares in the last quarter. Kornitzer Capital Management Inc. KS acquired a new stake in shares of II-VI during the second quarter worth $2,577,000. EAM Investors LLC acquired a new stake in shares of II-VI during the third quarter worth $2,252,000. Argent Capital Management LLC acquired a new stake in shares of II-VI during the second quarter worth $1,610,000. Finally, Bridge City Capital LLC acquired a new stake in shares of II-VI during the second quarter worth $1,295,000. 79.41% of the stock is owned by hedge funds and other institutional investors.
IIVI has been the subject of a number of research reports. B. Riley downgraded II-VI from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $35.75 to $39.50 in a report on Wednesday, July 26th. BidaskClub downgraded II-VI from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Northland Securities set a $45.00 price target on II-VI and gave the company a “buy” rating in a research note on Monday, August 7th. Benchmark Co. boosted their target price on II-VI from $40.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, August 8th. Finally, Needham & Company LLC reissued a “buy” rating and set a $45.00 target price (up previously from $40.00) on shares of II-VI in a research note on Wednesday, August 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $50.64.
II-VI Incorporated (IIVI) traded down $0.05 during trading hours on Thursday, hitting $51.95. The stock had a trading volume of 1,019,200 shares, compared to its average volume of 679,789. The company has a market capitalization of $3,240.00, a PE ratio of 31.33 and a beta of 0.02. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.63 and a current ratio of 3.89. II-VI Incorporated has a 52 week low of $27.25 and a 52 week high of $52.55.
II-VI (NASDAQ:IIVI) last released its quarterly earnings results on Tuesday, October 31st. The scientific and technical instruments company reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.04). The firm had revenue of $261.50 million for the quarter, compared to the consensus estimate of $255.20 million. II-VI had a return on equity of 12.25% and a net margin of 9.89%. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.35 earnings per share. equities analysts forecast that II-VI Incorporated will post 1.55 earnings per share for the current fiscal year.
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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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