EMCORE (EMKR) Hits New 1-Year Low on Disappointing Earnings

EMCORE Corporation (NASDAQ:EMKR)’s share price hit a new 52-week low on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $6.00 and last traded at $7.40, with a volume of 381500 shares changing hands. The stock had previously closed at $7.40.

The semiconductor company reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.02). EMCORE had a net margin of 6.73% and a return on equity of 9.25%. The business had revenue of $29.20 million for the quarter, compared to analyst estimates of $30.29 million. During the same quarter in the previous year, the firm posted $0.10 EPS. The business’s revenue was up 14.1% compared to the same quarter last year.

A number of equities analysts have commented on EMKR shares. B. Riley reiterated a “neutral” rating and issued a $10.50 price objective on shares of EMCORE in a report on Wednesday, August 9th. Zacks Investment Research lowered shares of EMCORE from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Finally, Northland Securities reiterated a “buy” rating and issued a $13.00 price objective on shares of EMCORE in a report on Tuesday, September 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $11.44.

In other EMCORE news, CEO Jeffrey Rittichier sold 9,189 shares of the business’s stock in a transaction on Thursday, October 19th. The shares were sold at an average price of $8.45, for a total value of $77,647.05. Following the transaction, the chief executive officer now owns 288,505 shares in the company, valued at approximately $2,437,867.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.77% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN raised its stake in shares of EMCORE by 2.5% in the 2nd quarter. Wells Fargo & Company MN now owns 19,146 shares of the semiconductor company’s stock valued at $204,000 after purchasing an additional 466 shares in the last quarter. Rhumbline Advisers raised its stake in shares of EMCORE by 2.6% in the 2nd quarter. Rhumbline Advisers now owns 32,677 shares of the semiconductor company’s stock valued at $348,000 after purchasing an additional 825 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of EMCORE by 9.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,061 shares of the semiconductor company’s stock valued at $235,000 after purchasing an additional 1,914 shares in the last quarter. Nationwide Fund Advisors raised its stake in shares of EMCORE by 2.3% in the 2nd quarter. Nationwide Fund Advisors now owns 88,260 shares of the semiconductor company’s stock valued at $940,000 after purchasing an additional 2,018 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of EMCORE by 1.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 187,452 shares of the semiconductor company’s stock valued at $1,996,000 after purchasing an additional 2,175 shares in the last quarter. Institutional investors and hedge funds own 78.34% of the company’s stock.

The company has a market capitalization of $198.91, a P/E ratio of 19.47 and a beta of 0.45.

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About EMCORE

EMCORE Corporation is engaged in designing and manufacturing indium phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market. The Company focuses on linear fiber optic transmission technology. The Company operates through Fiber Optics segment.

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