II-VI (IIVI) Upgraded to Hold by BidaskClub

BidaskClub upgraded shares of II-VI (NASDAQ:IIVI) from a sell rating to a hold rating in a report released on Wednesday morning.

Several other equities research analysts have also issued reports on IIVI. Cowen initiated coverage on shares of II-VI in a research note on Monday, July 23rd. They set an outperform rating and a $57.00 price target for the company. ValuEngine lowered shares of II-VI from a buy rating to a hold rating in a research note on Tuesday, July 31st. B. Riley decreased their price target on shares of II-VI from $54.00 to $49.00 and set a buy rating for the company in a research note on Thursday, August 2nd. Zacks Investment Research lowered shares of II-VI from a strong-buy rating to a hold rating in a research note on Friday, August 3rd. Finally, Piper Jaffray Companies raised their price target on shares of II-VI to $57.00 and gave the stock an overweight rating in a research note on Tuesday, August 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the stock. II-VI presently has a consensus rating of Buy and an average price target of $53.69.

NASDAQ:IIVI traded down $8.87 on Wednesday, hitting $38.01. The stock had a trading volume of 6,126,478 shares, compared to its average volume of 736,262. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.45 and a current ratio of 3.63. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 22.10, a price-to-earnings-growth ratio of 1.51 and a beta of 0.66. II-VI has a 1 year low of $34.88 and a 1 year high of $53.08.

II-VI (NASDAQ:IIVI) last posted its quarterly earnings data on Thursday, November 1st. The scientific and technical instruments company reported $0.56 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.56. The firm had revenue of $314.40 million during the quarter, compared to analyst estimates of $310.92 million. II-VI had a net margin of 7.68% and a return on equity of 10.89%. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the business posted $0.32 EPS. As a group, sell-side analysts forecast that II-VI will post 1.8 earnings per share for the current year.

In related news, VP David G. Wagner sold 33,076 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $48.01, for a total value of $1,587,978.76. Following the completion of the transaction, the vice president now directly owns 71,578 shares of the company’s stock, valued at approximately $3,436,459.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP David G. Wagner sold 4,833 shares of the firm’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $49.00, for a total transaction of $236,817.00. Following the completion of the transaction, the vice president now directly owns 65,211 shares of the company’s stock, valued at $3,195,339. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,504 shares of company stock valued at $2,083,715. 4.00% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its holdings in II-VI by 6.6% in the 1st quarter. Russell Investments Group Ltd. now owns 19,129 shares of the scientific and technical instruments company’s stock worth $782,000 after buying an additional 1,185 shares during the period. Piedmont Investment Advisors LLC boosted its holdings in II-VI by 10.1% in the 2nd quarter. Piedmont Investment Advisors LLC now owns 12,944 shares of the scientific and technical instruments company’s stock worth $562,000 after buying an additional 1,190 shares during the period. American International Group Inc. boosted its holdings in II-VI by 2.9% in the 3rd quarter. American International Group Inc. now owns 48,180 shares of the scientific and technical instruments company’s stock worth $2,279,000 after buying an additional 1,352 shares during the period. MetLife Investment Advisors LLC boosted its holdings in II-VI by 5.2% in the 2nd quarter. MetLife Investment Advisors LLC now owns 28,216 shares of the scientific and technical instruments company’s stock worth $1,226,000 after buying an additional 1,392 shares during the period. Finally, Texas Permanent School Fund boosted its holdings in II-VI by 4.1% in the 3rd quarter. Texas Permanent School Fund now owns 36,992 shares of the scientific and technical instruments company’s stock worth $1,750,000 after buying an additional 1,469 shares during the period. 92.59% of the stock is owned by institutional investors.

About II-VI

II-VI Incorporated develops, manufactures, and markets engineered materials, and optoelectronic components and devices worldwide. The company operates in three segments: II-VI Laser Solutions, II-VI Photonics, and II-VI Performance Products. The II-VI Laser Solutions segment offers optical and electro-optical components and materials primarily used in high-power CO2 lasers; fiber-delivered beam delivery systems, and processing tools and direct diode lasers for industrial lasers; direct diode laser modules, sub-systems, and systems; super-hard materials processing laser systems; and compound semiconductor epitaxial and gallium arsenide wafers.

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