II-VI’s (IIVI) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of II-VI (NASDAQ:IIVI) in a research note released on Thursday morning, Briefing.com Automated Import reports. They currently have a $46.00 price target on the scientific and technical instruments company’s stock, down from their prior price target of $48.00.

A number of other analysts also recently issued reports on the company. BidaskClub downgraded II-VI from a hold rating to a sell rating in a research report on Thursday, April 25th. Zacks Investment Research downgraded II-VI from a buy rating to a hold rating in a research report on Friday, January 18th. ValuEngine raised II-VI from a hold rating to a buy rating in a research report on Monday, February 25th. Finally, Benchmark reaffirmed a buy rating and issued a $55.00 target price on shares of II-VI in a research report on Friday, February 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $49.73.

Shares of II-VI stock opened at $40.40 on Thursday. The stock has a market capitalization of $2.56 billion, a PE ratio of 23.49, a PEG ratio of 1.38 and a beta of 0.83. II-VI has a one year low of $29.31 and a one year high of $50.75. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.00 and a current ratio of 3.41.

II-VI (NASDAQ:IIVI) last issued its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.21. The company had revenue of $342.40 million for the quarter, compared to analyst estimates of $339.93 million. II-VI had a return on equity of 10.77% and a net margin of 8.07%. The company’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.36 earnings per share. Analysts predict that II-VI will post 1.72 earnings per share for the current fiscal year.

In other II-VI news, insider Vincent D. Mattera, Jr. sold 13,827 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $40.10, for a total transaction of $554,462.70. Following the transaction, the insider now owns 271,992 shares of the company’s stock, valued at $10,906,879.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Francis J. Kramer sold 10,050 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $40.52, for a total value of $407,226.00. Following the transaction, the director now directly owns 172,697 shares in the company, valued at approximately $6,997,682.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 81,050 shares of company stock worth $3,263,657. 4.00% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Divisar Capital Management LLC increased its position in II-VI by 4.8% during the fourth quarter. Divisar Capital Management LLC now owns 219,526 shares of the scientific and technical instruments company’s stock worth $7,126,000 after buying an additional 10,000 shares during the last quarter. Vanguard Group Inc increased its position in II-VI by 4.5% during the third quarter. Vanguard Group Inc now owns 5,867,148 shares of the scientific and technical instruments company’s stock worth $277,516,000 after buying an additional 253,898 shares during the last quarter. Employees Retirement System of Texas acquired a new position in II-VI during the fourth quarter worth approximately $747,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in II-VI by 195.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,788 shares of the scientific and technical instruments company’s stock worth $383,000 after buying an additional 7,800 shares during the last quarter. Finally, Whittier Trust Co. acquired a new position in II-VI during the fourth quarter worth approximately $4,777,000. 92.50% of the stock is currently owned by hedge funds and other institutional investors.

II-VI Company Profile

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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