II-VI’s (IIVI) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of II-VI (NASDAQ:IIVI) in a report released on Monday morning, Briefing.com Automated Import reports. Needham & Company LLC currently has a $44.00 target price on the scientific and technical instruments company’s stock, up from their previous target price of $39.00.

Other research analysts have also recently issued research reports about the company. Zacks Investment Research cut II-VI from a hold rating to a strong sell rating in a research report on Friday, August 2nd. Craig Hallum reiterated a buy rating and set a $54.00 price objective (up previously from $47.00) on shares of II-VI in a research report on Thursday, May 2nd. ValuEngine upgraded II-VI from a sell rating to a hold rating in a research report on Tuesday, June 18th. JPMorgan Chase & Co. began coverage on II-VI in a research report on Monday, July 29th. They set an overweight rating and a $50.00 price objective on the stock. Finally, Benchmark reiterated a buy rating and set a $57.00 price objective on shares of II-VI in a research report on Monday, June 17th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $45.42.

IIVI stock opened at $37.02 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 3.41 and a quick ratio of 2.15. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of 22.71, a PEG ratio of 1.13 and a beta of 1.09. The business’s fifty day moving average price is $37.73 and its two-hundred day moving average price is $37.54. II-VI has a fifty-two week low of $29.31 and a fifty-two week high of $50.75.

II-VI (NASDAQ:IIVI) last posted its quarterly earnings data on Tuesday, August 13th. The scientific and technical instruments company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.29. The firm had revenue of $362.70 million for the quarter, compared to analysts’ expectations of $348.02 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 13.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.52 EPS. Research analysts expect that II-VI will post 1.98 EPS for the current year.

In related news, Director Joseph J. Corasanti bought 3,200 shares of II-VI stock in a transaction dated Thursday, May 30th. The shares were bought at an average cost of $32.34 per share, with a total value of $103,488.00. Following the acquisition, the director now owns 54,834 shares in the company, valued at approximately $1,773,331.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Shaker Sadasivam bought 14,250 shares of II-VI stock in a transaction dated Tuesday, May 21st. The shares were bought at an average cost of $34.63 per share, for a total transaction of $493,477.50. Following the completion of the acquisition, the director now owns 21,834 shares in the company, valued at approximately $756,111.42. The disclosure for this purchase can be found here. Corporate insiders own 4.00% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Huntington National Bank acquired a new stake in shares of II-VI during the 2nd quarter worth $29,000. First Interstate Bank grew its holdings in shares of II-VI by 125.0% during the 2nd quarter. First Interstate Bank now owns 900 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 500 shares in the last quarter. Versant Capital Management Inc boosted its stake in II-VI by 578.4% in the first quarter. Versant Capital Management Inc now owns 1,289 shares of the scientific and technical instruments company’s stock valued at $48,000 after buying an additional 1,099 shares in the last quarter. Doyle Wealth Management acquired a new stake in II-VI in the second quarter valued at about $55,000. Finally, Advisory Services Network LLC boosted its stake in II-VI by 105.9% in the first quarter. Advisory Services Network LLC now owns 1,750 shares of the scientific and technical instruments company’s stock valued at $65,000 after buying an additional 900 shares in the last quarter. 93.00% of the stock is currently 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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Analyst Recommendations for II-VI (NASDAQ:IIVI)

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