Needham & Company LLC restated their buy rating on shares of II-VI Incorporated (NASDAQ:IIVI) in a research note released on Wednesday, November 1st, Marketbeat Ratings reports. The firm currently has a $50.00 price target on the scientific and technical instruments company’s stock, up from their prior price target of $45.00.
Several other research firms have also commented on IIVI. Zacks Investment Research lowered shares of II-VI from a strong-buy rating to a hold rating in a research note on Wednesday, October 11th. Benchmark Co. restated a buy rating and set a $44.00 price target on shares of II-VI in a research note on Wednesday, September 13th. BidaskClub lowered shares of II-VI from a hold rating to a sell rating in a research note on Monday, August 14th. B. Riley restated a neutral rating and set a $39.50 price target on shares of II-VI in a research note on Thursday, August 10th. Finally, Northland Securities set a $45.00 price objective on shares of II-VI and gave the stock a buy rating in a report on Monday, August 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. II-VI currently has a consensus rating of Buy and a consensus price target of $48.75.
II-VI (IIVI) traded up $3.30 during midday trading on Wednesday, reaching $47.15. The company had a trading volume of 1,322,600 shares, compared to its average volume of 746,229. The company has a quick ratio of 2.63, a current ratio of 3.89 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $2,940.79, a P/E ratio of 28.40 and a beta of 0.02. II-VI has a 1-year low of $27.25 and a 1-year high of $47.20.
II-VI (NASDAQ:IIVI) last issued its quarterly earnings results on Tuesday, October 31st. The scientific and technical instruments company reported $0.32 EPS for the quarter, missing the Zacks’ 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 net margin of 9.89% and a return on equity of 12.25%. The business’s revenue was up 18.1% compared to the same quarter last year. During the same period last year, the company posted $0.35 EPS. sell-side analysts anticipate that II-VI will post 1.55 earnings per share for the current year.
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In other news, CFO Mary Jane Raymond sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $45.00, for a total value of $45,000.00. Following the transaction, the chief financial officer now owns 53,415 shares in the company, valued at $2,403,675. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Francis J. Kramer sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $45.10, for a total transaction of $1,127,500.00. Following the sale, the director now directly owns 286,259 shares of the company’s stock, valued at $12,910,280.90. The disclosure for this sale can be found here. Insiders have sold 51,000 shares of company stock worth $2,222,500 in the last three months. 3.80% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in IIVI. Pinebridge Investments L.P. lifted its holdings in shares of II-VI by 1.9% in the 2nd quarter. Pinebridge Investments L.P. now owns 7,237 shares of the scientific and technical instruments company’s stock worth $249,000 after acquiring an additional 137 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new position in II-VI in the 2nd quarter worth about $407,000. Paloma Partners Management Co purchased a new position in II-VI in the 1st quarter worth about $417,000. SG Americas Securities LLC increased its stake in II-VI by 329.0% in the 2nd quarter. SG Americas Securities LLC now owns 15,112 shares of the scientific and technical instruments company’s stock worth $518,000 after buying an additional 11,589 shares during the period. Finally, OppenheimerFunds Inc. increased its stake in II-VI by 22.6% in the 1st quarter. OppenheimerFunds Inc. now owns 21,405 shares of the scientific and technical instruments company’s stock worth $771,000 after buying an additional 3,948 shares during the period. Hedge funds and other institutional investors own 78.03% of the company’s stock.
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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