II-VI (IIVI) Shares Gap Down on Analyst Downgrade

Shares of II-VI, Inc. (NASDAQ:IIVI) gapped down before the market opened on Friday after Craig Hallum lowered their price target on the stock to $53.00. The stock had previously closed at $45.34, but opened at $43.67. Craig Hallum currently has a buy rating on the stock. II-VI shares last traded at $41.82, with a volume of 2562905 shares traded.

Several other analysts have also recently weighed in on the company. Loop Capital began coverage on II-VI in a report on Monday, January 29th. They set a “buy” rating and a $70.00 price objective for the company. BidaskClub cut II-VI from a “buy” rating to a “hold” rating in a report on Thursday, January 25th. Northland Securities cut II-VI from an “outperform” rating to a “market perform” rating in a report on Monday, January 22nd. ValuEngine cut II-VI from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, boosted their price objective on II-VI from $50.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday, November 15th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $52.44.

In other news, Director Howard H. Xia sold 4,135 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $51.58, for a total value of $213,283.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP David G. Wagner sold 6,577 shares of the company’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $47.63, for a total value of $313,262.51. The disclosure for this sale can be found here. Corporate insiders own 3.80% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Nationwide Fund Advisors increased its stake in shares of II-VI by 0.8% in the 2nd quarter. Nationwide Fund Advisors now owns 41,893 shares of the scientific and technical instruments company’s stock valued at $1,437,000 after acquiring an additional 339 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in II-VI by 4.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the scientific and technical instruments company’s stock worth $1,108,000 after purchasing an additional 1,000 shares in the last quarter. US Bancorp DE increased its stake in II-VI by 43.3% during the 4th quarter. US Bancorp DE now owns 4,891 shares of the scientific and technical instruments company’s stock worth $229,000 after purchasing an additional 1,477 shares in the last quarter. Rhumbline Advisers increased its stake in II-VI by 2.2% during the 3rd quarter. Rhumbline Advisers now owns 134,008 shares of the scientific and technical instruments company’s stock worth $5,514,000 after purchasing an additional 2,855 shares in the last quarter. Finally, Bridge City Capital LLC increased its stake in II-VI by 8.7% during the 3rd quarter. Bridge City Capital LLC now owns 41,025 shares of the scientific and technical instruments company’s stock worth $1,688,000 after purchasing an additional 3,280 shares in the last quarter. 80.49% of the stock is owned by institutional investors.

The company has a debt-to-equity ratio of 0.43, a current ratio of 3.89 and a quick ratio of 2.63. The company has a market capitalization of $2,500.00 and a P/E ratio of 31.69.

II-VI (NASDAQ:IIVI) last posted its earnings results on Thursday, February 1st. The scientific and technical instruments company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. II-VI had a return on equity of 11.30% and a net margin of 8.08%. The business had revenue of $281.50 million during the quarter, compared to analysts’ expectations of $277.16 million. During the same period in the prior year, the business earned $0.49 EPS. II-VI’s revenue for the quarter was up 21.4% compared to the same quarter last year. analysts anticipate that II-VI, Inc. will post 1.55 EPS for the current fiscal year.

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About II-VI

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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