Intevac (IVAC) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Intevac (NASDAQ:IVAC) from a sell rating to a hold rating in a research note issued to investors on Wednesday.

According to Zacks, “Intevac, Inc. is a leading supplier of static sputtering systems and related manufacturing equipment used to manufacture thin-film disks for computer hard disk drives. Sputtering is a complex vacuum deposition process used to deposit multiple thin-film layers on a disk. The company’s primary objective is to be the industry leader in supplying disk sputtering equipment by providing disk sputtering systems which have both the highest overall performance and the lowest cost of ownership in the industry. “

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Several other brokerages also recently weighed in on IVAC. Maxim Group reaffirmed a buy rating and issued a $12.00 target price on shares of Intevac in a report on Thursday, February 1st. B. Riley reiterated a buy rating and issued a $11.50 price target (down previously from $14.00) on shares of Intevac in a research note on Thursday, February 1st. Noble Financial reiterated a buy rating on shares of Intevac in a research note on Thursday, January 18th. Finally, ValuEngine cut shares of Intevac from a hold rating to a sell rating in a research note on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Intevac currently has a consensus rating of Hold and an average price target of $12.10.

Shares of Intevac stock opened at $6.30 on Wednesday. The firm has a market capitalization of $142.28, a P/E ratio of 37.94 and a beta of 0.88. Intevac has a fifty-two week low of $6.00 and a fifty-two week high of $14.15.

Intevac (NASDAQ:IVAC) last issued its earnings results on Wednesday, January 31st. The electronics maker reported $0.00 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.01. The company had revenue of $24.80 million during the quarter, compared to the consensus estimate of $24.80 million. Intevac had a net margin of 3.65% and a return on equity of 4.89%. Intevac’s quarterly revenue was down 14.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.13 EPS. analysts expect that Intevac will post 0.22 earnings per share for the current fiscal year.

In related news, Director David S. Dury purchased 5,000 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were acquired at an average price of $6.23 per share, for a total transaction of $31,150.00. Following the purchase, the director now directly owns 34,000 shares in the company, valued at $211,820. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder April Fund Ltd. 21 purchased 45,908 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was bought at an average price of $6.56 per share, for a total transaction of $301,156.48. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 370,964 shares of company stock worth $2,382,072. Corporate insiders own 13.90% of the company’s stock.

A number of hedge funds have recently made changes to their positions in IVAC. Cornerstone Capital Management Holdings LLC. raised its position in shares of Intevac by 177.0% during the 4th quarter. Cornerstone Capital Management Holdings LLC. now owns 71,200 shares of the electronics maker’s stock valued at $487,000 after buying an additional 45,500 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Intevac by 23.9% during the 4th quarter. TIAA CREF Investment Management LLC now owns 64,381 shares of the electronics maker’s stock valued at $441,000 after buying an additional 12,404 shares in the last quarter. Two Sigma Investments LP raised its position in shares of Intevac by 380.4% during the 4th quarter. Two Sigma Investments LP now owns 89,589 shares of the electronics maker’s stock valued at $614,000 after buying an additional 70,941 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Intevac by 159.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 42,252 shares of the electronics maker’s stock valued at $289,000 after buying an additional 25,979 shares in the last quarter. Finally, Deutsche Bank AG raised its position in shares of Intevac by 98.6% during the 4th quarter. Deutsche Bank AG now owns 243,241 shares of the electronics maker’s stock valued at $1,665,000 after buying an additional 120,793 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

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About Intevac

Intevac, Inc (Intevac) is a provider of vacuum deposition equipment for a range of thin-film applications, and digital night-vision technologies and products to the defense industry. The Company’s segments include Thin-film Equipment and Photonics. The Company designs, manufactures, markets and services capital equipment used to deposit thin films and lubricants onto substrates to produce magnetic disks that are used in hard disk drives.

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