II-VI (NASDAQ:IIVI) had its target price lowered by stock analysts at B. Riley from $41.00 to $39.00 in a research report issued to clients and investors on Wednesday, BenzingaRatingsTable reports. The brokerage currently has a “neutral” rating on the scientific and technical instruments company’s stock. B. Riley’s price objective points to a potential upside of 3.02% from the company’s previous close.
Other equities analysts also recently issued reports about the stock. Craig Hallum reissued a “buy” rating and issued a $54.00 price target (up from $47.00) on shares of II-VI in a report on Thursday, May 2nd. Zacks Investment Research downgraded shares of II-VI from a “hold” rating to a “strong sell” rating in a report on Friday, August 2nd. BTIG Research set a $31.00 price objective on shares of II-VI and gave the company a “buy” rating in a report on Friday, August 9th. ValuEngine raised shares of II-VI from a “sell” rating to a “hold” rating in a report on Tuesday, June 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $44.00 price objective (up from $39.00) on shares of II-VI in a report on Monday. Two analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $45.42.
Shares of NASDAQ:IIVI traded down $1.54 during midday trading on Wednesday, reaching $37.86. The company had a trading volume of 217,848 shares, compared to its average volume of 767,762. The stock has a 50 day simple moving average of $37.64. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.15 and a current ratio of 3.41. The stock has a market capitalization of $2.42 billion, a PE ratio of 22.01, a P/E/G ratio of 1.13 and a beta of 1.09. II-VI has a 52-week low of $29.31 and a 52-week high of $50.75.
II-VI (NASDAQ:IIVI) last issued its quarterly earnings results on Tuesday, August 13th. The scientific and technical instruments company reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.29. The company had revenue of $362.70 million for the quarter, compared to the consensus estimate of $348.02 million. II-VI had a net margin of 8.07% and a return on equity of 10.77%. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 EPS. On average, equities research analysts forecast that II-VI will post 1.59 earnings per share for the current fiscal year.
In related news, Director Shaker Sadasivam purchased 14,250 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were purchased at an average cost of $34.63 per share, for a total transaction of $493,477.50. Following the completion of the transaction, the director now directly owns 21,834 shares in the company, valued at approximately $756,111.42. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph J. Corasanti purchased 3,200 shares of the firm’s stock in a transaction dated Thursday, May 30th. The shares were bought at an average price of $32.34 per share, for a total transaction of $103,488.00. Following the completion of the transaction, the director now owns 54,834 shares of the company’s stock, valued at $1,773,331.56. The disclosure for this purchase can be found here. 4.00% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Huntington National Bank bought a new position in shares of II-VI in the second quarter worth approximately $29,000. First Interstate Bank increased its position in shares of II-VI by 125.0% in the second 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 during the last quarter. Versant Capital Management Inc increased its position in shares of 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 worth $48,000 after purchasing an additional 1,099 shares during the last quarter. Advisory Services Network LLC increased its position in shares of 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 worth $65,000 after purchasing an additional 900 shares during the last quarter. Finally, Mint Tower Capital Management B.V. bought a new position in shares of II-VI in the first quarter worth approximately $73,000. Hedge funds and other institutional investors own 93.00% of the company’s stock.
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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