II-VI (NASDAQ:IIVI) Shares Gap Down to $48.39

II-VI, Inc. (NASDAQ:IIVI)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $51.53, but opened at $48.39. II-VI shares last traded at $48.39, with a volume of 864,600 shares traded.

Several analysts have weighed in on the stock. Barclays boosted their price target on shares of II-VI from $31.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Canaccord Genuity upped their price objective on shares of II-VI from $42.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. JPMorgan Chase & Co. upped their price objective on shares of II-VI from $45.00 to $53.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Craig Hallum upped their price objective on shares of II-VI from $35.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Finally, ValuEngine downgraded shares of II-VI from a “buy” rating to a “hold” rating in a research note on Monday, June 1st. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $47.91.

The company has a quick ratio of 1.69, a current ratio of 2.80 and a debt-to-equity ratio of 1.14. The firm’s 50-day moving average is $46.54 and its 200-day moving average is $35.61. The company has a market cap of $4.31 billion, a PE ratio of -48.18 and a beta of 1.28.

II-VI (NASDAQ:IIVI) last announced its quarterly earnings results on Monday, May 11th. The scientific and technical instruments company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.33. The company had revenue of $627.00 million for the quarter, compared to analysts’ expectations of $575.66 million. II-VI had a negative net margin of 4.52% and a negative return on equity of 4.91%. II-VI’s quarterly revenue was up 83.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.62 earnings per share. As a group, equities research analysts anticipate that II-VI, Inc. will post -1.27 EPS for the current fiscal year.

In other II-VI news, President Walter Robert Bashaw II sold 10,969 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $45.82, for a total value of $502,599.58. Following the sale, the president now owns 19,233 shares in the company, valued at $881,256.06. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Francis J. Kramer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $33.05, for a total transaction of $661,000.00. Following the completion of the sale, the director now owns 183,892 shares in the company, valued at approximately $6,077,630.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 99,949 shares of company stock worth $4,223,658. Corporate insiders own 4.20% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Brookstone Capital Management grew its holdings in shares of II-VI by 2.8% during the first quarter. Brookstone Capital Management now owns 15,626 shares of the scientific and technical instruments company’s stock valued at $445,000 after buying an additional 432 shares during the last quarter. Vista Investment Management grew its holdings in shares of II-VI by 2.2% during the first quarter. Vista Investment Management now owns 23,171 shares of the scientific and technical instruments company’s stock valued at $660,000 after buying an additional 500 shares during the last quarter. Sheets Smith Wealth Management grew its holdings in shares of II-VI by 4.3% during the first quarter. Sheets Smith Wealth Management now owns 13,991 shares of the scientific and technical instruments company’s stock valued at $399,000 after buying an additional 575 shares during the last quarter. Ironwood Investment Management LLC grew its holdings in shares of II-VI by 4.6% during the fourth quarter. Ironwood Investment Management LLC now owns 13,884 shares of the scientific and technical instruments company’s stock valued at $467,000 after buying an additional 609 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in shares of II-VI by 4.6% during the first quarter. State of Alaska Department of Revenue now owns 14,993 shares of the scientific and technical instruments company’s stock valued at $427,000 after buying an additional 656 shares during the last quarter. Hedge funds and other institutional investors own 99.54% of the company’s stock.

About II-VI (NASDAQ:IIVI)

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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