Pinebridge Investments L.P. Trims Stake in II-VI, Inc. (IIVI)

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Pinebridge Investments L.P. trimmed its position in II-VI, Inc. (NASDAQ:IIVI) by 14.7% during the 2nd quarter, Holdings Channel reports. The firm owned 8,045 shares of the scientific and technical instruments company’s stock after selling 1,388 shares during the quarter. Pinebridge Investments L.P.’s holdings in II-VI were worth $349,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of IIVI. Russell Investments Group Ltd. grew its position in II-VI by 6.6% in the first quarter. Russell Investments Group Ltd. now owns 19,129 shares of the scientific and technical instruments company’s stock worth $782,000 after acquiring an additional 1,185 shares in the last quarter. Fort Pitt Capital Group LLC grew its position in II-VI by 1.7% in the second quarter. Fort Pitt Capital Group LLC now owns 1,015,990 shares of the scientific and technical instruments company’s stock worth $44,145,000 after acquiring an additional 17,125 shares in the last quarter. Amalgamated Bank grew its position in II-VI by 17.2% in the second quarter. Amalgamated Bank now owns 9,995 shares of the scientific and technical instruments company’s stock worth $434,000 after acquiring an additional 1,470 shares in the last quarter. Rice Hall James & Associates LLC purchased a new position in II-VI in the second quarter worth about $9,705,000. Finally, HGK Asset Management Inc. grew its position in II-VI by 15.9% in the second quarter. HGK Asset Management Inc. now owns 16,148 shares of the scientific and technical instruments company’s stock worth $702,000 after acquiring an additional 2,220 shares in the last quarter. 94.52% of the stock is currently owned by hedge funds and other institutional investors.

In other II-VI news, VP David G. Wagner sold 33,076 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $48.01, for a total transaction of $1,587,978.76. Following the completion of the transaction, the vice president now owns 71,578 shares in the company, valued at $3,436,459.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vincent D. Mattera, Jr. sold 9,450 shares of the business’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $39.79, for a total value of $376,015.50. Following the transaction, the chief executive officer now owns 250,310 shares of the company’s stock, valued at approximately $9,959,834.90. The disclosure for this sale can be found here. Insiders have sold 92,041 shares of company stock valued at $4,193,219 in the last 90 days. Company insiders own 3.80% of the company’s stock.

Several research analysts recently commented on the company. BidaskClub lowered II-VI from a “hold” rating to a “sell” rating in a research report on Thursday, August 2nd. Zacks Investment Research upgraded II-VI from a “sell” rating to a “hold” rating and set a $47.00 price target for the company in a research report on Wednesday, July 4th. ValuEngine lowered II-VI from a “buy” rating to a “hold” rating in a research report on Tuesday, July 31st. B. Riley lowered II-VI from a “buy” rating to a “neutral” rating and set a $54.00 price target for the company. in a research report on Tuesday. Finally, Benchmark lifted their price target on II-VI from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, August 8th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $53.69.

Shares of NASDAQ:IIVI opened at $48.25 on Thursday. II-VI, Inc. has a 1 year low of $35.88 and a 1 year high of $53.08. The company has a market cap of $3.16 billion, a price-to-earnings ratio of 32.52, a price-to-earnings-growth ratio of 1.60 and a beta of 0.20. The company has a quick ratio of 2.17, a current ratio of 3.22 and a debt-to-equity ratio of 0.41.

II-VI (NASDAQ:IIVI) last announced its earnings results on Tuesday, August 7th. The scientific and technical instruments company reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.13. II-VI had a return on equity of 10.09% and a net margin of 7.59%. The business had revenue of $321.10 million during the quarter, compared to analyst estimates of $301.45 million. During the same quarter in the previous year, the business earned $0.50 earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. analysts anticipate that II-VI, Inc. will post 1.94 EPS for the current fiscal year.

About II-VI

II-VI Incorporated provides engineered materials and optoelectronic components worldwide. The company is a vertically integrated manufacturing company that develops innovative products for various applications in the industrial, optical communications, military, life sciences, semiconductor equipment, and consumer markets.

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Institutional Ownership by Quarter for II-VI (NASDAQ:IIVI)

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