Wells Fargo & Company MN lifted its position in II-VI, Inc. (NASDAQ:IIVI) by 4.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 249,474 shares of the scientific and technical instruments company’s stock after acquiring an additional 11,635 shares during the quarter. Wells Fargo & Company MN’s holdings in II-VI were worth $10,839,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in IIVI. Affinity Investment Advisors LLC boosted its position in II-VI by 23.4% in the first quarter. Affinity Investment Advisors LLC now owns 7,926 shares of the scientific and technical instruments company’s stock valued at $324,000 after buying an additional 1,504 shares in the last quarter. Scout Investments Inc. boosted its position in II-VI by 3.9% in the first quarter. Scout Investments Inc. now owns 181,850 shares of the scientific and technical instruments company’s stock valued at $7,438,000 after buying an additional 6,875 shares in the last quarter. Russell Investments Group Ltd. boosted 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 valued at $782,000 after buying an additional 1,185 shares in the last quarter. Firsthand Capital Management Inc. acquired a new stake in II-VI in the first quarter valued at approximately $2,045,000. Finally, Carillon Tower Advisers Inc. acquired a new stake in II-VI in the first quarter valued at approximately $7,064,000. Hedge funds and other institutional investors own 94.52% of the company’s stock.
In other news, VP David G. Wagner sold 33,076 shares of the firm’s stock in a transaction on Tuesday, September 4th. The shares were 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 of the company’s stock, valued at $3,436,459.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Francis J. Kramer sold 910 shares of the firm’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $50.00, for a total transaction of $45,500.00. Following the transaction, the director now directly owns 225,790 shares of the company’s stock, valued at approximately $11,289,500. 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 ninety days. Insiders own 3.80% of the company’s stock.
A number of brokerages have weighed in on IIVI. B. Riley lowered shares of II-VI from a “buy” rating to a “neutral” rating and set a $54.00 target price on the stock. in a research report on Tuesday. Deutsche Bank began coverage on shares of II-VI in a research report on Monday, August 27th. They issued a “buy” rating and a $58.00 target price on the stock. BidaskClub upgraded shares of II-VI from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. Morgan Stanley set a $48.00 target price on shares of II-VI and gave the company a “hold” rating in a research report on Wednesday, August 8th. Finally, Cowen restated a “buy” rating and issued a $64.00 target price on shares of II-VI in a research report on Wednesday, August 8th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $53.69.
IIVI stock opened at $47.00 on Friday. The firm has a market cap of $3.00 billion, a PE ratio of 30.88, a price-to-earnings-growth ratio of 1.52 and a beta of 0.20. II-VI, Inc. has a 52-week low of $36.20 and a 52-week high of $53.08. 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 released its quarterly 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. The firm had revenue of $321.10 million during the quarter, compared to the consensus estimate of $301.45 million. II-VI had a net margin of 7.59% and a return on equity of 10.09%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 earnings per share. research analysts predict that II-VI, Inc. will post 1.94 EPS for the current year.
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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