II-VI (IIVI) Now Covered by Analysts at DA Davidson

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Equities researchers at DA Davidson assumed coverage on shares of II-VI (NASDAQ:IIVI) in a research report issued to clients and investors on Tuesday, The Fly reports. The firm set a “buy” rating on the scientific and technical instruments company’s stock.

Other research analysts also recently issued research reports about the company. Needham & Company LLC increased their price target on II-VI from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, August 8th. Cowen reissued a “buy” rating and issued a $64.00 price target on shares of II-VI in a research note on Wednesday, August 8th. ValuEngine raised II-VI from a “hold” rating to a “buy” rating in a research note on Wednesday, August 8th. B. Riley cut their price target on II-VI from $54.00 to $49.00 and set a “buy” rating on the stock in a research note on Thursday, August 2nd. Finally, Benchmark increased their price target on II-VI from $48.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, August 8th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. II-VI currently has a consensus rating of “Buy” and a consensus target price of $53.69.

Shares of IIVI stock traded down $0.41 during trading hours on Tuesday, reaching $38.04. The company had a trading volume of 682,119 shares, compared to its average volume of 706,969. The company has a quick ratio of 2.17, a current ratio of 3.22 and a debt-to-equity ratio of 0.41. The company has a market cap of $2.48 billion, a P/E ratio of 22.12, a price-to-earnings-growth ratio of 1.18 and a beta of 0.23. II-VI has a 1-year low of $36.60 and a 1-year high of $53.08.

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

In related news, VP David G. Wagner sold 4,833 shares of the company’s stock in a transaction on Tuesday, September 25th. The shares were sold at an average price of $49.00, for a total value of $236,817.00. Following the completion of the sale, the vice president now owns 65,211 shares in the company, valued at approximately $3,195,339. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Joseph J. Corasanti sold 40,120 shares of the company’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $44.88, for a total transaction of $1,800,585.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 97,074 shares of company stock valued at $4,439,836. 4.00% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in IIVI. BlackRock Inc. increased its holdings in II-VI by 9.3% during the 2nd quarter. BlackRock Inc. now owns 8,651,418 shares of the scientific and technical instruments company’s stock worth $375,905,000 after purchasing an additional 739,662 shares in the last quarter. Bank of America Corp DE increased its holdings in II-VI by 122.0% during the 2nd quarter. Bank of America Corp DE now owns 499,334 shares of the scientific and technical instruments company’s stock worth $21,696,000 after purchasing an additional 274,370 shares in the last quarter. Rice Hall James & Associates LLC bought a new position in II-VI during the 2nd quarter worth about $9,705,000. Robecosam AG increased its holdings in II-VI by 30.3% during the 2nd quarter. Robecosam AG now owns 860,100 shares of the scientific and technical instruments company’s stock worth $37,457,000 after purchasing an additional 200,100 shares in the last quarter. Finally, Macquarie Group Ltd. increased its holdings in II-VI by 21.4% during the 2nd quarter. Macquarie Group Ltd. now owns 1,039,525 shares of the scientific and technical instruments company’s stock worth $45,167,000 after purchasing an additional 183,189 shares in the last quarter. Institutional investors and hedge funds own 92.70% of the company’s stock.

II-VI Company Profile

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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Analyst Recommendations for II-VI (NASDAQ:IIVI)

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