ValuEngine upgraded shares of II-VI (NASDAQ:IIVI) from a hold rating to a buy rating in a research note published on Thursday morning.
Other research analysts have also issued reports about the stock. Benchmark upped their price objective on shares of II-VI from $48.00 to $52.00 and gave the stock a buy rating in a report on Wednesday, August 8th. B. Riley increased their price target on shares of II-VI from $49.00 to $54.00 and gave the stock a buy rating in a research note on Wednesday, August 8th. Needham & Company LLC increased their price target on shares of II-VI from $50.00 to $53.00 and gave the stock a buy rating in a research note on Wednesday, August 8th. Cowen reiterated a buy rating and issued a $64.00 price target on shares of II-VI in a research note on Wednesday, August 8th. Finally, Deutsche Bank initiated coverage on shares of II-VI in a research note on Monday, August 27th. They issued a buy rating and a $58.00 price target for the company. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $53.69.
NASDAQ IIVI traded down $1.65 during trading on Thursday, hitting $43.59. The company had a trading volume of 22,541 shares, compared to its average volume of 770,945. The company has a current ratio of 3.63, a quick ratio of 2.45 and a debt-to-equity ratio of 0.50. II-VI has a one year low of $34.88 and a one year high of $53.08. The firm has a market capitalization of $2.88 billion, a PE ratio of 25.40, a price-to-earnings-growth ratio of 1.45 and a beta of 0.66.
II-VI (NASDAQ:IIVI) last issued its quarterly earnings data on Thursday, November 1st. The scientific and technical instruments company reported $0.56 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.56. II-VI had a net margin of 7.68% and a return on equity of 10.89%. The business had revenue of $314.40 million during the quarter, compared to analyst estimates of $310.92 million. During the same period in the prior year, the business earned $0.32 EPS. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, sell-side analysts predict that II-VI will post 1.84 earnings per share for the current year.
In other II-VI news, VP David G. Wagner sold 33,076 shares of the firm’s stock in a transaction dated 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 sale, the vice president now directly owns 71,578 shares in the company, valued at approximately $3,436,459.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph J. Corasanti sold 40,120 shares of the firm’s stock in a transaction dated 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. Over the last 90 days, insiders have sold 87,624 shares of company stock valued at $4,063,820. 4.00% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake 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 valued at $375,905,000 after purchasing an additional 739,662 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of II-VI by 0.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,451,393 shares of the scientific and technical instruments company’s stock valued at $63,063,000 after acquiring an additional 13,409 shares during the last quarter. Macquarie Group Ltd. boosted its holdings in shares of 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 valued at $45,167,000 after acquiring an additional 183,189 shares during the last quarter. Fort Pitt Capital Group LLC boosted its holdings in shares of 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 buying an additional 17,125 shares during the last quarter. Finally, Robecosam AG boosted its holdings in shares of II-VI by 11.5% in the third quarter. Robecosam AG now owns 959,000 shares of the scientific and technical instruments company’s stock worth $44,881,000 after buying an additional 98,900 shares during the last quarter. Institutional investors and hedge funds own 92.59% 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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