Equities analysts forecast that EMCORE Co. (NASDAQ:EMKR) will report sales of $22.01 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for EMCORE’s earnings, with the lowest sales estimate coming in at $22.00 million and the highest estimate coming in at $22.02 million. EMCORE posted sales of $32.59 million in the same quarter last year, which suggests a negative year-over-year growth rate of 32.5%. The firm is scheduled to issue its next earnings results on Thursday, May 3rd.
According to Zacks, analysts expect that EMCORE will report full-year sales of $22.01 million for the current fiscal year, with estimates ranging from $93.60 million to $106.00 million. For the next financial year, analysts forecast that the company will post sales of $105.84 million per share. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that cover EMCORE.
EMCORE (NASDAQ:EMKR) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.03). EMCORE had a return on equity of 6.59% and a net margin of 5.48%. The business had revenue of $24.04 million during the quarter, compared to analysts’ expectations of $24.75 million. During the same quarter in the previous year, the company posted $0.13 EPS. The company’s quarterly revenue was down 20.3% on a year-over-year basis.
A number of brokerages have issued reports on EMKR. Northland Securities lowered EMCORE from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 5th. B. Riley reissued a “neutral” rating and set a $8.75 price objective (down previously from $10.50) on shares of EMCORE in a report on Friday, December 1st. TheStreet downgraded shares of EMCORE from a “b-” rating to a “c+” rating in a report on Wednesday, February 28th. Lake Street Capital dropped their price objective on shares of EMCORE from $10.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 7th. Finally, Zacks Investment Research downgraded shares of EMCORE from a “hold” rating to a “sell” rating in a report on Monday, February 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. EMCORE presently has an average rating of “Hold” and a consensus price target of $6.67.
In other EMCORE news, CEO Jeffrey Rittichier sold 49,422 shares of the stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $7.05, for a total transaction of $348,425.10. Following the completion of the transaction, the chief executive officer now owns 366,007 shares of the company’s stock, valued at approximately $2,580,349.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.99% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Voya Investment Management LLC bought a new position in shares of EMCORE in the 2nd quarter valued at about $112,000. Dynamic Technology Lab Private Ltd bought a new position in shares of EMCORE in the 3rd quarter valued at about $151,000. Wells Fargo & Company MN lifted its holdings in shares of EMCORE by 2.5% in the 2nd quarter. Wells Fargo & Company MN now owns 19,146 shares of the semiconductor company’s stock valued at $204,000 after acquiring an additional 466 shares during the last quarter. Alambic Investment Management L.P. bought a new position in shares of EMCORE in the 4th quarter valued at about $125,000. Finally, Cavalier Investments LLC bought a new position in shares of EMCORE in the 3rd quarter valued at about $164,000. 70.21% of the stock is owned by institutional investors and hedge funds.
Shares of EMCORE (NASDAQ EMKR) traded up $0.12 during mid-day trading on Wednesday, reaching $5.47. The company’s stock had a trading volume of 24,890 shares, compared to its average volume of 292,139. EMCORE has a 1-year low of $4.90 and a 1-year high of $12.20. The stock has a market cap of $144.16, a price-to-earnings ratio of 18.28, a PEG ratio of 44.17 and a beta of 0.37.
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EMCORE Corporation is engaged in designing and manufacturing indium phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market. The Company focuses on linear fiber optic transmission technology. The Company operates through Fiber Optics segment.
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