Needham & Company LLC reaffirmed their buy rating on shares of II-VI (NASDAQ:IIVI) in a research report released on Monday morning, Briefing.com Automated Import reports. They currently have a $44.00 target price on the scientific and technical instruments company’s stock, up from their prior target price of $39.00.
IIVI has been the subject of several other reports. Zacks Investment Research cut II-VI from a hold rating to a strong sell rating in a report on Friday, August 2nd. JPMorgan Chase & Co. initiated coverage on II-VI in a research report on Monday, July 29th. They set an overweight rating and a $50.00 target price for the company. ValuEngine upgraded II-VI from a sell rating to a hold rating in a research report on Tuesday, June 18th. Craig Hallum restated a buy rating and set a $54.00 target price (up from $47.00) on shares of II-VI in a research report on Thursday, May 2nd. Finally, BidaskClub upgraded II-VI from a hold rating to a buy rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $45.42.
Shares of NASDAQ:IIVI opened at $37.02 on Monday. The stock has a market capitalization of $2.33 billion, a P/E ratio of 22.71, a P/E/G ratio of 1.13 and a beta of 1.09. II-VI has a 1-year low of $29.31 and a 1-year high of $50.75. The company has a current ratio of 3.41, a quick ratio of 2.15 and a debt-to-equity ratio of 0.44. The business has a 50-day moving average price of $37.73 and a two-hundred day moving average price of $37.54.
II-VI (NASDAQ:IIVI) last announced its quarterly earnings data on Tuesday, August 13th. The scientific and technical instruments company reported $0.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.29. The firm had revenue of $362.70 million during the quarter, compared to analysts’ expectations of $348.02 million. II-VI had a return on equity of 10.77% and a net margin of 8.07%. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.52 EPS. As a group, equities analysts predict that II-VI will post 1.98 EPS for the current year.
In other II-VI news, Director Shaker Sadasivam acquired 14,250 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was acquired at an average cost of $34.63 per share, for a total transaction of $493,477.50. Following the transaction, the director now owns 21,834 shares of the company’s stock, valued at $756,111.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph J. Corasanti acquired 3,200 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was acquired at an average price of $32.34 per share, with a total value of $103,488.00. Following the completion of the transaction, the director now directly owns 54,834 shares in the company, valued at approximately $1,773,331.56. The disclosure for this purchase can be found here. 4.00% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of IIVI. Huntington National Bank acquired a new position in shares of II-VI in the 2nd quarter valued at approximately $29,000. First Interstate Bank grew its position in shares of II-VI by 125.0% in the 2nd quarter. First Interstate Bank now owns 900 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 500 shares during the period. Versant Capital Management Inc grew its position in shares of II-VI by 578.4% in the 1st quarter. Versant Capital Management Inc now owns 1,289 shares of the scientific and technical instruments company’s stock valued at $48,000 after purchasing an additional 1,099 shares during the period. Doyle Wealth Management acquired a new position in II-VI during the 2nd quarter worth approximately $55,000. Finally, Advisory Services Network LLC boosted its position in II-VI by 105.9% during the 1st quarter. Advisory Services Network LLC now owns 1,750 shares of the scientific and technical instruments company’s stock worth $65,000 after acquiring an additional 900 shares during the last quarter. Institutional investors and hedge funds own 93.00% 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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