II-VI (NASDAQ:IIVI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, Zacks.com reports. The brokerage presently has a $32.00 price objective on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 9.07% from the stock’s current price.
According to Zacks, “II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. The Company’s infrared optics business manufactures optical and opto-electronic components sold under the II-VI brand name and used primarily in CO2 lasers. The Company’s near-infrared optics business manufactures near-infrared & visible light products for industrial, scientific, military & medical instruments and laser gain materials and products for solid-state YAG and YLF lasers at the Company’s VLOC subsidiary. The Company’s military infrared optics business manufactures infrared products for military applications under the Exotic Electro-Optics brand name. “
Several other brokerages have also recently weighed in on IIVI. Morgan Stanley reduced their target price on shares of II-VI from $42.00 to $26.00 and set an “equal weight” rating on the stock in a report on Monday, March 16th. Raymond James cut shares of II-VI from an “outperform” rating to a “market perform” rating in a report on Friday, January 10th. They noted that the move was a valuation call. BTIG Research raised their target price on shares of II-VI from $31.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Piper Sandler reduced their target price on shares of II-VI from to in a report on Thursday, March 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 target price (down previously from $43.00) on shares of II-VI in a report on Monday, March 16th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $37.69.
Shares of NASDAQ:IIVI opened at $29.34 on Friday. The firm’s 50 day moving average price is $30.78 and its 200 day moving average price is $33.13. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of -44.45 and a beta of 1.24. II-VI has a fifty-two week low of $19.00 and a fifty-two week high of $42.95. The company has a quick ratio of 1.62, a current ratio of 2.78 and a debt-to-equity ratio of 1.12.
II-VI (NASDAQ:IIVI) last issued its earnings results on Monday, February 10th. The scientific and technical instruments company reported $0.36 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.36. The firm had revenue of $666.30 million for the quarter, compared to analysts’ expectations of $610.30 million. II-VI had a negative net margin of 4.18% and a negative return on equity of 4.44%. The firm’s revenue was up 94.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.71 earnings per share. On average, equities analysts anticipate that II-VI will post -2.12 EPS for the current year.
In other news, Director Howard H. Xia sold 9,300 shares of II-VI stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $38.00, for a total value of $353,400.00. Following the transaction, the director now directly owns 38,064 shares of the company’s stock, valued at approximately $1,446,432. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Vincent D. Mattera, Jr. sold 29,000 shares of II-VI stock in a transaction on Friday, January 31st. The shares were sold at an average price of $33.65, for a total transaction of $975,850.00. Following the completion of the transaction, the chief executive officer now directly owns 455,651 shares in the company, valued at $15,332,656.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,300 shares of company stock worth $1,364,800. 4.20% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. purchased a new position in II-VI in the 4th quarter valued at $29,000. GQ Asset Management LLC purchased a new position in II-VI in the 3rd quarter valued at $33,000. Robecosam AG grew its position in II-VI by 36.1% in the 4th quarter. Robecosam AG now owns 1,720,000 shares of the scientific and technical instruments company’s stock valued at $34,000 after buying an additional 456,000 shares during the last quarter. Emerald Advisers LLC purchased a new position in II-VI in the 4th quarter valued at $47,000. Finally, Tobias Financial Advisors Inc. purchased a new position in II-VI in the 4th quarter valued at $80,000. 91.61% of the stock is currently owned by institutional investors and hedge funds.
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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