BidaskClub Upgrades II-VI (IIVI) to “Hold”

BidaskClub upgraded shares of II-VI (NASDAQ:IIVI) from a sell rating to a hold rating in a report issued on Tuesday morning.

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

Shares of IIVI opened at $40.23 on Tuesday. II-VI has a fifty-two week low of $36.60 and a fifty-two week high of $53.08. The company has a market capitalization of $2.60 billion, a PE ratio of 23.39, a price-to-earnings-growth ratio of 1.24 and a beta of 0.23. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.22 and a quick ratio of 2.17.

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

In related news, Director Francis J. Kramer sold 910 shares of the stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $50.00, for a total transaction of $45,500.00. Following the completion of the sale, the director now owns 225,790 shares of the company’s stock, valued at $11,289,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP David G. Wagner sold 4,833 shares of the firm’s stock in a transaction on Tuesday, September 25th. The stock was sold at an average price of $49.00, for a total transaction of $236,817.00. Following the completion of the transaction, the vice president now directly owns 65,211 shares of the company’s stock, valued at approximately $3,195,339. The disclosure for this sale can be found here. Insiders have sold 97,074 shares of company stock valued at $4,439,836 in the last three months. 4.00% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. State of Alaska Department of Revenue raised its holdings in shares of II-VI by 8.7% in the third quarter. State of Alaska Department of Revenue now owns 19,560 shares of the scientific and technical instruments company’s stock worth $925,000 after buying an additional 1,558 shares during the last quarter. Jaffetilchin Investment Partners LLC purchased a new position in shares of II-VI in the third quarter worth $238,000. Northern Trust Corp raised its holdings in shares of II-VI by 7.1% in the second quarter. Northern Trust Corp now owns 922,790 shares of the scientific and technical instruments company’s stock worth $40,095,000 after buying an additional 61,522 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of II-VI by 0.9% in the second quarter. Bank of New York Mellon Corp now owns 1,451,393 shares of the scientific and technical instruments company’s stock worth $63,063,000 after buying an additional 13,409 shares during the last quarter. Finally, Verition Fund Management LLC raised its holdings in shares of II-VI by 6.7% in the second quarter. Verition Fund Management LLC now owns 46,386 shares of the scientific and technical instruments company’s stock worth $2,015,000 after buying an additional 2,931 shares during the last quarter. 92.72% of the stock is 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.

Further Reading: Insider Trading

Analyst Recommendations for II-VI (NASDAQ:IIVI)

Receive News & Ratings for II-VI Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for II-VI and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply