II-VI (IIVI) Cut to “Sell” at BidaskClub

BidaskClub lowered shares of II-VI (NASDAQ:IIVI) from a hold rating to a sell rating in a research note released on Thursday morning.

Several other equities research analysts also recently weighed in on the company. ValuEngine raised II-VI from a hold rating to a buy rating in a report on Wednesday, August 8th. B. Riley raised their price objective on II-VI from $49.00 to $54.00 and gave the company a buy rating in a report on Wednesday, August 8th. Needham & Company LLC raised their price objective on II-VI from $50.00 to $53.00 and gave the company a buy rating in a report on Wednesday, August 8th. Zacks Investment Research downgraded II-VI from a strong-buy rating to a hold rating in a report on Friday, August 3rd. Finally, Cowen reissued a buy rating and set a $64.00 price objective on shares of II-VI in a report on Wednesday, August 8th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. II-VI presently has a consensus rating of Buy and a consensus price target of $53.69.

Shares of IIVI traded up $0.68 during midday trading on Thursday, hitting $45.24. The company’s stock had a trading volume of 869,582 shares, compared to its average volume of 814,189. II-VI has a one year low of $34.88 and a one year high of $53.08. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.17 and a current ratio of 3.63. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of 26.30, a PEG ratio of 1.45 and a beta of 0.66.

II-VI (NASDAQ:IIVI) last issued its quarterly earnings results on Thursday, November 1st. The scientific and technical instruments company reported $0.56 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.56. II-VI had a return on equity of 10.89% and a net margin of 7.68%. The company had revenue of $314.40 million for the quarter, compared to analyst estimates of $310.92 million. During the same quarter last year, the company posted $0.32 EPS. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, research analysts forecast that II-VI will post 1.84 EPS for the current fiscal year.

In other II-VI news, Director Joseph J. Corasanti sold 40,120 shares of II-VI stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $44.88, for a total transaction of $1,800,585.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Mary Jane Raymond sold 4,000 shares of II-VI stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $44.88, for a total value of $179,520.00. Following the transaction, the chief financial officer now directly owns 47,368 shares in the company, valued at $2,125,875.84. The disclosure for this sale can be found here. Insiders have sold a total of 87,624 shares of company stock worth $4,063,820 over the last ninety days. Company insiders own 4.00% of the company’s stock.

Large investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC acquired a new position in shares of II-VI in the 2nd quarter valued at about $128,000. Jaffetilchin Investment Partners LLC acquired a new position in shares of II-VI in the 3rd quarter valued at about $238,000. Janus Henderson Group PLC acquired a new position in shares of II-VI in the 2nd quarter valued at about $244,000. Gagnon Securities LLC acquired a new position in shares of II-VI in the 2nd quarter valued at about $254,000. Finally, Sheets Smith Wealth Management lifted its stake in shares of II-VI by 60.6% in the 2nd quarter. Sheets Smith Wealth Management now owns 8,391 shares of the scientific and technical instruments company’s stock valued at $365,000 after purchasing an additional 3,166 shares during the period. 92.64% of the stock is currently owned by institutional investors.

About II-VI

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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