Investors Buy Large Volume of Call Options on II-VI (NASDAQ:IIVI)

II-VI, Inc. (NASDAQ:IIVI) was the target of unusually large options trading activity on Tuesday. Stock traders acquired 2,748 call options on the company. This is an increase of approximately 130% compared to the typical volume of 1,194 call options.

In related news, President Walter Robert Bashaw II sold 10,969 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $45.82, for a total transaction of $502,599.58. Following the transaction, the president now directly owns 19,233 shares in the company, valued at $881,256.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Francis J. Kramer sold 21,380 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $46.18, for a total value of $987,328.40. Following the transaction, the director now owns 209,929 shares in the company, valued at $9,694,521.22. The disclosure for this sale can be found here. Insiders have sold 99,949 shares of company stock valued at $4,223,658 in the last three months. Corporate insiders own 4.20% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of IIVI. Franklin Resources Inc. increased its stake in II-VI by 103.1% in the 1st quarter. Franklin Resources Inc. now owns 2,687,745 shares of the scientific and technical instruments company’s stock worth $76,601,000 after purchasing an additional 1,364,245 shares in the last quarter. Wellington Management Group LLP increased its stake in II-VI by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 10,442,286 shares of the scientific and technical instruments company’s stock worth $297,606,000 after purchasing an additional 1,092,635 shares in the last quarter. Waddell & Reed Financial Inc. increased its stake in II-VI by 343.9% in the 1st quarter. Waddell & Reed Financial Inc. now owns 1,253,926 shares of the scientific and technical instruments company’s stock worth $35,737,000 after purchasing an additional 971,437 shares in the last quarter. Norges Bank purchased a new position in II-VI in the 4th quarter worth about $29,066,000. Finally, Mariner LLC purchased a new position in II-VI in the 4th quarter worth about $26,918,000. 99.54% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts have issued reports on the company. Cowen raised their target price on II-VI from $60.00 to $71.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Zacks Investment Research upgraded II-VI from a “hold” rating to a “strong-buy” rating and set a $50.00 target price on the stock in a research note on Saturday, May 16th. Needham & Company LLC raised their target price on II-VI from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. BidaskClub upgraded II-VI from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 12th. Finally, Northland Securities reiterated a “buy” rating and issued a $43.50 target price on shares of II-VI in a research note on Tuesday, May 12th. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. II-VI has a consensus rating of “Buy” and an average price target of $47.91.

NASDAQ:IIVI opened at $47.22 on Wednesday. The business’s 50-day moving average price is $46.79 and its 200 day moving average price is $35.70. The firm has a market cap of $4.31 billion, a P/E ratio of -48.18 and a beta of 1.28. II-VI has a 52-week low of $19.00 and a 52-week high of $51.90. The company has a quick ratio of 1.69, a current ratio of 2.80 and a debt-to-equity ratio of 1.14.

II-VI (NASDAQ:IIVI) last released its earnings results on Monday, May 11th. The scientific and technical instruments company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.33. The firm had revenue of $627.00 million for the quarter, compared to analyst estimates of $575.66 million. II-VI had a negative return on equity of 4.91% and a negative net margin of 4.52%. II-VI’s revenue was up 83.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.62 earnings per share. Sell-side analysts expect that II-VI will post -1.27 EPS for the current year.

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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