Bank of America Corp DE decreased its stake in II-VI Incorporated (NASDAQ:IIVI) by 0.9% during the first quarter, Holdings Channel reports. The institutional investor owned 329,860 shares of the scientific and technical instruments company’s stock after selling 3,140 shares during the period. Bank of America Corp DE’s holdings in II-VI were worth $11,892,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Miles Capital Inc. increased its position in shares of II-VI by 0.3% in the first quarter. Miles Capital Inc. now owns 9,204 shares of the scientific and technical instruments company’s stock valued at $332,000 after buying an additional 25 shares in the last quarter. Meadow Creek Investment Management LLC increased its position in shares of II-VI by 1.9% in the first quarter. Meadow Creek Investment Management LLC now owns 2,996 shares of the scientific and technical instruments company’s stock valued at $108,000 after buying an additional 56 shares in the last quarter. Glen Harbor Capital Management LLC increased its position in shares of II-VI by 1.9% in the first quarter. Glen Harbor Capital Management LLC now owns 3,638 shares of the scientific and technical instruments company’s stock valued at $131,000 after buying an additional 68 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of II-VI by 1.9% in the first quarter. State of Alaska Department of Revenue now owns 6,010 shares of the scientific and technical instruments company’s stock valued at $216,000 after buying an additional 110 shares in the last quarter. Finally, HGK Asset Management Inc. increased its position in shares of II-VI by 0.8% in the first quarter. HGK Asset Management Inc. now owns 15,344 shares of the scientific and technical instruments company’s stock valued at $553,000 after buying an additional 124 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.
II-VI Incorporated (NASDAQ:IIVI) opened at 37.15 on Wednesday. The firm has a market capitalization of $2.35 billion, a P/E ratio of 30.93 and a beta of 0.05. The firm has a 50-day moving average price of $34.02 and a 200 day moving average price of $34.03. II-VI Incorporated has a one year low of $19.37 and a one year high of $41.10.
II-VI (NASDAQ:IIVI) last posted its quarterly earnings data on Tuesday, May 2nd. The scientific and technical instruments company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.03. II-VI had a net margin of 8.19% and a return on equity of 12.49%. The firm had revenue of $245 million during the quarter, compared to analyst estimates of $240.55 million. During the same quarter last year, the business posted $0.35 EPS. The company’s revenue was up 19.5% on a year-over-year basis. Equities research analysts anticipate that II-VI Incorporated will post $1.33 earnings per share for the current year.
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Several research analysts recently issued reports on the company. B. Riley restated a “buy” rating and set a $35.75 price objective on shares of II-VI in a research report on Monday, May 8th. Needham & Company LLC lifted their price objective on II-VI from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, June 21st. BidaskClub upgraded II-VI from a “hold” rating to a “buy” rating in a research report on Wednesday. Northland Securities assumed coverage on II-VI in a research report on Thursday, July 6th. They set an “outperform” rating and a $45.00 price objective for the company. Finally, Benchmark Co. restated a “buy” rating on shares of II-VI in a research report on Sunday, June 25th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $40.55.
In related news, Director Wendy F. Dicicco sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, April 28th. The shares were sold at an average price of $33.19, for a total value of $82,975.00. Following the completion of the transaction, the director now owns 33,046 shares of the company’s stock, valued at approximately $1,096,796.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP David G. Wagner sold 4,444 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $36.00, for a total transaction of $159,984.00. Following the completion of the transaction, the vice president now directly owns 45,284 shares of the company’s stock, valued at approximately $1,630,224. The disclosure for this sale can be found here. Company insiders own 6.80% of the company’s stock.
II-VI Company Profile
II-VI Incorporated develops and manufactures engineered materials, optoelectronic components and products. The Company has three segments: II-VI Laser Solutions, II-VI Photonics and II-VI Performance Products. The II-VI Laser Solutions segment designs, manufactures and markets optical and electro-optical components and materials sold under the II-VI Infrared brand name and used in carbon dioxide (CO2) lasers, fiber-delivered beam delivery systems and processing tools and direct diode lasers for industrial lasers sold under the II-VI HIGHYAG and II-VI Laser Enterprise brand names.
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