Foundry Partners LLC cut its position in II-VI Incorporated (NASDAQ:IIVI) by 22.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 90,391 shares of the scientific and technical instruments company’s stock after selling 26,306 shares during the period. Foundry Partners LLC owned approximately 0.14% of II-VI worth $3,100,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in II-VI by 91.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,764 shares of the scientific and technical instruments company’s stock worth $100,000 after buying an additional 1,322 shares during the period. Meadow Creek Investment Management LLC raised its stake in 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 worth $108,000 after buying an additional 56 shares during the period. Glen Harbor Capital Management LLC raised its stake in 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 worth $131,000 after buying an additional 68 shares during the period. Mutual of America Capital Management LLC bought a new stake in II-VI during the first quarter worth about $180,000. Finally, LS Investment Advisors LLC raised its stake in II-VI by 158.9% in the first quarter. LS Investment Advisors LLC now owns 5,061 shares of the scientific and technical instruments company’s stock worth $182,000 after buying an additional 3,106 shares during the period. 77.74% of the stock is owned by institutional investors and hedge funds.
II-VI Incorporated (NASDAQ IIVI) opened at 36.40 on Wednesday. The company has a 50-day moving average price of $36.68 and a 200-day moving average price of $34.87. II-VI Incorporated has a 12-month low of $21.02 and a 12-month high of $41.10. The firm has a market cap of $2.30 billion, a P/E ratio of 24.59 and a beta of 0.07.
II-VI (NASDAQ:IIVI) last released its earnings results on Monday, August 7th. The scientific and technical instruments company reported $0.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.17. The firm had revenue of $273.70 million for the quarter, compared to analysts’ expectations of $249.90 million. II-VI had a return on equity of 12.94% and a net margin of 9.80%. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.40 EPS. On average, analysts predict that II-VI Incorporated will post $1.83 earnings per share for the current year.
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A number of analysts have recently issued reports on the stock. BidaskClub raised shares of II-VI from a “sell” rating to a “hold” rating in a research report on Thursday, June 15th. Needham & Company LLC increased their price target on shares of II-VI from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, June 21st. B. Riley lowered shares of II-VI from a “buy” rating to a “neutral” rating and increased their price target for the stock from $35.75 to $39.50 in a research report on Wednesday, July 26th. Craig Hallum assumed coverage on shares of II-VI in a research report on Monday, July 24th. They issued a “buy” rating and a $50.00 price target for the company. Finally, Benchmark Co. reissued 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 sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. II-VI has an average rating of “Buy” and an average target price of $44.25.
In other II-VI news, VP David G. Wagner sold 4,444 shares of the business’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 value of $159,984.00. Following the sale, the vice president now owns 45,284 shares in the company, valued at approximately $1,630,224. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Francis J. Kramer sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $40.00, for a total value of $800,000.00. The disclosure for this sale can be found here. 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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