II-VI Incorporated (NASDAQ:IIVI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. The Company’s infrared optics business manufactures optical and opto-electronic components sold under the II-VI brand name and used primarily in CO2 lasers. The Company’s near-infrared optics business manufactures near-infrared & visible light products for industrial, scientific, military & medical instruments and laser gain materials and products for solid-state YAG and YLF lasers at the Company’s VLOC subsidiary. The Company’s military infrared optics business manufactures infrared products for military applications under the Exotic Electro-Optics brand name. “
IIVI has been the subject of a number of other reports. B. Riley downgraded II-VI from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $35.75 to $39.50 in a research report on Wednesday, July 26th. Craig Hallum initiated coverage on II-VI in a research report on Monday, July 24th. They set a “buy” rating and a $50.00 price objective for the company. Benchmark Co. raised their price objective on II-VI from $40.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, August 8th. BidaskClub downgraded II-VI from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Finally, Needham & Company LLC reissued a “buy” rating and set a $45.00 price objective (up from $40.00) on shares of II-VI in a research report on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. II-VI currently has an average rating of “Buy” and an average target price of $44.92.
II-VI (NASDAQ:IIVI) opened at 41.30 on Wednesday. II-VI has a 52-week low of $25.05 and a 52-week high of $42.50. The company has a market cap of $2.61 billion, a PE ratio of 27.91 and a beta of 0.09. The firm’s 50-day moving average is $38.64 and its 200-day moving average is $35.31.
II-VI (NASDAQ:IIVI) last issued its earnings results on Monday, August 7th. The scientific and technical instruments company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.17. II-VI had a return on equity of 12.94% and a net margin of 9.80%. The business had revenue of $273.70 million during the quarter, compared to the consensus estimate of $249.90 million. During the same period last year, the company earned $0.40 EPS. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, equities research analysts anticipate that II-VI will post $1.83 EPS for the current year.
In related news, Director Francis J. Kramer sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $40.00, for a total transaction of $800,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.80% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IIVI. BlackRock Inc. grew its position in II-VI by 55,200.0% in the 1st quarter. BlackRock Inc. now owns 6,752,130 shares of the scientific and technical instruments company’s stock valued at $243,415,000 after acquiring an additional 6,739,920 shares in the last quarter. Vanguard Group Inc. grew its position in II-VI by 10.0% in the 1st quarter. Vanguard Group Inc. now owns 4,959,583 shares of the scientific and technical instruments company’s stock valued at $178,793,000 after acquiring an additional 450,482 shares in the last quarter. Renaissance Technologies LLC grew its position in II-VI by 30.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,090,591 shares of the scientific and technical instruments company’s stock valued at $39,316,000 after acquiring an additional 252,891 shares in the last quarter. Thrivent Financial For Lutherans grew its position in II-VI by 569.6% in the 1st quarter. Thrivent Financial For Lutherans now owns 195,800 shares of the scientific and technical instruments company’s stock valued at $7,059,000 after acquiring an additional 166,560 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in II-VI by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,563,076 shares of the scientific and technical instruments company’s stock valued at $128,453,000 after acquiring an additional 121,261 shares in the last quarter. 78.25% of the stock is owned by institutional investors.
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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