Barclays started coverage on shares of II-VI (NASDAQ:IIVI) in a report issued on Monday, BenzingaRatingsTable reports. The firm issued an overweight rating and a $31.00 price target on the scientific and technical instruments company’s stock.
Other research analysts have also issued research reports about the stock. BTIG Research increased their price target on shares of II-VI from $31.00 to $36.00 and gave the stock a buy rating in a research note on Thursday, January 16th. Susquehanna Bancshares restated a hold rating and set a $30.00 price target on shares of II-VI in a research note on Tuesday, February 11th. Needham & Company LLC restated a buy rating and set a $40.00 price target (down previously from $43.00) on shares of II-VI in a research note on Monday, March 16th. BidaskClub lowered shares of II-VI from a hold rating to a sell rating in a research note on Friday, March 13th. Finally, Canaccord Genuity lowered their target price on shares of II-VI from $46.00 to $42.00 and set a buy rating on the stock in a research note on Tuesday, February 11th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company presently has an average rating of Buy and an average target price of $37.69.
Shares of IIVI opened at $29.34 on Monday. The company’s fifty day moving average is $30.78 and its 200-day moving average is $33.13. II-VI has a 12 month low of $19.00 and a 12 month high of $42.95. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of -44.45 and a beta of 1.24. The company has a quick ratio of 1.62, a current ratio of 2.78 and a debt-to-equity ratio of 1.12.
II-VI (NASDAQ:IIVI) last announced its quarterly earnings results on Monday, February 10th. The scientific and technical instruments company reported $0.36 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. II-VI had a negative net margin of 4.18% and a negative return on equity of 4.44%. The company had revenue of $666.30 million for the quarter, compared to analyst estimates of $610.30 million. During the same quarter in the prior year, the business posted $0.71 EPS. II-VI’s quarterly revenue was up 94.3% on a year-over-year basis. As a group, research analysts predict that II-VI will post -2.12 earnings per share for the current fiscal year.
In other II-VI news, CEO Vincent D. Mattera, Jr. sold 29,000 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $33.65, for a total value of $975,850.00. Following the completion of the sale, the chief executive officer now directly owns 455,651 shares of the company’s stock, valued at approximately $15,332,656.15. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Howard H. Xia sold 9,300 shares of the stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $38.00, for a total transaction of $353,400.00. Following the completion of the sale, the director now directly owns 38,064 shares of the company’s stock, valued at $1,446,432. The disclosure for this sale can be found here. Insiders sold a total of 39,300 shares of company stock worth $1,364,800 over the last quarter. 4.20% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of IIVI. Iridian Asset Management LLC CT bought a new stake in II-VI in the 4th quarter valued at $46,943,000. Franklin Resources Inc. boosted its holdings in II-VI by 2,106.9% in the 4th quarter. Franklin Resources Inc. now owns 1,323,500 shares of the scientific and technical instruments company’s stock valued at $44,562,000 after purchasing an additional 1,263,530 shares during the period. State Street Corp boosted its holdings in II-VI by 62.2% in the 3rd quarter. State Street Corp now owns 2,882,762 shares of the scientific and technical instruments company’s stock valued at $101,502,000 after purchasing an additional 1,105,629 shares during the period. Norges Bank bought a new stake in II-VI in the 4th quarter valued at $29,066,000. Finally, Mariner LLC bought a new stake in II-VI in the 4th quarter valued at $26,918,000. 91.61% of the stock is owned by hedge funds and other institutional investors.
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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