II-VI, Inc. (NASDAQ:IIVI) shares fell 5.1% during mid-day trading on Wednesday . The stock traded as low as $46.20 and last traded at $46.35. 647,600 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 712,449 shares. The stock had previously closed at $48.85.
Several research firms have recently issued reports on IIVI. BidaskClub lowered II-VI from a “hold” rating to a “sell” rating in a research report on Thursday, August 2nd. Zacks Investment Research upgraded II-VI from a “sell” rating to a “hold” rating and set a $47.00 price target on the stock in a research report on Wednesday, July 4th. ValuEngine lowered II-VI from a “buy” rating to a “hold” rating in a research report on Tuesday, July 31st. Benchmark raised their price target on II-VI from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, August 8th. Finally, Morgan Stanley lowered II-VI from an “overweight” rating to an “equal weight” rating and set a $46.00 price target on the stock. in a research report on Monday, July 2nd. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. II-VI currently has a consensus rating of “Buy” and a consensus target price of $53.69.
The company has a debt-to-equity ratio of 0.41, a current ratio of 3.22 and a quick ratio of 2.17. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of 27.30, a PEG ratio of 1.47 and a beta of 0.20.
II-VI (NASDAQ:IIVI) last posted its earnings results on Tuesday, August 7th. The scientific and technical instruments company reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.13. The firm had revenue of $321.10 million for the quarter, compared to analyst estimates of $301.45 million. II-VI had a return on equity of 10.09% and a net margin of 7.59%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 earnings per share. equities analysts expect that II-VI, Inc. will post 1.94 EPS for the current fiscal year.
In other II-VI news, Director Francis J. Kramer sold 910 shares of II-VI stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $50.00, for a total transaction of $45,500.00. Following the transaction, the director now directly owns 225,790 shares in the company, valued at $11,289,500. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Vincent D. Mattera, Jr. sold 9,450 shares of II-VI stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $39.79, for a total value of $376,015.50. Following the transaction, the chief executive officer now owns 250,310 shares in the company, valued at $9,959,834.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 92,241 shares of company stock worth $4,203,019. Corporate insiders own 3.80% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. raised its stake in shares of II-VI by 6.6% in the 1st quarter. Russell Investments Group Ltd. now owns 19,129 shares of the scientific and technical instruments company’s stock valued at $782,000 after purchasing an additional 1,185 shares during the period. Piedmont Investment Advisors LLC raised its stake in shares of II-VI by 10.1% in the 2nd quarter. Piedmont Investment Advisors LLC now owns 12,944 shares of the scientific and technical instruments company’s stock valued at $562,000 after purchasing an additional 1,190 shares during the period. MetLife Investment Advisors LLC raised its stake in shares of II-VI by 5.2% in the 2nd quarter. MetLife Investment Advisors LLC now owns 28,216 shares of the scientific and technical instruments company’s stock valued at $1,226,000 after purchasing an additional 1,392 shares during the period. Amalgamated Bank raised its stake in shares of II-VI by 17.2% in the 2nd quarter. Amalgamated Bank now owns 9,995 shares of the scientific and technical instruments company’s stock valued at $434,000 after purchasing an additional 1,470 shares during the period. Finally, Janney Capital Management LLC raised its stake in shares of II-VI by 6.4% in the 2nd quarter. Janney Capital Management LLC now owns 24,564 shares of the scientific and technical instruments company’s stock valued at $1,067,000 after purchasing an additional 1,481 shares during the period. 92.95% of the stock is currently owned by hedge funds and other institutional investors.
About II-VI (NASDAQ:IIVI)
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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