II-VI (NASDAQ:IIVI) had its price target lowered by DA Davidson to $40.00 in a report published on Thursday morning, The Fly reports. The brokerage currently has a buy rating on the scientific and technical instruments company’s stock.
Several other brokerages have also weighed in on IIVI. TheStreet lowered II-VI from a b- rating to a c rating in a research report on Tuesday, November 12th. Deutsche Bank cut their target price on II-VI from $48.00 to $40.00 and set a buy rating on the stock in a research report on Wednesday, November 13th. BidaskClub raised II-VI from a sell rating to a hold rating in a research report on Saturday, November 2nd. Zacks Investment Research lowered II-VI from a buy rating to a hold rating in a research report on Saturday, November 2nd. Finally, Benchmark reaffirmed a buy rating and issued a $53.00 target price on shares of II-VI in a research report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the stock. II-VI presently has an average rating of Buy and an average price target of $41.85.
Shares of II-VI stock traded down $1.12 during trading hours on Thursday, reaching $28.32. 3,406,500 shares of the company’s stock were exchanged, compared to its average volume of 995,883. The company has a current ratio of 3.22, a quick ratio of 1.91 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of 17.37 and a beta of 1.02. The company has a fifty day moving average of $33.37 and a 200-day moving average of $35.93. II-VI has a 52-week low of $27.96 and a 52-week high of $43.49.
II-VI (NASDAQ:IIVI) last issued its earnings results on Tuesday, November 12th. The scientific and technical instruments company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.03). The firm had revenue of $340.40 million during the quarter, compared to analysts’ expectations of $335.73 million. II-VI had a return on equity of 4.06% and a net margin of 3.99%. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the business posted $0.56 earnings per share. On average, equities research analysts anticipate that II-VI will post -0.59 earnings per share for the current fiscal year.
In related news, Director Marc Y. E. Pelaez sold 1,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $40.72, for a total value of $40,720.00. Following the completion of the sale, the director now directly owns 64,082 shares in the company, valued at approximately $2,609,419.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.20% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC increased its holdings in II-VI by 49.3% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 160,143 shares of the scientific and technical instruments company’s stock valued at $5,855,000 after purchasing an additional 52,857 shares in the last quarter. Divisar Capital Management LLC grew its stake in shares of II-VI by 10.3% during the second quarter. Divisar Capital Management LLC now owns 214,526 shares of the scientific and technical instruments company’s stock valued at $7,843,000 after acquiring an additional 20,000 shares in the last quarter. Bridge City Capital LLC grew its stake in shares of II-VI by 0.5% during the second quarter. Bridge City Capital LLC now owns 56,491 shares of the scientific and technical instruments company’s stock valued at $2,065,000 after acquiring an additional 280 shares in the last quarter. Doyle Wealth Management acquired a new stake in shares of II-VI during the second quarter valued at about $55,000. Finally, Congress Asset Management Co. MA grew its stake in shares of II-VI by 17.8% during the second quarter. Congress Asset Management Co. MA now owns 110,260 shares of the scientific and technical instruments company’s stock valued at $4,031,000 after acquiring an additional 16,680 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.
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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