II-VI Inc. (IIVI) Sees Unusually-High Trading Volume
Shares of II-VI Inc. (NASDAQ:IIVI) saw unusually-strong trading volume on Friday . Approximately 650,780 shares changed hands during mid-day trading, an increase of 87% from the previous session’s volume of 348,327 shares.The stock last traded at $22.50 and had previously closed at $22.16.
Several equities research analysts have commented on IIVI shares. Benchmark Co. lowered their target price on shares of II-VI from $25.00 to $23.50 and set a “buy” rating for the company in a research note on Tuesday, August 2nd. B. Riley reaffirmed a “neutral” rating and issued a $22.00 target price on shares of II-VI in a research note on Tuesday, August 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $26.00 target price on shares of II-VI in a research note on Monday, June 13th. Finally, Zacks Investment Research raised shares of II-VI from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research note on Wednesday, June 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $23.38.
The company has a market capitalization of $1.41 billion, a P/E ratio of 21.63 and a beta of 0.55. The stock has a 50 day moving average of $21.26 and a 200 day moving average of $20.64.
II-VI (NASDAQ:IIVI) last posted its earnings results on Tuesday, August 2nd. The company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.24 by $0.16. II-VI had a net margin of 7.92% and a return on equity of 10.93%. The business had revenue of $241.40 million for the quarter, compared to the consensus estimate of $214.13 million. During the same period last year, the company earned $0.27 EPS. The firm’s revenue was up 17.8% compared to the same quarter last year. On average, analysts expect that II-VI Inc. will post $1.04 EPS for the current fiscal year.
In related news, Director Thomas E. Mistler sold 4,310 shares of II-VI stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $21.55, for a total transaction of $92,880.50. Following the sale, the director now directly owns 22,346 shares in the company, valued at approximately $481,556.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Wendy F. Dicicco sold 4,000 shares of II-VI stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $22.30, for a total transaction of $89,200.00. Following the sale, the director now owns 38,946 shares in the company, valued at $868,495.80. The disclosure for this sale can be found here. Corporate insiders own 6.80% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. Aperio Group LLC increased its stake in II-VI by 0.6% in the first quarter. Aperio Group LLC now owns 17,335 shares of the company’s stock valued at $376,000 after buying an additional 101 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of II-VI by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 23,500 shares of the company’s stock worth $441,000 after buying an additional 200 shares during the period. PineBridge Investments L.P. increased its position in shares of II-VI by 4.5% in the second quarter. PineBridge Investments L.P. now owns 6,729 shares of the company’s stock worth $126,000 after buying an additional 292 shares during the period. Fifth Third Bancorp increased its position in shares of II-VI by 4.3% in the second quarter. Fifth Third Bancorp now owns 9,599 shares of the company’s stock worth $180,000 after buying an additional 399 shares during the period. Finally, Arizona State Retirement System increased its position in shares of II-VI by 1.8% in the second quarter. Arizona State Retirement System now owns 27,548 shares of the company’s stock worth $517,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 73.78% of the company’s stock.
II-VI Incorporated develops, manufactures and markets engineered materials and opto-electronic components and products for precision use in industrial, optical communications, military, semiconductor, medical and life science, and consumer applications. The Company has three segments: II-VI Laser Solutions, II-VI Photonics and II-VI Performance Products.
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