Oclaro Inc. (OCLR) Shares Down 6.5%
Oclaro Inc. (NASDAQ:OCLR)’s share price fell 6.5% on Tuesday . The stock traded as low as $8.45 and last traded at $8.51, with a volume of 5,202,353 shares changing hands. The stock had previously closed at $9.10.
Several brokerages have weighed in on OCLR. Piper Jaffray Cos. reissued an “overweight” rating and set a $9.00 price objective on shares of Oclaro in a report on Wednesday, September 7th. Stifel Nicolaus increased their price objective on Oclaro from $7.50 to $10.00 and gave the company a “buy” rating in a report on Tuesday, September 6th. Needham & Company LLC reduced their price objective on Oclaro from $10.00 to $8.00 and set a “strong-buy” rating for the company in a report on Tuesday, August 30th. MKM Partners increased their price objective on Oclaro from $8.00 to $10.00 and gave the company a “top pick” rating in a report on Thursday, September 1st. Finally, Vetr lowered Oclaro from a “strong-buy” rating to a “buy” rating and set a $8.25 price objective for the company. in a report on Monday, August 22nd. One analyst has rated the stock with a hold rating, nine have given a buy rating and three have issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $7.95.
The firm has a market cap of $1.31 billion, a P/E ratio of 113.526 and a beta of 1.86. The stock has a 50 day moving average price of $7.64 and a 200 day moving average price of $5.65.
Oclaro (NASDAQ:OCLR) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.05. Oclaro had a net margin of 2.10% and a return on equity of 6.24%. The firm had revenue of $125.20 million for the quarter, compared to the consensus estimate of $119.41 million. During the same period last year, the firm earned ($0.06) earnings per share. The company’s quarterly revenue was up 52.3% on a year-over-year basis. Analysts expect that Oclaro Inc. will post $0.40 EPS for the current fiscal year.
In related news, insider Adam Carter sold 19,506 shares of the stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $6.00, for a total transaction of $117,036.00. Following the completion of the sale, the insider now owns 202,584 shares of the company’s stock, valued at $1,215,504. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lisa Paul sold 9,363 shares of the stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $7.69, for a total transaction of $72,001.47. Following the sale, the executive vice president now directly owns 218,264 shares of the company’s stock, valued at approximately $1,678,450.16. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Ameriprise Financial Inc. boosted its stake in Oclaro by 1,101.7% in the second quarter. Ameriprise Financial Inc. now owns 3,302,966 shares of the company’s stock worth $16,119,000 after buying an additional 3,028,107 shares during the last quarter. Wellington Management Group LLP purchased a new stake in Oclaro during the first quarter worth approximately $7,976,000. Elk Creek Partners LLC purchased a new stake in Oclaro during the second quarter worth approximately $3,414,000. Kennedy Capital Management Inc. purchased a new stake in Oclaro during the first quarter worth approximately $5,279,000. Finally, Bogle Investment Management L P DE purchased a new stake in Oclaro during the first quarter worth approximately $5,068,000. 62.49% of the stock is owned by institutional investors.
Oclaro, Inc is a provider of optical components, modules and subsystems for the optical transport, service provider, enterprise and data center markets. The Company supplies optical network technology to telecommunication and data communication equipment companies across the world. The Company designs, manufactures and markets optical components, modules and subsystems that generate, detect, combine and separate light signals in optical communications networks.
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