Millennium Management LLC acquired a new position in II-VI, Inc. (NASDAQ:IIVI) in the fourth quarter, HoldingsChannel reports. The firm acquired 264,326 shares of the scientific and technical instruments company’s stock, valued at approximately $8,580,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of II-VI by 4.5% in the 3rd quarter. Vanguard Group Inc. now owns 5,867,148 shares of the scientific and technical instruments company’s stock worth $277,516,000 after purchasing an additional 253,898 shares in the last quarter. Vanguard Group Inc boosted its holdings in shares of II-VI by 4.5% in the 3rd quarter. Vanguard Group Inc now owns 5,867,148 shares of the scientific and technical instruments company’s stock worth $277,516,000 after purchasing an additional 253,898 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of II-VI by 5.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,537,620 shares of the scientific and technical instruments company’s stock worth $72,729,000 after purchasing an additional 86,227 shares in the last quarter. Macquarie Group Ltd. boosted its holdings in shares of II-VI by 17.3% in the 4th quarter. Macquarie Group Ltd. now owns 1,517,155 shares of the scientific and technical instruments company’s stock worth $49,246,000 after purchasing an additional 223,854 shares in the last quarter. Finally, Fort Pitt Capital Group LLC boosted its holdings in shares of II-VI by 8.0% in the 4th quarter. Fort Pitt Capital Group LLC now owns 1,133,754 shares of the scientific and technical instruments company’s stock worth $36,802,000 after purchasing an additional 83,519 shares in the last quarter. Hedge funds and other institutional investors own 91.85% of the company’s stock.

In other II-VI news, CFO Mary Jane Raymond sold 2,000 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $39.00, for a total value of $78,000.00. Following the completion of the sale, the chief financial officer now owns 49,464 shares in the company, valued at approximately $1,929,096. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP David G. Wagner sold 2,317 shares of the stock in a transaction that occurred on Thursday, January 17th. The stock was sold at an average price of $33.23, for a total value of $76,993.91. Following the completion of the sale, the vice president now owns 60,734 shares of the company’s stock, valued at approximately $2,018,190.82. The disclosure for this sale can be found here. Insiders have sold a total of 73,317 shares of company stock valued at $2,933,425 over the last 90 days. 4.00% of the stock is currently owned by company insiders.

Shares of IIVI stock opened at $39.62 on Wednesday. The stock has a market cap of $2.53 billion, a P/E ratio of 23.03, a P/E/G ratio of 1.35 and a beta of 0.83. II-VI, Inc. has a 1-year low of $29.31 and a 1-year high of $50.75. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.17 and a quick ratio of 2.00.

II-VI (NASDAQ:IIVI) last issued its earnings results on Thursday, January 31st. The scientific and technical instruments company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.04. II-VI had a return on equity of 10.93% and a net margin of 8.81%. As a group, equities research analysts expect that II-VI, Inc. will post 1.72 EPS for the current fiscal year.

Several equities research analysts recently weighed in on the company. Piper Jaffray Companies restated an “overweight” rating and set a $50.00 target price on shares of II-VI in a report on Friday, February 1st. Benchmark restated a “buy” rating and set a $55.00 target price on shares of II-VI in a report on Friday, February 1st. Zacks Investment Research upgraded II-VI from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a report on Wednesday, January 16th. ValuEngine cut II-VI from a “buy” rating to a “hold” rating in a report on Sunday, March 3rd. Finally, BidaskClub cut II-VI from a “hold” rating to a “sell” rating in a report on Tuesday, February 12th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $49.09.

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About II-VI

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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Institutional Ownership by Quarter for II-VI (NASDAQ:IIVI)

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