Analysts Set II-VI Incorporated (IIVI) Target Price at $37.92
Shares of II-VI Incorporated (NASDAQ:IIVI) have been assigned an average rating of “Buy” from the six ratings firms that are currently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $37.92.
Several research firms recently issued reports on IIVI. B. Riley reissued a “buy” rating and issued a $35.75 target price on shares of II-VI in a research note on Wednesday, May 3rd. Needham & Company LLC reissued a “buy” rating and issued a $38.00 target price (down from $40.00) on shares of II-VI in a research note on Wednesday, May 3rd. BidaskClub raised II-VI from a “sell” rating to a “hold” rating in a research note on Thursday. ValuEngine raised II-VI from a “hold” rating to a “buy” rating in a research note on Thursday, June 1st. Finally, Benchmark Co. reissued a “buy” rating and issued a $40.00 target price on shares of II-VI in a research note on Thursday, April 6th.
In other II-VI news, Director Francis J. Kramer sold 30,000 shares of II-VI stock in a transaction that occurred on Friday, March 24th. The stock was sold at an average price of $38.00, for a total transaction of $1,140,000.00. Following the sale, the director now directly owns 359,225 shares of the company’s stock, valued at approximately $13,650,550. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Marc Y. E. Pelaez sold 10,573 shares of II-VI stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $38.84, for a total value of $410,655.32. Following the sale, the director now directly owns 73,927 shares in the company, valued at $2,871,324.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 47,383 shares of company stock worth $1,792,799. Insiders own 6.80% of the company’s stock.
A number of hedge funds have recently bought and sold shares of IIVI. BlackRock Inc. boosted its stake in II-VI by 55,200.0% in the first quarter. BlackRock Inc. now owns 6,752,130 shares of the scientific and technical instruments company’s stock valued at $243,415,000 after buying an additional 6,739,920 shares during the last quarter. Wellington Management Group LLP purchased a new stake in II-VI during the first quarter valued at $88,905,000. Norges Bank purchased a new stake in II-VI during the fourth quarter valued at $22,341,000. Garelick Capital Partners LP purchased a new stake in II-VI during the first quarter valued at $19,022,000. Finally, Loomis Sayles & Co. L P boosted its stake in II-VI by 111.5% in the first quarter. Loomis Sayles & Co. L P now owns 884,213 shares of the scientific and technical instruments company’s stock valued at $31,876,000 after buying an additional 466,160 shares during the last quarter. 78.37% of the stock is currently owned by institutional investors and hedge funds.
Shares of II-VI (NASDAQ:IIVI) traded up 3.41% during midday trading on Thursday, hitting $33.40. The company had a trading volume of 744,973 shares. II-VI has a 52 week low of $17.76 and a 52 week high of $41.10. The company has a market capitalization of $2.11 billion, a P/E ratio of 27.81 and a beta of -0.02. The firm’s 50 day moving average is $31.66 and its 200 day moving average is $33.22.
II-VI (NASDAQ:IIVI) last posted its earnings results on Tuesday, May 2nd. The scientific and technical instruments company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.03. The company had revenue of $245 million for the quarter, compared to analysts’ expectations of $240.55 million. II-VI had a return on equity of 12.49% and a net margin of 8.19%. II-VI’s quarterly revenue was up 19.5% on a year-over-year basis. During the same period last year, the firm earned $0.35 earnings per share. Equities research analysts anticipate that II-VI will post $1.33 EPS for the current year.
II-VI Incorporated develops and manufactures engineered materials, optoelectronic components and products. The Company has three segments: II-VI Laser Solutions, II-VI Photonics and II-VI Performance Products. The II-VI Laser Solutions segment designs, manufactures and markets optical and electro-optical components and materials sold under the II-VI Infrared brand name and used in carbon dioxide (CO2) lasers, fiber-delivered beam delivery systems and processing tools and direct diode lasers for industrial lasers sold under the II-VI HIGHYAG and II-VI Laser Enterprise brand names.
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