B. Riley Raises II-VI Incorporated (IIVI) Price Target to $40.50
II-VI Incorporated (NASDAQ:IIVI) had its price target upped by B. Riley from $39.50 to $40.50 in a research note issued to investors on Wednesday. B. Riley currently has a neutral rating on the scientific and technical instruments company’s stock.
IIVI has been the subject of a number of other research reports. BidaskClub cut II-VI from a buy rating to a hold rating in a research note on Monday, July 31st. Craig Hallum assumed coverage on II-VI in a research note on Monday, July 24th. They set a buy rating and a $50.00 price objective for the company. Benchmark Co. reiterated a buy rating and set a $40.00 price objective on shares of II-VI in a research note on Tuesday, July 4th. Needham & Company LLC reiterated a buy rating and set a $45.00 price objective (up previously from $40.00) on shares of II-VI in a research note on Wednesday, August 9th. Finally, Zacks Investment Research cut II-VI from a strong-buy rating to a hold rating in a research note on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $48.75.
Shares of II-VI (NASDAQ:IIVI) traded down $0.10 during trading hours on Wednesday, reaching $41.50. The company’s stock had a trading volume of 798,453 shares, compared to its average volume of 654,451. The stock has a market capitalization of $2,610.00, a PE ratio of 25.06 and a beta of 0.02. II-VI has a 1-year low of $26.70 and a 1-year high of $46.50. The company has a quick ratio of 2.70, a current ratio of 3.89 and a debt-to-equity ratio of 0.43.
II-VI (NASDAQ:IIVI) last announced its quarterly earnings data on Tuesday, October 31st. The scientific and technical instruments company reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.04). The company had revenue of $261.50 million for the quarter, compared to analysts’ expectations of $255.20 million. II-VI had a net margin of 9.89% and a return on equity of 12.25%. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.35 EPS. sell-side analysts predict that II-VI will post 1.56 EPS for the current fiscal year.
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In other II-VI news, CFO Mary Jane Raymond sold 1,000 shares of II-VI stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $45.00, for a total value of $45,000.00. Following the completion of the sale, the chief financial officer now owns 53,415 shares of the company’s stock, valued at approximately $2,403,675. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Francis J. Kramer sold 25,000 shares of II-VI stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $45.10, for a total value of $1,127,500.00. Following the completion of the sale, the director now directly owns 286,259 shares of the company’s stock, valued at approximately $12,910,280.90. The disclosure for this sale can be found here. In the last three months, insiders sold 51,000 shares of company stock valued at $2,222,500. Corporate insiders own 3.80% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Kornitzer Capital Management Inc. KS grew its holdings in shares of II-VI by 83.0% in the third quarter. Kornitzer Capital Management Inc. KS now owns 137,480 shares of the scientific and technical instruments company’s stock worth $5,657,000 after acquiring an additional 62,335 shares during the period. Bridge City Capital LLC grew its holdings in shares of II-VI by 8.7% in the third quarter. Bridge City Capital LLC now owns 41,025 shares of the scientific and technical instruments company’s stock worth $1,688,000 after acquiring an additional 3,280 shares during the period. Piedmont Investment Advisors LLC bought a new stake in shares of II-VI in the second quarter worth $407,000. Argent Capital Management LLC bought a new stake in shares of II-VI in the second quarter worth $1,610,000. Finally, Pinebridge Investments L.P. grew its holdings in shares of II-VI by 1.9% in the second quarter. Pinebridge Investments L.P. now owns 7,237 shares of the scientific and technical instruments company’s stock worth $249,000 after acquiring an additional 137 shares during the period. 78.17% of the stock is owned by institutional investors.
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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