II-VI Incorporated (IIVI) Shares Bought by Argent Capital Management LLC
Argent Capital Management LLC raised its stake in II-VI Incorporated (NASDAQ:IIVI) by 23.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,710 shares of the scientific and technical instruments company’s stock after acquiring an additional 10,785 shares during the quarter. Argent Capital Management LLC owned approximately 0.09% of II-VI worth $2,375,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Assetmark Inc. boosted its stake in II-VI by 157.5% in the third quarter. Assetmark Inc. now owns 137,616 shares of the scientific and technical instruments company’s stock valued at $5,663,000 after acquiring an additional 84,176 shares during the last quarter. Kornitzer Capital Management Inc. KS boosted its stake in 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 valued at $5,657,000 after acquiring an additional 62,335 shares during the last quarter. Rhumbline Advisers boosted its stake in II-VI by 2.2% in the third quarter. Rhumbline Advisers now owns 134,008 shares of the scientific and technical instruments company’s stock valued at $5,514,000 after acquiring an additional 2,855 shares during the last quarter. EAM Investors LLC purchased a new position in II-VI in the third quarter valued at about $2,252,000. Finally, Nationwide Fund Advisors boosted its stake in II-VI by 0.8% in the second quarter. Nationwide Fund Advisors now owns 41,893 shares of the scientific and technical instruments company’s stock valued at $1,437,000 after acquiring an additional 339 shares during the last quarter. Hedge funds and other institutional investors own 80.54% of the company’s stock.
Shares of II-VI Incorporated (IIVI) opened at $46.25 on Wednesday. II-VI Incorporated has a 12-month low of $27.25 and a 12-month high of $52.55. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.89 and a quick ratio of 2.63. The stock has a market cap of $2,884.64, a P/E ratio of 27.86 and a beta of 0.03.
II-VI (NASDAQ:IIVI) last posted its quarterly earnings results on Tuesday, October 31st. The scientific and technical instruments company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.04). The business had revenue of $261.50 million during the quarter, compared to the consensus estimate of $255.20 million. II-VI had a net margin of 9.89% and a return on equity of 12.25%. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period last year, the firm earned $0.35 EPS. sell-side analysts expect that II-VI Incorporated will post 1.55 EPS for the current year.
A number of research analysts have weighed in on the stock. boosted their target price on shares of II-VI from $50.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, November 15th. Needham & Company LLC boosted their price target on shares of II-VI from $50.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, November 13th. BidaskClub raised shares of II-VI from a “sell” rating to a “hold” rating in a research report on Tuesday. ValuEngine lowered shares of II-VI from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Craig Hallum reissued a “buy” rating and issued a $58.00 price target (up previously from $50.00) on shares of II-VI in a research report on Wednesday, November 1st. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $50.64.
In related news, Director Francis J. Kramer sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $45.10, for a total transaction of $1,127,500.00. Following the sale, the director now owns 286,259 shares of the company’s stock, valued at approximately $12,910,280.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP David G. Wagner sold 6,577 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $47.63, for a total transaction of $313,262.51. The disclosure for this sale can be found here. Insiders have sold a total of 61,712 shares of company stock worth $2,749,046 in the last ninety days. 3.80% of the stock is currently owned by insiders.
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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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