II-VI Incorporated (IIVI) Shares Bought by Pinebridge Investments L.P.
Pinebridge Investments L.P. boosted its stake in II-VI Incorporated (NASDAQ:IIVI) by 1.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,237 shares of the scientific and technical instruments company’s stock after purchasing an additional 137 shares during the period. Pinebridge Investments L.P.’s holdings in II-VI were worth $249,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of II-VI by 91.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,764 shares of the scientific and technical instruments company’s stock valued at $100,000 after acquiring an additional 1,322 shares during the period. Mutual of America Capital Management LLC bought a new stake in shares of II-VI during the 1st quarter valued at $180,000. Ameritas Investment Partners Inc. bought a new stake in shares of II-VI during the 1st quarter valued at $185,000. FNY Partners Fund LP bought a new stake in shares of II-VI during the 1st quarter valued at $216,000. Finally, Miles Capital Inc. grew its position in shares of II-VI by 0.3% during the 1st quarter. Miles Capital Inc. now owns 9,204 shares of the scientific and technical instruments company’s stock valued at $332,000 after acquiring an additional 25 shares during the period. 78.25% of the stock is owned by institutional investors and hedge funds.
In related news, Director Francis J. Kramer sold 20,000 shares of the firm’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $40.00, for a total transaction of $800,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP David G. Wagner sold 4,444 shares of the firm’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $36.00, for a total transaction of $159,984.00. Following the sale, the vice president now owns 45,284 shares in the company, valued at approximately $1,630,224. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,444 shares of company stock worth $2,009,984. 3.80% of the stock is owned by company insiders.
Shares of II-VI Incorporated (NASDAQ IIVI) opened at 42.10 on Thursday. The company has a market cap of $2.66 billion, a P/E ratio of 28.45 and a beta of 0.10. II-VI Incorporated has a 12 month low of $24.73 and a 12 month high of $42.50. The stock’s 50 day moving average is $37.94 and its 200-day moving average is $35.18.
II-VI (NASDAQ:IIVI) last released its quarterly earnings data on Monday, August 7th. The scientific and technical instruments company reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.17. The firm had revenue of $273.70 million for the quarter, compared to analyst estimates of $249.90 million. II-VI had a net margin of 9.80% and a return on equity of 12.94%. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.40 earnings per share. On average, equities analysts forecast that II-VI Incorporated will post $1.83 EPS for the current year.
A number of brokerages have recently issued reports on IIVI. Zacks Investment Research raised shares of II-VI from a “hold” rating to a “strong-buy” rating and set a $46.00 price objective for the company in a research report on Wednesday, September 27th. Benchmark Co. reissued a “buy” rating and set a $44.00 price objective on shares of II-VI in a research report on Wednesday, September 13th. BidaskClub downgraded shares of II-VI from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. B. Riley reissued a “neutral” rating and set a $39.50 price objective on shares of II-VI in a research report on Thursday, August 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $45.00 price objective (up previously from $40.00) on shares of II-VI in a research report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $44.92.
II-VI Company Profile
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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