B. Riley downgraded shares of II-VI Incorporated (NASDAQ:IIVI) from a buy rating to a neutral rating in a research report sent to investors on Wednesday, MarketBeat.com reports. The brokerage currently has $39.50 price objective on the scientific and technical instruments company’s stock, up from their previous price objective of $35.75.

Several other analysts have also recently commented on IIVI. BidaskClub upgraded shares of II-VI from a hold rating to a buy rating in a research note on Wednesday, July 19th. Craig Hallum assumed coverage on shares of II-VI in a research note on Monday, July 24th. They issued a buy rating and a $50.00 price target on the stock. Northland Securities assumed coverage on shares of II-VI in a research note on Thursday, July 6th. They issued an outperform rating and a $45.00 price target on the stock. Benchmark Co. reiterated a buy rating and issued a $40.00 price target on shares of II-VI in a research note on Tuesday, July 4th. Finally, Needham & Company LLC boosted their price target on shares of II-VI from $38.00 to $40.00 and gave the stock a buy rating in a research note on Wednesday, June 21st. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $42.75.

II-VI (NASDAQ:IIVI) opened at 37.80 on Wednesday. The company has a market cap of $2.39 billion, a PE ratio of 31.47 and a beta of 0.05. The company has a 50-day moving average price of $35.58 and a 200-day moving average price of $34.44. II-VI has a 1-year low of $19.90 and a 1-year high of $41.10.

II-VI (NASDAQ:IIVI) last announced its quarterly earnings results on Tuesday, May 2nd. The scientific and technical instruments company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.32 by $0.03. The business had revenue of $245 million for the quarter, compared to analysts’ expectations of $240.55 million. II-VI had a net margin of 8.19% and a return on equity of 12.49%. The business’s quarterly revenue was up 19.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.35 EPS. On average, analysts expect that II-VI will post $1.32 EPS for the current fiscal year.

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In other news, Director Francis J. Kramer sold 20,000 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $40.00, for a total transaction of $800,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP David G. Wagner sold 4,444 shares of the company’s stock in a transaction dated 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 $1,630,224. The disclosure for this sale can be found here. 6.80% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in IIVI. Canada Pension Plan Investment Board acquired a new stake in shares of II-VI during the first quarter valued at about $3,212,000. First Mercantile Trust Co. boosted its stake in shares of II-VI by 247.5% in the first quarter. First Mercantile Trust Co. now owns 5,560 shares of the scientific and technical instruments company’s stock valued at $201,000 after buying an additional 3,960 shares in the last quarter. Glen Harbor Capital Management LLC boosted its stake in shares of II-VI by 1.9% in the first quarter. Glen Harbor Capital Management LLC now owns 3,638 shares of the scientific and technical instruments company’s stock valued at $131,000 after buying an additional 68 shares in the last quarter. Mesirow Financial Investment Management Equity Management boosted its stake in shares of II-VI by 6.4% in the first quarter. Mesirow Financial Investment Management Equity Management now owns 577,532 shares of the scientific and technical instruments company’s stock valued at $20,820,000 after buying an additional 34,713 shares in the last quarter. Finally, James Investment Research Inc. acquired a new stake in shares of II-VI during the first quarter valued at about $1,978,000. Hedge funds and other institutional investors own 78.07% of the company’s stock.

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.

Analyst Recommendations for II-VI (NASDAQ:IIVI)

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