BidaskClub downgraded shares of II-VI (NASDAQ:IIVI) from a hold rating to a sell rating in a report published on Thursday, BidAskClub reports.

A number of other equities research analysts also recently issued reports on IIVI. Morgan Stanley decreased their price target on shares of II-VI from $44.00 to $42.00 and set an equal weight rating on the stock in a research note on Monday, October 7th. Craig Hallum set a $53.00 price target on shares of II-VI and gave the company a buy rating in a research note on Thursday, September 26th. Needham & Company LLC reissued a buy rating and issued a $46.00 target price on shares of II-VI in a research note on Thursday, September 26th. JPMorgan Chase & Co. initiated coverage on shares of II-VI in a research note on Monday, July 29th. They issued an overweight rating and a $50.00 target price on the stock. Finally, B. Riley reduced their target price on shares of II-VI from $41.00 to $39.00 and set a neutral rating on the stock in a research note on Wednesday, August 14th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $43.91.

II-VI stock traded down $0.08 during mid-day trading on Thursday, reaching $32.10. 512,164 shares of the company’s stock traded hands, compared to its average volume of 912,397. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 19.69 and a beta of 1.06. The stock has a 50 day moving average of $36.61 and a two-hundred day moving average of $36.92. The company has a quick ratio of 1.91, a current ratio of 3.00 and a debt-to-equity ratio of 0.39. II-VI has a 12-month low of $29.31 and a 12-month high of $47.53.

II-VI (NASDAQ:IIVI) last released its quarterly earnings results on Tuesday, August 13th. The scientific and technical instruments company reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.29. The company had revenue of $362.70 million for the quarter, compared to the consensus estimate of $348.02 million. II-VI had a net margin of 7.89% and a return on equity of 10.37%. II-VI’s revenue was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 earnings per share. As a group, sell-side analysts forecast that II-VI will post 1.82 earnings per share for the current year.

In other news, CFO Mary Jane Raymond sold 16,000 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $39.25, for a total value of $628,000.00. Following the sale, the chief financial officer now owns 48,427 shares of the company’s stock, valued at $1,900,759.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Marc Y. E. Pelaez sold 1,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $40.72, for a total transaction of $40,720.00. Following the completion of the sale, the director now directly owns 64,082 shares in the company, valued at approximately $2,609,419.04. The disclosure for this sale can be found here. In the last three months, insiders sold 17,500 shares of company stock worth $687,300. Insiders own 4.20% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Parametric Portfolio Associates LLC grew its holdings in shares of II-VI by 49.3% in the second quarter. Parametric Portfolio Associates LLC now owns 160,143 shares of the scientific and technical instruments company’s stock worth $5,855,000 after purchasing an additional 52,857 shares during the last quarter. Divisar Capital Management LLC grew its holdings in shares of II-VI by 10.3% in the second quarter. Divisar Capital Management LLC now owns 214,526 shares of the scientific and technical instruments company’s stock worth $7,843,000 after purchasing an additional 20,000 shares during the last quarter. Bridge City Capital LLC grew its holdings in shares of II-VI by 0.5% in the second quarter. Bridge City Capital LLC now owns 56,491 shares of the scientific and technical instruments company’s stock worth $2,065,000 after purchasing an additional 280 shares during the last quarter. Doyle Wealth Management bought a new position in shares of II-VI in the second quarter worth about $55,000. Finally, Congress Asset Management Co. MA grew its holdings in shares of II-VI by 17.8% in the second quarter. Congress Asset Management Co. MA now owns 110,260 shares of the scientific and technical instruments company’s stock worth $4,031,000 after purchasing an additional 16,680 shares during the last quarter. 92.70% of the stock is currently owned by institutional investors and hedge funds.

II-VI Company Profile

II-VI Incorporated develops, manufactures, and markets engineered materials, and optoelectronic components and devices worldwide. The company operates in three segments: II-VI Laser Solutions, II-VI Photonics, and II-VI Performance Products. The II-VI Laser Solutions segment offers optical and electro-optical components and materials primarily used in high-power CO2 lasers; fiber-delivered beam delivery systems, and processing tools and direct diode lasers for industrial lasers; direct diode laser modules, sub-systems, and systems; super-hard materials processing laser systems; and compound semiconductor epitaxial and gallium arsenide wafers.

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Analyst Recommendations for II-VI (NASDAQ:IIVI)

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