II-VI’s (IIVI) Buy Rating Reiterated at Benchmark
Benchmark reaffirmed their buy rating on shares of II-VI (NASDAQ:IIVI) in a research report released on Tuesday, AnalystRatings.com reports. They currently have a $48.00 price target on the scientific and technical instruments company’s stock.
Other analysts have also issued reports about the stock. Susquehanna Bancshares began coverage on shares of II-VI in a research note on Thursday, December 12th. They set a neutral rating and a $30.00 target price for the company. Raymond James lowered shares of II-VI from an outperform rating to a market perform rating in a research note on Friday, January 10th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of II-VI from a hold rating to a strong sell rating in a research note on Wednesday, January 8th. TheStreet lowered shares of II-VI from a b- rating to a c rating in a research note on Tuesday, November 12th. Finally, B. Riley reissued a neutral rating on shares of II-VI in a research note on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $41.00.
NASDAQ IIVI traded down $0.33 on Tuesday, hitting $37.25. 1,389,367 shares of the stock were exchanged, compared to its average volume of 1,571,913. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.85 and a current ratio of 3.22. The stock has a fifty day moving average price of $35.74 and a two-hundred day moving average price of $34.86. The firm has a market capitalization of $3.42 billion, a P/E ratio of -56.44 and a beta of 1.17. II-VI has a 52-week low of $26.93 and a 52-week high of $43.49.
In related news, CEO Vincent D. Mattera, Jr. sold 29,000 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $33.65, for a total value of $975,850.00. Following the completion of the sale, the chief executive officer now directly owns 455,651 shares of the company’s stock, valued at $15,332,656.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Howard H. Xia sold 9,300 shares of the company’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $38.00, for a total transaction of $353,400.00. Following the completion of the sale, the director now directly owns 38,064 shares of the company’s stock, valued at $1,446,432. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,800 shares of company stock valued at $1,346,750. 4.20% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in IIVI. Mason Street Advisors LLC lifted its stake in II-VI by 26,780.6% in the third quarter. Mason Street Advisors LLC now owns 5,357,579 shares of the scientific and technical instruments company’s stock worth $1,886,000 after acquiring an additional 5,337,648 shares during the period. Iridian Asset Management LLC CT bought a new position in II-VI in the fourth quarter worth about $46,943,000. Franklin Resources Inc. raised its holdings in II-VI by 2,106.9% in the fourth quarter. Franklin Resources Inc. now owns 1,323,500 shares of the scientific and technical instruments company’s stock worth $44,562,000 after purchasing an additional 1,263,530 shares in the last quarter. State Street Corp raised its holdings in II-VI by 62.2% in the third quarter. State Street Corp now owns 2,882,762 shares of the scientific and technical instruments company’s stock worth $101,502,000 after purchasing an additional 1,105,629 shares in the last quarter. Finally, Mariner LLC bought a new position in II-VI in the fourth quarter worth about $26,918,000. 93.40% of the stock is owned by institutional investors.
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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