Intevac, Inc. (IVAC) Downgraded to Sell at Zacks Investment Research
Zacks Investment Research cut shares of Intevac, Inc. (NASDAQ:IVAC) from a hold rating to a sell rating in a research report released on Wednesday.
According to Zacks, “Intevac, Inc. is a leading supplier of static sputtering systems and related manufacturing equipment used to manufacture thin-film disks for computer hard disk drives. Sputtering is a complex vacuum deposition process used to deposit multiple thin-film layers on a disk. The company’s primary objective is to be the industry leader in supplying disk sputtering equipment by providing disk sputtering systems which have both the highest overall performance and the lowest cost of ownership in the industry. “
Several other analysts have also recently commented on the company. Roth Capital set a $14.00 target price on Intevac and gave the company a buy rating in a report on Friday, July 28th. BidaskClub upgraded Intevac from a sell rating to a hold rating in a report on Wednesday, July 12th. Maxim Group restated a buy rating and set a $13.00 price target on shares of Intevac in a report on Wednesday, October 11th. Noble Financial reiterated a hold rating on shares of Intevac in a report on Wednesday, August 2nd. Finally, Benchmark Co. reiterated a hold rating on shares of Intevac in a report on Tuesday, August 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $12.60.
Intevac (NASDAQ:IVAC) last announced its earnings results on Monday, October 30th. The electronics maker reported $0.04 EPS for the quarter. Intevac had a return on equity of 8.80% and a net margin of 5.97%. The business had revenue of $26.70 million for the quarter, compared to analysts’ expectations of $25.50 million. During the same period in the prior year, the business posted ($0.02) earnings per share. The firm’s revenue was up 18.1% on a year-over-year basis.
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Hedge funds have recently bought and sold shares of the company. Ameriprise Financial Inc. bought a new position in shares of Intevac during the 1st quarter worth $431,000. Bank of America Corp DE grew its stake in shares of Intevac by 3.3% during the 1st quarter. Bank of America Corp DE now owns 30,897 shares of the electronics maker’s stock worth $387,000 after acquiring an additional 1,000 shares during the period. Navellier & Associates Inc grew its stake in shares of Intevac by 96.2% during the 2nd quarter. Navellier & Associates Inc now owns 48,614 shares of the electronics maker’s stock worth $540,000 after acquiring an additional 23,835 shares during the period. PDT Partners LLC bought a new position in shares of Intevac during the 2nd quarter worth $706,000. Finally, Essex Investment Management Co. LLC grew its stake in shares of Intevac by 36.4% during the 2nd quarter. Essex Investment Management Co. LLC now owns 205,771 shares of the electronics maker’s stock worth $2,284,000 after acquiring an additional 54,920 shares during the period. Institutional investors own 69.76% of the company’s stock.
Intevac Company Profile
Intevac, Inc (Intevac) is a provider of vacuum deposition equipment for a range of thin-film applications, and digital night-vision technologies and products to the defense industry. The Company’s segments include Thin-film Equipment and Photonics. The Company designs, manufactures, markets and services capital equipment used to deposit thin films and lubricants onto substrates to produce magnetic disks that are used in hard disk drives.
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