Northland Securities Reiterates Buy Rating for Oclaro, Inc. (OCLR)
Oclaro, Inc. (NASDAQ:OCLR)‘s stock had its “buy” rating reissued by equities research analysts at Northland Securities in a research report issued to clients and investors on Wednesday. They currently have a $12.75 target price on the semiconductor company’s stock. Northland Securities’ price target would suggest a potential upside of 113.93% from the company’s current price.
OCLR has been the subject of a number of other research reports. Raymond James Financial, Inc. initiated coverage on Oclaro in a research report on Thursday, September 14th. They issued a “strong-buy” rating and a $12.00 target price for the company. Zacks Investment Research lowered Oclaro from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. BidaskClub lowered Oclaro from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Piper Jaffray Companies reissued a “buy” rating and issued a $12.00 target price on shares of Oclaro in a research report on Thursday, August 3rd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $21.00 target price (down previously from $35.00) on shares of Oclaro in a research report on Thursday, July 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $12.67.
Oclaro (NASDAQ:OCLR) last issued its earnings results on Wednesday, November 1st. The semiconductor company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.02. Oclaro had a return on equity of 29.43% and a net margin of 24.31%. The business had revenue of $155.60 million during the quarter, compared to analyst estimates of $154.51 million. During the same quarter in the previous year, the firm earned $0.14 EPS. Oclaro’s revenue was up 14.8% on a year-over-year basis.
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In related news, insider Michael H. Fernicola sold 12,869 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $8.62, for a total transaction of $110,930.78. Following the completion of the transaction, the insider now directly owns 106,225 shares in the company, valued at approximately $915,659.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Greg Dougherty sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $9.12, for a total value of $364,800.00. Following the transaction, the chief executive officer now owns 1,441,386 shares of the company’s stock, valued at $13,145,440.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 85,183 shares of company stock valued at $747,174. 2.00% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in OCLR. BlackRock Inc. grew its stake in shares of Oclaro by 120.0% during the 2nd quarter. BlackRock Inc. now owns 16,827,106 shares of the semiconductor company’s stock valued at $157,166,000 after acquiring an additional 9,177,551 shares during the period. Neumeier Poma Investment Counsel LLC bought a new position in shares of Oclaro during the 2nd quarter valued at approximately $14,066,000. ING Groep NV bought a new position in shares of Oclaro during the 2nd quarter valued at approximately $13,957,000. State Street Corp grew its stake in shares of Oclaro by 54.0% during the 2nd quarter. State Street Corp now owns 3,841,177 shares of the semiconductor company’s stock valued at $35,877,000 after acquiring an additional 1,346,216 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Oclaro by 17.9% during the 2nd quarter. Vanguard Group Inc. now owns 8,326,122 shares of the semiconductor company’s stock valued at $77,766,000 after acquiring an additional 1,265,269 shares during the period. Institutional investors own 70.69% of the company’s stock.
Oclaro Company Profile
Oclaro, Inc is a provider of optical components, modules and subsystems for the core optical transport, service provider, enterprise and data center markets. The Company provides various solutions for optical networks and interconnects driving the next wave of streaming video, cloud computing, application virtualization and other bandwidth-intensive and high-speed applications.
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