Oclaro, Inc. (OCLR) Sets New 1-Year Low After Analyst Downgrade
Shares of Oclaro, Inc. (NASDAQ:OCLR) hit a new 52-week low during mid-day trading on Thursday after Craig Hallum downgraded the stock from a buy rating to a hold rating. The stock traded as low as $6.07 and last traded at $0.00, with a volume of shares.
OCLR has been the topic of several other reports. Cowen and Company reaffirmed an “outperform” rating and set a $14.00 price objective (up from $13.00) on shares of Oclaro in a report on Thursday, August 3rd. Northland Securities reaffirmed a “buy” rating and set a $12.75 price objective on shares of Oclaro in a report on Friday, September 15th. Zacks Investment Research cut Oclaro from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Needham & Company LLC cut Oclaro from a “strong-buy” rating to a “buy” rating and decreased their price objective for the stock from $14.00 to $9.00 in a report on Thursday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $21.00 price objective (down from $35.00) on shares of Oclaro in a report on Thursday, July 13th. One analyst has rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Oclaro has a consensus rating of “Buy” and an average price target of $12.67.
In related news, EVP David Teichmann sold 20,132 shares of Oclaro stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $8.37, for a total transaction of $168,504.84. Following the completion of the transaction, the executive vice president now directly owns 422,126 shares in the company, valued at $3,533,194.62. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Greg Dougherty sold 40,000 shares of Oclaro 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 owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its position in Oclaro by 120.0% during the second 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 in the last quarter. Greenwood Capital Associates LLC raised its position in Oclaro by 3.4% during the second quarter. Greenwood Capital Associates LLC now owns 45,494 shares of the semiconductor company’s stock valued at $425,000 after acquiring an additional 1,483 shares in the last quarter. Pinnacle Associates Ltd. raised its position in Oclaro by 16.2% during the second quarter. Pinnacle Associates Ltd. now owns 168,715 shares of the semiconductor company’s stock valued at $1,576,000 after acquiring an additional 23,525 shares in the last quarter. ING Groep NV purchased a new position in Oclaro during the second quarter valued at approximately $13,957,000. Finally, Thompson Siegel & Walmsley LLC raised its position in Oclaro by 59.1% during the second quarter. Thompson Siegel & Walmsley LLC now owns 1,556,047 shares of the semiconductor company’s stock valued at $14,533,000 after acquiring an additional 577,873 shares in the last quarter. Institutional investors own 70.69% of the company’s stock.
Oclaro (NASDAQ:OCLR) last posted its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.02. The firm had revenue of $155.60 million during the quarter, compared to the consensus estimate of $154.51 million. Oclaro had a return on equity of 27.63% and a net margin of 21.28%. The firm’s revenue was up 14.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 EPS.
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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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