Strs Ohio Sells 3,600 Shares of II-VI, Inc. (IIVI)
Strs Ohio cut its stake in shares of II-VI, Inc. (NASDAQ:IIVI) by 3.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 104,500 shares of the scientific and technical instruments company’s stock after selling 3,600 shares during the period. Strs Ohio’s holdings in II-VI were worth $4,906,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently modified their holdings of IIVI. Pinebridge Investments L.P. lifted its holdings in shares of II-VI by 1.9% during the second quarter. Pinebridge Investments L.P. now owns 7,237 shares of the scientific and technical instruments company’s stock worth $249,000 after purchasing an additional 137 shares during the period. Piedmont Investment Advisors LLC acquired a new stake in shares of II-VI during the second quarter worth $407,000. Louisiana State Employees Retirement System lifted its holdings in shares of II-VI by 4.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the scientific and technical instruments company’s stock worth $1,108,000 after purchasing an additional 1,000 shares during the period. Nationwide Fund Advisors lifted its holdings in shares of II-VI by 0.8% during the second quarter. Nationwide Fund Advisors now owns 41,893 shares of the scientific and technical instruments company’s stock worth $1,437,000 after purchasing an additional 339 shares during the period. Finally, Argent Capital Management LLC acquired a new stake in shares of II-VI during the second quarter worth $1,610,000. 80.49% of the stock is owned by hedge funds and other institutional investors.
IIVI has been the subject of several recent research reports. Zacks Investment Research downgraded II-VI from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 11th. Needham & Company LLC reissued a “buy” rating and issued a $50.00 target price (up previously from $45.00) on shares of II-VI in a report on Wednesday, November 1st. B. Riley raised their target price on II-VI from $39.50 to $40.50 and gave the company a “neutral” rating in a report on Wednesday, November 1st. Benchmark reissued a “buy” rating and issued a $52.00 target price (up previously from $44.00) on shares of II-VI in a report on Wednesday, November 1st. Finally, Craig Hallum reissued a “buy” rating and issued a $58.00 target price (up previously from $50.00) on shares of II-VI in a report on Wednesday, November 1st. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. II-VI presently has a consensus rating of “Buy” and a consensus price target of $53.06.
II-VI (NASDAQ:IIVI) last released its earnings results on Tuesday, October 31st. The scientific and technical instruments company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.04). II-VI had a net margin of 9.89% and a return on equity of 12.25%. The business had revenue of $261.50 million during the quarter, compared to analyst estimates of $255.20 million. During the same period last year, the business posted $0.35 EPS. II-VI’s revenue was up 18.1% compared to the same quarter last year. equities research analysts expect that II-VI, Inc. will post 1.55 EPS for the current year.
In other II-VI news, VP David G. Wagner sold 6,577 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $47.63, for a total value of $313,262.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Howard H. Xia sold 4,135 shares of II-VI stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $51.58, for a total value of $213,283.30. The disclosure for this sale can be found here. 3.80% of the stock is currently owned by company insiders.
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II-VI Company Profile
II-VI Incorporated develops and manufactures engineered materials, optoelectronic components and products. The Company has three segments: II-VI Laser Solutions, II-VI Photonics and II-VI Performance Products. The II-VI Laser Solutions segment designs, manufactures and markets optical and electro-optical components and materials sold under the II-VI Infrared brand name and used in carbon dioxide (CO2) lasers, fiber-delivered beam delivery systems and processing tools and direct diode lasers for industrial lasers sold under the II-VI HIGHYAG and II-VI Laser Enterprise brand names.
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