Zacks Investment Research Upgrades II-VI Incorporated (IIVI) to Buy
Zacks Investment Research upgraded shares of II-VI Incorporated (NASDAQ:IIVI) from a sell rating to a buy rating in a report issued on Friday morning. They currently have $47.00 target price on the scientific and technical instruments company’s stock.
According to Zacks, “II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. The Company’s infrared optics business manufactures optical and opto-electronic components sold under the II-VI brand name and used primarily in CO2 lasers. The Company’s near-infrared optics business manufactures near-infrared & visible light products for industrial, scientific, military & medical instruments and laser gain materials and products for solid-state YAG and YLF lasers at the Company’s VLOC subsidiary. The Company’s military infrared optics business manufactures infrared products for military applications under the Exotic Electro-Optics brand name. “
IIVI has been the subject of a number of other research reports. Craig Hallum reissued a buy rating and issued a $58.00 price objective (up previously from $50.00) on shares of II-VI in a research note on Wednesday, November 1st. Benchmark Co. reissued a buy rating and issued a $52.00 price objective (up previously from $44.00) on shares of II-VI in a research note on Wednesday, November 1st. B. Riley boosted their price objective on shares of II-VI from $39.50 to $40.50 and gave the stock a neutral rating in a research note on Wednesday, November 1st. Needham & Company LLC reissued a buy rating and issued a $50.00 price objective (up previously from $45.00) on shares of II-VI in a research note on Wednesday, November 1st. Finally, BidaskClub downgraded shares of II-VI from a hold rating to a sell rating in a research note on Monday, August 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. II-VI currently has a consensus rating of Buy and a consensus price target of $48.75.
Shares of II-VI (IIVI) opened at $42.00 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.63 and a current ratio of 3.89. II-VI has a 12 month low of $26.70 and a 12 month high of $46.50. The firm has a market cap of $2,619.84, a P/E ratio of 25.00 and a beta of 0.02.
II-VI (NASDAQ:IIVI) last posted its quarterly earnings results on Tuesday, October 31st. The scientific and technical instruments company reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.04). II-VI had a net margin of 9.89% and a return on equity of 12.25%. The company had revenue of $261.50 million for the quarter, compared to the consensus estimate of $255.20 million. During the same period in the prior year, the firm posted $0.35 EPS. The business’s revenue was up 18.1% on a year-over-year basis. sell-side analysts expect that II-VI will post 1.55 EPS for the current fiscal year.
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In other II-VI news, CFO Mary Jane Raymond sold 1,000 shares of II-VI stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $45.00, for a total value of $45,000.00. Following the transaction, the chief financial officer now directly owns 53,415 shares of the company’s stock, valued at $2,403,675. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Francis J. Kramer sold 25,000 shares of II-VI stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $45.10, for a total transaction of $1,127,500.00. Following the completion of the transaction, the director now directly owns 286,259 shares in the company, valued at $12,910,280.90. The disclosure for this sale can be found here. Insiders sold 51,000 shares of company stock valued at $2,222,500 in the last three months. 3.80% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its holdings in II-VI by 2.2% in the third quarter. Rhumbline Advisers now owns 134,008 shares of the scientific and technical instruments company’s stock worth $5,514,000 after purchasing an additional 2,855 shares during the last quarter. Kornitzer Capital Management Inc. KS grew its holdings in II-VI by 83.0% in the third quarter. Kornitzer Capital Management Inc. KS now owns 137,480 shares of the scientific and technical instruments company’s stock worth $5,657,000 after purchasing an additional 62,335 shares during the last quarter. Bridge City Capital LLC grew its holdings in II-VI by 8.7% in the third quarter. Bridge City Capital LLC now owns 41,025 shares of the scientific and technical instruments company’s stock worth $1,688,000 after purchasing an additional 3,280 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new position in II-VI in the second quarter worth $407,000. Finally, Argent Capital Management LLC purchased a new position in II-VI in the second quarter worth $1,610,000. 78.03% of the stock is currently owned by institutional investors and hedge funds.
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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