Several other equities analysts also recently weighed in on IIVI. Zacks Investment Research downgraded shares of II-VI from a “hold” rating to a “strong sell” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. initiated coverage on shares of II-VI in a report on Monday, July 29th. They set an “overweight” rating and a $50.00 price target on the stock. B. Riley lowered their price target on shares of II-VI from $41.00 to $39.00 and set a “neutral” rating on the stock in a report on Wednesday, August 14th. Northland Securities reaffirmed a “buy” rating and set a $42.00 price target on shares of II-VI in a report on Wednesday, August 14th. Finally, BTIG Research set a $31.00 price target on shares of II-VI and gave the company a “buy” rating in a report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $44.27.
IIVI opened at $41.38 on Wednesday. The company has a current ratio of 3.00, a quick ratio of 1.91 and a debt-to-equity ratio of 0.39. The company has a market cap of $2.51 billion, a price-to-earnings ratio of 25.39, a PEG ratio of 0.98 and a beta of 1.12. The company’s 50 day moving average is $38.35 and its 200 day moving average is $37.53. II-VI has a 12-month low of $29.31 and a 12-month high of $49.10.
II-VI (NASDAQ:IIVI) last issued its quarterly earnings results on Tuesday, August 13th. The scientific and technical instruments company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.29. II-VI had a net margin of 7.89% and a return on equity of 10.37%. The business had revenue of $362.70 million for the quarter, compared to the consensus estimate of $348.02 million. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The company’s revenue for the quarter was up 13.0% on a year-over-year basis. As a group, analysts predict that II-VI will post 1.84 EPS for the current fiscal year.
In other news, CFO Mary Jane Raymond sold 16,000 shares of II-VI stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $39.25, for a total transaction of $628,000.00. Following the sale, the chief financial officer now owns 48,427 shares in the company, valued at $1,900,759.75. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 4.00% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of II-VI by 0.8% during the second quarter. Vanguard Group Inc. now owns 6,419,698 shares of the scientific and technical instruments company’s stock valued at $234,704,000 after buying an additional 48,000 shares during the last quarter. Invesco Ltd. raised its position in shares of II-VI by 1.2% during the second quarter. Invesco Ltd. now owns 1,322,955 shares of the scientific and technical instruments company’s stock valued at $48,367,000 after buying an additional 15,898 shares during the last quarter. Fort Pitt Capital Group LLC raised its position in shares of II-VI by 5.1% during the second quarter. Fort Pitt Capital Group LLC now owns 1,163,046 shares of the scientific and technical instruments company’s stock valued at $42,521,000 after buying an additional 55,936 shares during the last quarter. Northern Trust Corp raised its position in shares of II-VI by 11.6% during the second quarter. Northern Trust Corp now owns 1,081,237 shares of the scientific and technical instruments company’s stock valued at $39,530,000 after buying an additional 112,082 shares during the last quarter. Finally, Eagle Asset Management Inc. raised its position in shares of II-VI by 248.9% during the second quarter. Eagle Asset Management Inc. now owns 1,001,755 shares of the scientific and technical instruments company’s stock valued at $36,624,000 after buying an additional 714,597 shares during the last quarter. Hedge funds and other institutional investors own 93.79% of the company’s stock.
II-VI Company Profile
II-VI Incorporated develops, manufactures, and markets engineered materials, and optoelectronic components and devices worldwide. The company operates in three segments: II-VI Laser Solutions, II-VI Photonics, and II-VI Performance Products. The II-VI Laser Solutions segment offers optical and electro-optical components and materials primarily used in high-power CO2 lasers; fiber-delivered beam delivery systems, and processing tools and direct diode lasers for industrial lasers; direct diode laser modules, sub-systems, and systems; super-hard materials processing laser systems; and compound semiconductor epitaxial and gallium arsenide wafers.
Further Reading: Hold Rating
To view ValuEngine’s full report, visit ValuEngine’s official website.
Receive News & Ratings for II-VI Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for II-VI and related companies with MarketBeat.com's FREE daily email newsletter.