II-VI (NASDAQ:IIVI) Shares Down 5.6%

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II-VI, Inc. (NASDAQ:IIVI) shares fell 5.6% during mid-day trading on Friday . The stock traded as low as $36.38 and last traded at $36.52, 1,021,595 shares traded hands during trading. An increase of 34% from the average session volume of 764,688 shares. The stock had previously closed at $38.70.

Several brokerages have recently issued reports on IIVI. ValuEngine raised shares of II-VI from a “sell” rating to a “hold” rating in a research report on Tuesday, June 18th. Benchmark reissued a “buy” rating and set a $53.00 price target on shares of II-VI in a research report on Wednesday, August 14th. Craig Hallum reissued a “buy” rating and set a $54.00 price target (up previously from $47.00) on shares of II-VI in a research report on Thursday, May 2nd. Northland Securities reissued a “buy” rating and set a $42.00 price target on shares of II-VI in a research report on Wednesday, August 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $44.00 price target (up previously from $39.00) on shares of II-VI in a research report on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. II-VI has an average rating of “Buy” and a consensus target price of $45.42.

The stock’s 50 day moving average is $38.03 and its two-hundred day moving average is $37.57. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.00 and a quick ratio of 1.91. The stock has a market capitalization of $2.46 billion, a PE ratio of 22.40, a price-to-earnings-growth ratio of 0.96 and a beta of 1.09.

II-VI (NASDAQ:IIVI) last released its earnings results on Tuesday, August 13th. The scientific and technical instruments company reported $0.67 earnings per share for the quarter, topping the Zacks’ 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 firm had revenue of $362.70 million for the quarter, compared to analyst estimates of $348.02 million. During the same period in the prior year, the firm earned $0.52 earnings per share. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. On average, equities analysts predict that II-VI, Inc. will post 1.84 earnings per share for the current year.

In related news, CFO Mary Jane Raymond sold 16,000 shares of the company’s 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 directly owns 48,427 shares in the company, valued at $1,900,759.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph J. Corasanti bought 3,200 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were purchased at an average price of $32.34 per share, for a total transaction of $103,488.00. Following the completion of the purchase, the director now directly owns 54,834 shares of the company’s stock, valued at approximately $1,773,331.56. The disclosure for this purchase can be found here. 4.00% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in IIVI. Bridge City Capital LLC increased its stake in II-VI by 0.5% in the second quarter. Bridge City Capital LLC now owns 56,491 shares of the scientific and technical instruments company’s stock valued at $2,065,000 after purchasing an additional 280 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in II-VI by 1.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 25,725 shares of the scientific and technical instruments company’s stock valued at $958,000 after purchasing an additional 365 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in II-VI by 1.7% in the second quarter. Oregon Public Employees Retirement Fund now owns 23,548 shares of the scientific and technical instruments company’s stock valued at $861,000 after purchasing an additional 400 shares during the last quarter. Janney Capital Management LLC increased its stake in II-VI by 1.9% in the first quarter. Janney Capital Management LLC now owns 22,469 shares of the scientific and technical instruments company’s stock valued at $837,000 after purchasing an additional 428 shares during the last quarter. Finally, Miles Capital Inc. increased its stake in II-VI by 7.7% in the second quarter. Miles Capital Inc. now owns 6,390 shares of the scientific and technical instruments company’s stock valued at $234,000 after purchasing an additional 457 shares during the last quarter. Hedge funds and other institutional investors own 94.33% of the company’s stock.

II-VI Company Profile (NASDAQ:IIVI)

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.

See Also: Cost of Capital Explained

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