II-VI Incorporated (NASDAQ:IIVI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday. The firm presently has a $42.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 15.86% from the company’s previous close.
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. B. Riley reiterated a “buy” rating and issued a $43.25 target price on shares of II-VI in a research note on Wednesday. Needham & Company LLC increased their target price on II-VI from $32.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, January 25th. Finally, Benchmark Co. increased their target price on II-VI from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, January 24th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $41.31.
Shares of II-VI (NASDAQ:IIVI) opened at 36.25 on Thursday. The firm has a 50-day moving average price of $30.95 and a 200-day moving average price of $25.90. The stock has a market cap of $2.26 billion, a PE ratio of 33.20 and a beta of 0.30. II-VI has a 52 week low of $17.76 and a 52 week high of $37.55.
II-VI (NASDAQ:IIVI) last released its quarterly earnings data on Tuesday, January 24th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.23. The company had revenue of $232 million for the quarter, compared to the consensus estimate of $225.88 million. II-VI had a return on equity of 12.71% and a net margin of 7.72%. The company’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same period last year, the business posted $0.30 EPS. On average, analysts forecast that II-VI will post $1.33 earnings per share for the current fiscal year.
In other news, Director Howard H. Xia sold 4,000 shares of II-VI stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $30.67, for a total value of $122,680.00. Following the completion of the transaction, the director now owns 28,996 shares in the company, valued at approximately $889,307.32. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Wendy F. Dicicco sold 4,400 shares of II-VI stock in a transaction that occurred on Friday, December 23rd. The stock was sold at an average price of $29.36, for a total value of $129,184.00. Following the completion of the transaction, the director now owns 30,546 shares of the company’s stock, valued at approximately $896,830.56. The disclosure for this sale can be found here. 6.80% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can purchased a new position in shares of II-VI during the second quarter valued at approximately $2,185,000. Strs Ohio raised its position in shares of II-VI by 8.4% in the second quarter. Strs Ohio now owns 45,200 shares of the company’s stock valued at $847,000 after buying an additional 3,500 shares during the last quarter. Emerald Advisers Inc. PA raised its position in shares of II-VI by 49.0% in the second quarter. Emerald Advisers Inc. PA now owns 201,010 shares of the company’s stock valued at $3,771,000 after buying an additional 66,146 shares during the last quarter. Fort Pitt Capital Group LLC raised its position in shares of II-VI by 65.8% in the second quarter. Fort Pitt Capital Group LLC now owns 834,508 shares of the company’s stock valued at $15,655,000 after buying an additional 331,250 shares during the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in shares of II-VI during the second quarter valued at approximately $439,000. Institutional investors own 72.61% of the company’s stock.
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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