Intevac Inc. (IVAC) Cut to Hold at Zacks Investment Research
Intevac Inc. (NASDAQ:IVAC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Intevac, Inc. is a leading supplier of static sputtering systems and related manufacturing equipment used to manufacture thin-film disks for computer hard disk drives. Sputtering is a complex vacuum deposition process used to deposit multiple thin-film layers on a disk. The company’s primary objective is to be the industry leader in supplying disk sputtering equipment by providing disk sputtering systems which have both the highest overall performance and the lowest cost of ownership in the industry. “
Other research analysts also recently issued reports about the company. B. Riley reiterated a “neutral” rating and set a $6.50 target price on shares of Intevac in a research report on Tuesday, August 2nd. Benchmark Co. upgraded Intevac from a “hold” rating to a “buy” rating and increased their target price for the company from $5.50 to $6.50 in a research report on Wednesday, June 8th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Intevac presently has a consensus rating of “Buy” and an average price target of $7.00.
Intevac (NASDAQ:IVAC) opened at 5.91 on Wednesday. The firm’s 50-day moving average is $6.00 and its 200-day moving average is $5.41. The stock’s market capitalization is $123.65 million. Intevac has a 12 month low of $3.99 and a 12 month high of $6.60.
Intevac (NASDAQ:IVAC) last posted its earnings results on Monday, August 1st. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.11. The firm earned $14.90 million during the quarter, compared to the consensus estimate of $14.20 million. Intevac had a negative return on equity of 21.55% and a negative net margin of 25.36%. The company’s quarterly revenue was down 27.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.01) EPS. On average, equities analysts expect that Intevac will post ($0.43) earnings per share for the current fiscal year.
In related news, Director Matthew A. Drapkin purchased 175,000 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was bought at an average cost of $6.09 per share, for a total transaction of $1,065,750.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 13.90% of the company’s stock.
A number of hedge funds have recently modified their holdings of IVAC. Renaissance Technologies LLC increased its stake in shares of Intevac by 17.4% in the first quarter. Renaissance Technologies LLC now owns 218,100 shares of the company’s stock worth $981,000 after buying an additional 32,400 shares in the last quarter. Bridgeway Capital Management Inc. increased its stake in shares of Intevac by 86.3% in the second quarter. Bridgeway Capital Management Inc. now owns 107,933 shares of the company’s stock worth $613,000 after buying an additional 50,000 shares in the last quarter. Teton Advisors Inc. increased its stake in shares of Intevac by 28.3% in the second quarter. Teton Advisors Inc. now owns 232,030 shares of the company’s stock worth $1,318,000 after buying an additional 51,161 shares in the last quarter. Finally, Royce & Associates LP increased its stake in shares of Intevac by 4.9% in the second quarter. Royce & Associates LP now owns 2,114,840 shares of the company’s stock worth $12,012,000 after buying an additional 99,600 shares in the last quarter. Institutional investors own 73.53% of the company’s stock.
Intevac Company Profile
Intevac, Inc (Intevac) is a provider of vacuum deposition equipment for a range of thin-film applications, and a provider of digital night-vision technologies and products to the defense industry. The Company’s segments include Thin-film Equipment and Photonics. Intevac is engaged in the design and development of thin-film processing systems.
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