Oclaro Inc. (OCLR) Downgraded by Zacks Investment Research to “Hold”
According to Zacks, “Oclaro, with headquarters in San Jose, California, is a tier 1 provider of high performance optical components, modules and subsystems to the telecommunications market, and is one of the largest providers to metro and long haul network applications. Oclaro, the result of the combination of Bookham, Inc. and Avanex Corporation, leverages proprietary core technologies and vertically integrated product development to provide its customers with cost-effective and innovative optical devices, modules and subsystems. Its photonic technologies also serve selected potential high growth markets, including industrial, defense, life sciences, semiconductor, and scientific, with diversification providing both significant potential revenue streams and strategic technological advantage. Oclaro is a global company, with leading chip fabrication facilities in the UK, Switzerland and Italy, and manufacturing sites in the US, Thailand and China. “
Several other analysts have also issued reports on the stock. B. Riley reaffirmed a buy rating and set a $8.00 price target on shares of Oclaro in a research report on Wednesday, August 3rd. Needham & Company LLC reaffirmed a strong-buy rating and set a $8.00 price target (up from $7.50) on shares of Oclaro in a research report on Wednesday, August 3rd. MKM Partners upped their price target on shares of Oclaro from $8.00 to $10.00 and gave the stock a top pick rating in a research report on Thursday, September 1st. Stifel Nicolaus upped their price target on shares of Oclaro from $7.50 to $10.00 and gave the stock a buy rating in a research report on Tuesday, September 6th. Finally, Cowen and Company assumed coverage on shares of Oclaro in a research report on Monday, August 8th. They set an outperform rating and a $9.00 price target on the stock. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $8.48.
Oclaro (NASDAQ:OCLR) traded up 0.77% during trading on Wednesday, hitting $9.13. 1,794,844 shares of the stock were exchanged. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 117.05 and a beta of 1.82. The firm has a 50-day moving average of $8.29 and a 200-day moving average of $5.98. Oclaro has a 52 week low of $2.37 and a 52 week high of $9.34.
Oclaro (NASDAQ:OCLR) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.11 EPS for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.05. The business had revenue of $125.20 million for the quarter, compared to analyst estimates of $119.41 million. Oclaro had a net margin of 2.10% and a return on equity of 6.24%. The firm’s revenue for the quarter was up 52.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.06) earnings per share. Equities research analysts anticipate that Oclaro will post $0.39 earnings per share for the current fiscal year.
In related news, EVP Lisa Paul sold 9,363 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $7.69, for a total value of $72,001.47. Following the transaction, the executive vice president now directly owns 218,264 shares in the company, valued at $1,678,450.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Adam Carter sold 19,506 shares of the company’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $6.00, for a total transaction of $117,036.00. Following the completion of the transaction, the insider now owns 202,584 shares in the company, valued at $1,215,504. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Quentec Asset Management LLC increased its position in Oclaro by 19.9% in the first quarter. Quentec Asset Management LLC now owns 945,105 shares of the company’s stock valued at $5,104,000 after buying an additional 157,040 shares during the period. Barclays PLC increased its position in Oclaro by 245.1% in the first quarter. Barclays PLC now owns 76,634 shares of the company’s stock valued at $384,000 after buying an additional 54,428 shares during the period. A.R.T. Advisors LLC acquired a new position in Oclaro during the first quarter valued at approximately $612,000. Jacobs Levy Equity Management Inc. increased its position in Oclaro by 136.0% in the first quarter. Jacobs Levy Equity Management Inc. now owns 666,387 shares of the company’s stock valued at $3,598,000 after buying an additional 384,062 shares during the period. Finally, Harvest Capital Strategies LLC acquired a new position in Oclaro during the first quarter valued at approximately $540,000. Institutional investors and hedge funds own 62.49% of the company’s stock.
Oclaro Company Profile
Oclaro, Inc is a provider of optical components, modules and subsystems for the optical transport, service provider, enterprise and data center markets. The Company supplies optical network technology to telecommunication and data communication equipment companies across the world. The Company designs, manufactures and markets optical components, modules and subsystems that generate, detect, combine and separate light signals in optical communications networks.
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