Short Interest in II-VI Inc. (IIVI) Rises By 75.4%
II-VI Inc. (NASDAQ:IIVI) saw a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,426,247 shares, a growth of 75.4% from the October 31st total of 813,366 shares. Based on an average daily trading volume, of 441,784 shares, the short-interest ratio is presently 3.2 days. Currently, 2.6% of the company’s stock are sold short.
Several research firms recently issued reports on IIVI. B. Riley reiterated a “neutral” rating and set a $22.00 target price on shares of II-VI in a report on Wednesday, August 3rd. Benchmark Co. upped their target price on II-VI from $23.50 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, October 25th. Zacks Investment Research lowered II-VI from a “hold” rating to a “sell” rating in a report on Saturday, August 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $26.00 target price on shares of II-VI in a report on Wednesday, August 3rd. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $31.13.
Shares of II-VI (NASDAQ:IIVI) opened at 31.20 on Tuesday. II-VI has a 1-year low of $16.09 and a 1-year high of $31.95. The firm has a 50-day moving average price of $27.77 and a 200 day moving average price of $22.61. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 30.29 and a beta of 0.27.
II-VI (NASDAQ:IIVI) last posted its quarterly earnings data on Tuesday, October 25th. The company reported $0.35 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.12. II-VI had a return on equity of 11.37% and a net margin of 7.51%. The firm earned $244.30 million during the quarter, compared to analyst estimates of $220.04 million. During the same period last year, the company posted $0.27 EPS. The business’s quarterly revenue was up 17.1% on a year-over-year basis. On average, analysts predict that II-VI will post $1.13 EPS for the current fiscal year.
In related news, Director Howard H. Xia sold 4,000 shares of the company’s stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $30.67, for a total transaction of $122,680.00. Following the sale, the director now owns 28,996 shares in the company, valued at $889,307.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 6.80% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in II-VI by 3.1% in the second quarter. Vanguard Group Inc. now owns 4,219,505 shares of the company’s stock valued at $79,158,000 after buying an additional 128,481 shares during the period. BlackRock Fund Advisors raised its position in II-VI by 9.9% in the third quarter. BlackRock Fund Advisors now owns 3,852,156 shares of the company’s stock valued at $93,723,000 after buying an additional 348,271 shares during the period. Dimensional Fund Advisors LP raised its position in II-VI by 12.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,226,831 shares of the company’s stock valued at $60,534,000 after buying an additional 367,967 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in II-VI by 18.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,718,384 shares of the company’s stock valued at $32,237,000 after buying an additional 271,193 shares during the period. Finally, State Street Corp raised its position in II-VI by 6.2% in the second quarter. State Street Corp now owns 1,121,829 shares of the company’s stock valued at $21,048,000 after buying an additional 65,883 shares during the period. 72.92% of the stock is owned by hedge funds and other institutional investors.
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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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