PNC Financial Services Group Inc. Sells 4,160 Shares of II-VI Incorporated (NASDAQ:IIVI)
PNC Financial Services Group Inc. lowered its position in II-VI Incorporated (NASDAQ:IIVI) by 23.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 13,710 shares of the scientific and technical instruments company’s stock after selling 4,160 shares during the period. PNC Financial Services Group Inc.’s holdings in II-VI were worth $494,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in IIVI. Russell Investments Group Ltd. purchased a new position in shares of II-VI during the fourth quarter worth $3,094,000. Norges Bank purchased a new position in shares of II-VI during the fourth quarter worth $22,341,000. Quadrature Capital Ltd purchased a new position in shares of II-VI during the fourth quarter worth $233,000. Macquarie Group Ltd. purchased a new position in shares of II-VI during the fourth quarter worth $8,923,000. Finally, Bank of Montreal Can boosted its position in shares of II-VI by 32.4% in the first quarter. Bank of Montreal Can now owns 127,846 shares of the scientific and technical instruments company’s stock worth $4,609,000 after buying an additional 31,312 shares in the last quarter. 77.99% of the stock is currently owned by institutional investors.
II-VI Incorporated (NASDAQ IIVI) traded down 1.67% during midday trading on Friday, reaching $35.35. 900,566 shares of the company traded hands. The stock has a market capitalization of $2.23 billion, a P/E ratio of 29.43 and a beta of 0.07. The company has a 50 day moving average of $35.92 and a 200-day moving average of $34.63. II-VI Incorporated has a 12-month low of $20.07 and a 12-month high of $41.10.
II-VI (NASDAQ:IIVI) last posted its quarterly earnings results on Tuesday, May 2nd. The scientific and technical instruments company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.03. The business had revenue of $245 million during the quarter, compared to analysts’ expectations of $240.55 million. II-VI had a net margin of 8.19% and a return on equity of 12.49%. The business’s quarterly revenue was up 19.5% on a year-over-year basis. During the same period last year, the company posted $0.35 earnings per share. Equities analysts anticipate that II-VI Incorporated will post $1.32 EPS for the current fiscal year.
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A number of equities analysts have recently weighed in on IIVI shares. Benchmark Co. reissued a “buy” rating and set a $40.00 price target on shares of II-VI in a research report on Thursday, April 6th. B. Riley reissued a “buy” rating and set a $35.75 price target on shares of II-VI in a research report on Wednesday, May 3rd. Needham & Company LLC reissued a “buy” rating and set a $38.00 price target (down from $40.00) on shares of II-VI in a research report on Wednesday, May 3rd. ValuEngine raised shares of II-VI from a “hold” rating to a “buy” rating in a research report on Thursday, June 1st. Finally, BidaskClub raised shares of II-VI from a “sell” rating to a “hold” rating in a research report on Thursday, June 15th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $42.75.
In other II-VI news, Director Francis J. Kramer sold 20,000 shares of the firm’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $40.00, for a total value of $800,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP David G. Wagner sold 4,444 shares of the firm’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $36.00, for a total transaction of $159,984.00. Following the completion of the sale, the vice president now owns 45,284 shares of the company’s stock, valued at $1,630,224. The disclosure for this sale can be found here. Company insiders own 6.80% 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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