II-VI Incorporated (IIVI) Posts Earnings Results
II-VI Incorporated (NASDAQ:IIVI) released its earnings results on Monday, August 7th. The scientific and technical instruments company reported $0.50 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.17, Bloomberg Earnings reports. The business had revenue of $273.70 million for the quarter, compared to analysts’ expectations of $249.90 million. II-VI had a return on equity of 12.94% and a net margin of 9.80%. The firm’s revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.40 earnings per share. II-VI updated its Q1 guidance to $0.37-0.41 EPS.
Shares of II-VI (NASDAQ:IIVI) traded up 0.57% during mid-day trading on Friday, reaching $35.25. 295,795 shares of the company’s stock traded hands. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of 23.82 and a beta of 0.07. II-VI has a 12-month low of $21.02 and a 12-month high of $41.10. The stock has a 50-day moving average price of $36.81 and a 200 day moving average price of $34.87.
In related news, Director Francis J. Kramer sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $40.00, for a total transaction 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 dated Monday, July 10th. The stock was sold at an average price of $36.00, for a total transaction of $159,984.00. Following 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. 6.80% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in IIVI. Norges Bank purchased a new stake in II-VI during the fourth quarter valued at about $22,341,000. Quadrature Capital Ltd bought a new stake in shares of II-VI during the fourth quarter worth $233,000. Macquarie Group Ltd. bought a new stake in shares of II-VI during the fourth quarter worth $8,923,000. Bank of Montreal Can boosted its stake 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. Finally, Louisiana State Employees Retirement System boosted its stake in shares of II-VI by 1.8% in the first quarter. Louisiana State Employees Retirement System now owns 22,200 shares of the scientific and technical instruments company’s stock worth $800,000 after buying an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 77.74% of the company’s stock.
A number of research firms recently commented on IIVI. BidaskClub raised II-VI from a “sell” rating to a “hold” rating in a research note on Thursday, June 15th. Needham & Company LLC upped their price target on shares of II-VI from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, June 21st. B. Riley lowered shares of II-VI from a “buy” rating to a “neutral” rating and increased their target price for the stock from $35.75 to $39.50 in a report on Wednesday, July 26th. Craig Hallum started coverage on shares of II-VI in a report on Monday, July 24th. They set a “buy” rating and a $50.00 target price for the company. Finally, Benchmark Co. reiterated a “buy” rating on shares of II-VI in a report on Sunday, June 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $44.25.
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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