Kennedy Capital Management Inc. Acquires 209,214 Shares of Oclaro, Inc. (OCLR)
Kennedy Capital Management Inc. raised its holdings in shares of Oclaro, Inc. (NASDAQ:OCLR) by 13.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,811,480 shares of the semiconductor company’s stock after purchasing an additional 209,214 shares during the period. Kennedy Capital Management Inc. owned about 1.08% of Oclaro worth $16,919,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. ING Groep NV bought a new stake in Oclaro during the second quarter valued at $13,957,000. Legato Capital Management LLC bought a new position in shares of Oclaro during the second quarter worth about $417,000. Essex Investment Management Co. LLC grew its position in shares of Oclaro by 12.0% during the second quarter. Essex Investment Management Co. LLC now owns 350,236 shares of the semiconductor company’s stock worth $3,271,000 after acquiring an additional 37,460 shares during the last quarter. Princeton Capital Management Inc. bought a new position in shares of Oclaro during the first quarter worth about $617,000. Finally, Great West Life Assurance Co. Can grew its position in shares of Oclaro by 843.5% during the second quarter. Great West Life Assurance Co. Can now owns 191,440 shares of the semiconductor company’s stock worth $1,786,000 after acquiring an additional 171,150 shares during the last quarter. Hedge funds and other institutional investors own 70.47% of the company’s stock.
Oclaro, Inc. (NASDAQ OCLR) opened at 8.36 on Thursday. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 10.86 and a beta of 1.61. Oclaro, Inc. has a 12 month low of $6.91 and a 12 month high of $11.30. The company has a 50-day moving average of $8.97 and a 200-day moving average of $9.15.
Oclaro (NASDAQ:OCLR) last announced its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.03. Oclaro had a return on equity of 27.63% and a net margin of 21.28%. The company had revenue of $149.38 million during the quarter, compared to analyst estimates of $148.04 million. During the same period last year, the company posted $0.11 earnings per share. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. Analysts predict that Oclaro, Inc. will post $0.74 EPS for the current year.
In other news, insider Michael H. Fernicola sold 12,869 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $8.62, for a total value of $110,930.78. Following the completion of the sale, the insider now directly owns 106,225 shares in the company, valued at $915,659.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Greg Dougherty sold 40,000 shares of Oclaro stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $9.12, for a total value of $364,800.00. Following the completion of the sale, the chief executive officer now owns 1,441,386 shares of the company’s stock, valued at $13,145,440.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 85,183 shares of company stock valued at $747,174. 2.30% of the stock is currently owned by corporate insiders.
Several equities analysts have recently commented on the stock. DA Davidson assumed coverage on shares of Oclaro in a research report on Thursday, June 22nd. They set a “buy” rating and a $14.00 price target for the company. Cowen and Company restated an “outperform” rating and set a $14.00 price target (up previously from $13.00) on shares of Oclaro in a research report on Thursday, August 3rd. Zacks Investment Research lowered shares of Oclaro from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Needham & Company LLC restated a “strong-buy” rating and set a $14.00 price target on shares of Oclaro in a research report on Monday, June 12th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $21.00 price target (down previously from $35.00) on shares of Oclaro in a research report on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Oclaro currently has an average rating of “Buy” and an average target price of $12.97.
Oclaro, Inc is a provider of optical components, modules and subsystems for the core optical transport, service provider, enterprise and data center markets. The Company provides various solutions for optical networks and interconnects driving the next wave of streaming video, cloud computing, application virtualization and other bandwidth-intensive and high-speed applications.
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