II-VI Incorporated (IIVI) Upgraded by Zacks Investment Research to “Strong-Buy”
Zacks Investment Research upgraded shares of II-VI Incorporated (NASDAQ:IIVI) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday. They currently have $46.00 target price on the scientific and technical instruments company’s stock.
According to Zacks, “II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. The Company’s infrared optics business manufactures optical and opto-electronic components sold under the II-VI brand name and used primarily in CO2 lasers. The Company’s near-infrared optics business manufactures near-infrared & visible light products for industrial, scientific, military & medical instruments and laser gain materials and products for solid-state YAG and YLF lasers at the Company’s VLOC subsidiary. The Company’s military infrared optics business manufactures infrared products for military applications under the Exotic Electro-Optics brand name. “
Other equities analysts have also issued research reports about the company. ValuEngine upgraded II-VI from a hold rating to a buy rating in a research report on Thursday, June 1st. Northland Securities set a $45.00 price target on II-VI and gave the company a buy rating in a research report on Monday, August 7th. Craig Hallum initiated coverage on II-VI in a research report on Monday, July 24th. They issued a buy rating and a $50.00 price target for the company. BidaskClub upgraded II-VI from a hold rating to a buy rating in a research report on Wednesday, July 19th. Finally, Benchmark Co. reiterated a buy rating and issued a $40.00 price target on shares of II-VI in a research report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. II-VI currently has a consensus rating of Buy and an average price target of $44.92.
II-VI (NASDAQ:IIVI) opened at 41.15 on Wednesday. II-VI has a 52 week low of $23.03 and a 52 week high of $41.42. The company has a 50-day moving average of $36.62 and a 200 day moving average of $34.69. The firm has a market cap of $2.60 billion, a P/E ratio of 27.80 and a beta of 0.07.
II-VI (NASDAQ:IIVI) last released its quarterly earnings results on Monday, August 7th. The scientific and technical instruments company reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.17. II-VI had a return on equity of 12.94% and a net margin of 9.80%. The business had revenue of $273.70 million during the quarter, compared to analyst estimates of $249.90 million. During the same quarter last year, the company posted $0.40 EPS. II-VI’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, equities analysts predict that II-VI will post $1.83 earnings per share for the current year.
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In related news, VP David G. Wagner sold 4,444 shares of the stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $36.00, for a total value of $159,984.00. Following the completion of the sale, the vice president now directly owns 45,284 shares of the company’s stock, valued at approximately $1,630,224. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Francis J. Kramer sold 20,000 shares of the stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $40.00, for a total value of $800,000.00. The disclosure for this sale can be found here. 3.80% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in II-VI by 91.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,764 shares of the scientific and technical instruments company’s stock worth $100,000 after acquiring an additional 1,322 shares in the last quarter. Meadow Creek Investment Management LLC lifted its stake in II-VI by 1.9% in the 1st quarter. Meadow Creek Investment Management LLC now owns 2,996 shares of the scientific and technical instruments company’s stock worth $108,000 after acquiring an additional 56 shares in the last quarter. Mutual of America Capital Management LLC purchased a new stake in II-VI in the 1st quarter worth about $180,000. Ameritas Investment Partners Inc. purchased a new stake in II-VI in the 1st quarter worth about $185,000. Finally, FNY Partners Fund LP purchased a new stake in II-VI in the 1st quarter worth about $216,000. 78.25% of the stock is owned by hedge funds and other institutional investors.
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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