Zacks Investment Research Lowers Intevac, Inc. (IVAC) to Hold
Zacks Investment Research cut shares of Intevac, Inc. (NASDAQ:IVAC) from a buy rating to a hold rating in a report released on Wednesday.
According to Zacks, “Intevac, Inc. is a leading supplier of static sputtering systems and related manufacturing equipment used to manufacture thin-film disks for computer hard disk drives. Sputtering is a complex vacuum deposition process used to deposit multiple thin-film layers on a disk. The company’s primary objective is to be the industry leader in supplying disk sputtering equipment by providing disk sputtering systems which have both the highest overall performance and the lowest cost of ownership in the industry. “
IVAC has been the subject of several other reports. Roth Capital set a $14.00 target price on Intevac and gave the stock a buy rating in a research report on Friday, July 28th. Benchmark Co. reaffirmed a hold rating on shares of Intevac in a research report on Tuesday, August 1st. Noble Financial reaffirmed a hold rating on shares of Intevac in a research report on Wednesday, August 2nd. BidaskClub raised Intevac from a sell rating to a hold rating in a research report on Wednesday, July 12th. Finally, B. Riley reaffirmed a buy rating and set a $16.00 target price on shares of Intevac in a research report on Sunday, August 6th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Intevac currently has an average rating of Hold and a consensus price target of $13.60.
Shares of Intevac (IVAC) opened at 8.45 on Wednesday. The company’s 50 day moving average price is $8.98 and its 200-day moving average price is $11.45. Intevac has a 52 week low of $5.60 and a 52 week high of $14.15. The firm has a market capitalization of $184.06 million, a PE ratio of 34.21 and a beta of 1.05.
Intevac (NASDAQ:IVAC) last announced its earnings results on Monday, July 31st. The electronics maker reported $0.05 earnings per share (EPS) for the quarter. The business had revenue of $31.00 million during the quarter, compared to analyst estimates of $28.76 million. Intevac had a return on equity of 7.29% and a net margin of 4.68%. Intevac’s revenue for the quarter was up 108.1% compared to the same quarter last year. During the same period last year, the company earned ($0.18) EPS. On average, equities research analysts expect that Intevac will post $0.12 EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. D.A. Davidson & CO. bought a new position in shares of Intevac in the 2nd quarter worth about $117,000. Nationwide Fund Advisors raised its position in shares of Intevac by 695.2% in the 2nd quarter. Nationwide Fund Advisors now owns 12,350 shares of the electronics maker’s stock worth $137,000 after acquiring an additional 10,797 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Intevac in the 2nd quarter worth about $191,000. The Manufacturers Life Insurance Company raised its position in shares of Intevac by 1,393.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,568 shares of the electronics maker’s stock worth $195,000 after acquiring an additional 16,392 shares in the last quarter. Finally, Rhumbline Advisers bought a new position in shares of Intevac in the 2nd quarter worth about $225,000. 70.14% of the stock is owned by hedge funds and other institutional investors.
Intevac Company Profile
Intevac, Inc (Intevac) is a provider of vacuum deposition equipment for a range of thin-film applications, and digital night-vision technologies and products to the defense industry. The Company’s segments include Thin-film Equipment and Photonics. The Company designs, manufactures, markets and services capital equipment used to deposit thin films and lubricants onto substrates to produce magnetic disks that are used in hard disk drives.
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