Oclaro, Inc. (OCLR) Upgraded to Hold by Zacks Investment Research
Zacks Investment Research upgraded shares of Oclaro, Inc. (NASDAQ:OCLR) from a sell rating to a hold rating in a research note published on Wednesday.
According to Zacks, “Oclaro, with headquarters in San Jose, California, is a tier 1 provider of high performance optical components, modules and subsystems to the telecommunications market, and is one of the largest providers to metro and long haul network applications. Oclaro, the result of the combination of Bookham, Inc. and Avanex Corporation, leverages proprietary core technologies and vertically integrated product development to provide its customers with cost-effective and innovative optical devices, modules and subsystems. Its photonic technologies also serve selected potential high growth markets, including industrial, defense, life sciences, semiconductor, and scientific, with diversification providing both significant potential revenue streams and strategic technological advantage. Oclaro is a global company, with leading chip fabrication facilities in the UK, Switzerland and Italy, and manufacturing sites in the US, Thailand and China. “
A number of other research firms also recently weighed in on OCLR. Piper Jaffray Companies reaffirmed a buy rating and issued a $12.00 target price on shares of Oclaro in a research report on Thursday, August 3rd. B. Riley reaffirmed a buy rating and issued a $11.75 target price on shares of Oclaro in a research report on Tuesday, August 8th. Raymond James Financial, Inc. initiated coverage on shares of Oclaro in a research report on Thursday, September 14th. They issued a strong-buy rating and a $12.00 target price for the company. Stifel Nicolaus reaffirmed a buy rating and issued a $12.00 target price (up previously from $10.00) on shares of Oclaro in a research report on Monday, July 10th. Finally, Northland Securities reaffirmed a buy rating and issued a $12.00 target price on shares of Oclaro in a research report on Friday, June 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Oclaro presently has an average rating of Buy and an average target price of $13.10.
Oclaro (OCLR) traded down 1.14% during midday trading on Wednesday, hitting $8.64. 5,068,334 shares of the company traded hands. The stock’s 50-day moving average is $8.60 and its 200-day moving average is $9.09. The firm has a market capitalization of $1.46 billion, a PE ratio of 11.22 and a beta of 1.61. Oclaro has a 12-month low of $6.91 and a 12-month high of $11.30. Oclaro also was the target of some unusual options trading activity on Wednesday. Stock traders acquired 10,887 put options on the company. This is an increase of approximately 381% compared to the average daily volume of 2,264 put options.
Oclaro (NASDAQ:OCLR) last released its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. The business had revenue of $149.38 million during the quarter, compared to the consensus estimate of $148.04 million. Oclaro had a net margin of 21.28% and a return on equity of 27.63%. The firm’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.11 earnings per share. Analysts anticipate that Oclaro will post $0.74 EPS for the current fiscal year.
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In other Oclaro news, EVP David Teichmann sold 20,132 shares of the stock in a transaction on Friday, August 11th. The shares were sold at an average price of $8.37, for a total value of $168,504.84. Following the completion of the sale, the executive vice president now owns 422,126 shares in the company, valued at $3,533,194.62. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Greg Dougherty sold 40,000 shares of the stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $9.12, for a total transaction 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 approximately $13,145,440.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 85,183 shares of company stock valued at $747,174. Corporate insiders own 2.00% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Alps Advisors Inc. lifted its stake in Oclaro by 0.3% in the second quarter. Alps Advisors Inc. now owns 59,118 shares of the semiconductor company’s stock valued at $552,000 after acquiring an additional 153 shares during the last quarter. Suntrust Banks Inc. lifted its stake in Oclaro by 1.9% in the first quarter. Suntrust Banks Inc. now owns 19,133 shares of the semiconductor company’s stock valued at $187,000 after acquiring an additional 355 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Oclaro by 1.2% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 44,633 shares of the semiconductor company’s stock valued at $417,000 after acquiring an additional 550 shares during the last quarter. John G Ullman & Associates Inc. lifted its stake in Oclaro by 2.4% in the second quarter. John G Ullman & Associates Inc. now owns 25,300 shares of the semiconductor company’s stock valued at $236,000 after acquiring an additional 600 shares during the last quarter. Finally, Cypress Capital Management LLC WY lifted its stake in Oclaro by 1.9% in the second quarter. Cypress Capital Management LLC WY now owns 54,500 shares of the semiconductor company’s stock valued at $509,000 after acquiring an additional 1,040 shares during the last quarter. Hedge funds and other institutional investors own 70.45% of the company’s stock.
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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