II-VI (IIVI) Cut to “Hold” at BidaskClub
BidaskClub downgraded shares of II-VI (NASDAQ:IIVI) from a buy rating to a hold rating in a report published on Saturday morning.
Several other research firms also recently commented on IIVI. boosted their target price on shares of II-VI from $50.00 to $56.00 and gave the stock a buy rating in a research report on Wednesday, November 15th. Northland Securities set a $45.00 target price on shares of II-VI and gave the stock a buy rating in a research report on Monday, August 7th. Benchmark boosted their target price on shares of II-VI from $40.00 to $44.00 and gave the stock a buy rating in a research report on Tuesday, August 8th. Needham & Company LLC reissued a buy rating and set a $50.00 target price (up from $45.00) on shares of II-VI in a research report on Wednesday, November 1st. Finally, ValuEngine downgraded shares of II-VI from a buy rating to a hold rating in a research report on Friday. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has a consensus rating of Buy and an average price target of $50.64.
Shares of II-VI (NASDAQ IIVI) opened at $43.00 on Friday. The company has a quick ratio of 2.63, a current ratio of 3.89 and a debt-to-equity ratio of 0.43. The firm has a market cap of $2,847.22, a price-to-earnings ratio of 27.50 and a beta of 0.03. II-VI has a 52 week low of $27.25 and a 52 week high of $52.55.
In related news, VP David G. Wagner sold 6,577 shares of the business’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $47.63, for a total transaction of $313,262.51. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Mary Jane Raymond sold 1,000 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $45.00, for a total transaction of $45,000.00. Following the transaction, the chief financial officer now owns 53,415 shares in the company, valued at $2,403,675. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,712 shares of company stock worth $2,749,046. 3.80% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Piedmont Investment Advisors LLC purchased a new position in II-VI in the second quarter valued at about $407,000. Argent Capital Management LLC purchased a new position in II-VI in the second quarter valued at about $1,610,000. Kornitzer Capital Management Inc. KS boosted its stake in II-VI by 83.0% in the third quarter. Kornitzer Capital Management Inc. KS now owns 137,480 shares of the scientific and technical instruments company’s stock valued at $5,657,000 after acquiring an additional 62,335 shares during the last quarter. SG Americas Securities LLC boosted its stake in II-VI by 329.0% in the second quarter. SG Americas Securities LLC now owns 15,112 shares of the scientific and technical instruments company’s stock valued at $518,000 after acquiring an additional 11,589 shares during the last quarter. Finally, Bridge City Capital LLC purchased a new position in II-VI in the second quarter valued at about $1,295,000. Hedge funds and other institutional investors own 80.54% of the company’s stock.
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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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