Zacks Investment Research Upgrades Oclaro (OCLR) to “Hold”
Zacks Investment Research upgraded shares of Oclaro (NASDAQ:OCLR) from a sell rating to a hold rating in a report issued on Wednesday morning.
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. “
Several other equities research analysts have also recently weighed in on OCLR. Needham & Company LLC cut shares of Oclaro from a strong-buy rating to a buy rating and decreased their price objective for the stock from $14.00 to $9.00 in a research report on Thursday, November 2nd. Craig Hallum cut shares of Oclaro from a buy rating to a hold rating in a research report on Thursday, November 2nd. Stifel Nicolaus reiterated a buy rating and set a $12.00 price objective on shares of Oclaro in a research report on Friday, October 6th. DA Davidson reiterated a buy rating and set a $11.00 price objective on shares of Oclaro in a research report on Thursday, November 2nd. Finally, ValuEngine upgraded shares of Oclaro from a hold rating to a buy rating in a research report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $12.67.
Oclaro (NASDAQ:OCLR) last announced its quarterly earnings results on Wednesday, November 1st. The semiconductor company reported $0.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.02. Oclaro had a net margin of 24.31% and a return on equity of 28.11%. The firm had revenue of $155.60 million during the quarter, compared to analysts’ expectations of $154.51 million. During the same period in the prior year, the company posted $0.14 EPS. The company’s revenue was up 14.8% on a year-over-year basis. equities research analysts expect that Oclaro will post 0.51 earnings per share for the current fiscal year.
In other Oclaro news, EVP Lisa Paul sold 5,000 shares of the firm’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $7.45, for a total value of $37,250.00. Following the completion of the sale, the executive vice president now directly owns 232,950 shares in the company, valued at $1,735,477.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas Gordon Beck Mason sold 39,255 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $7.22, for a total transaction of $283,421.10. Following the completion of the sale, the insider now owns 171,226 shares of the company’s stock, valued at $1,236,251.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,271 shares of company stock valued at $364,240. 2.00% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of OCLR. Everence Capital Management Inc. acquired a new stake in Oclaro in the third quarter worth $110,000. Shelton Capital Management acquired a new stake in Oclaro in the second quarter worth $117,000. Ameritas Investment Partners Inc. grew its holdings in Oclaro by 53.3% in the second quarter. Ameritas Investment Partners Inc. now owns 14,542 shares of the semiconductor company’s stock worth $136,000 after purchasing an additional 5,057 shares during the period. GLG Partners LP acquired a new stake in Oclaro in the second quarter worth $140,000. Finally, Sei Investments Co. grew its holdings in Oclaro by 150.9% in the third quarter. Sei Investments Co. now owns 17,105 shares of the semiconductor company’s stock worth $147,000 after purchasing an additional 10,288 shares during the period. Institutional investors and hedge funds own 70.59% of the company’s stock.
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Oclaro Company Profile
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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