II-VI (IIVI) PT Raised to $54.00
II-VI (NASDAQ:IIVI) had its target price hoisted by analysts at B. Riley from $49.00 to $54.00 in a research report issued on Wednesday. The brokerage currently has a “buy” rating on the scientific and technical instruments company’s stock. B. Riley’s price target points to a potential upside of 22.73% from the stock’s previous close. B. Riley also issued estimates for II-VI’s Q1 2019 earnings at $0.41 EPS, Q2 2019 earnings at $0.48 EPS, Q3 2019 earnings at $0.45 EPS, Q4 2019 earnings at $0.56 EPS, FY2019 earnings at $1.76 EPS, Q1 2020 earnings at $0.61 EPS, Q2 2020 earnings at $0.79 EPS, Q3 2020 earnings at $0.72 EPS, Q4 2020 earnings at $0.75 EPS and FY2020 earnings at $2.74 EPS.
Other equities research analysts also recently issued reports about the stock. Needham & Company LLC cut their target price on shares of II-VI from $56.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, May 2nd. ValuEngine upgraded shares of II-VI from a “hold” rating to a “buy” rating in a report on Wednesday. Cowen reiterated a “buy” rating and set a $64.00 price target on shares of II-VI in a report on Wednesday. Morgan Stanley set a $48.00 price target on shares of II-VI and gave the stock a “hold” rating in a report on Wednesday. Finally, Piper Jaffray Companies boosted their price target on shares of II-VI to $57.00 and gave the stock an “overweight” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $53.54.
IIVI traded down $1.40 during trading hours on Wednesday, hitting $44.00. 7,232 shares of the company’s stock were exchanged, compared to its average volume of 530,051. II-VI has a 12-month low of $34.05 and a 12-month high of $53.08. The company has a market cap of $2.43 billion, a P/E ratio of 29.83, a PEG ratio of 1.23 and a beta of 0.02. The company has a quick ratio of 2.45, a current ratio of 3.68 and a debt-to-equity ratio of 0.45.
In other news, VP David G. Wagner sold 6,579 shares of the company’s stock in a transaction on Thursday, May 31st. The shares were sold at an average price of $44.09, for a total value of $290,068.11. Following the completion of the transaction, the vice president now owns 53,248 shares in the company, valued at approximately $2,347,704.32. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Vincent D. Mattera, Jr. sold 9,450 shares of the company’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $39.79, for a total transaction of $376,015.50. Following the completion of the transaction, the chief executive officer now owns 250,310 shares of the company’s stock, valued at approximately $9,959,834.90. The disclosure for this sale can be found here. Insiders own 3.80% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp increased its holdings in shares of II-VI by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,451,393 shares of the scientific and technical instruments company’s stock valued at $63,063,000 after purchasing an additional 13,409 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of II-VI in the 2nd quarter valued at about $506,000. Alps Advisors Inc. purchased a new position in shares of II-VI in the 2nd quarter valued at about $579,000. Mesirow Financial Investment Management Equity Management increased its holdings in shares of II-VI by 1.8% in the 2nd quarter. Mesirow Financial Investment Management Equity Management now owns 330,309 shares of the scientific and technical instruments company’s stock valued at $14,353,000 after purchasing an additional 5,685 shares in the last quarter. Finally, Rice Hall James & Associates LLC purchased a new position in shares of II-VI in the 2nd quarter valued at about $9,705,000. Institutional investors and hedge funds own 95.72% of the company’s stock.
II-VI Company Profile
II-VI Incorporated provides engineered materials and optoelectronic components worldwide. The company is a vertically integrated manufacturing company that develops innovative products for various applications in the industrial, optical communications, military, life sciences, semiconductor equipment, and consumer markets.
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