II-VI (IIVI) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of II-VI (NASDAQ:IIVI) from a hold rating to a buy rating in a report released on Thursday morning. Zacks Investment Research currently has $48.00 price target on the scientific and technical instruments company’s stock.

According to Zacks, “II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. The Company’s infrared optics business manufactures optical and opto-electronic components sold under the II-VI brand name and used primarily in CO2 lasers. The Company’s near-infrared optics business manufactures near-infrared & visible light products for industrial, scientific, military & medical instruments and laser gain materials and products for solid-state YAG and YLF lasers at the Company’s VLOC subsidiary. The Company’s military infrared optics business manufactures infrared products for military applications under the Exotic Electro-Optics brand name. “

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Several other equities research analysts also recently commented on IIVI. Benchmark reiterated a buy rating and set a $52.00 target price on shares of II-VI in a report on Tuesday, March 27th. BidaskClub upgraded II-VI from a sell rating to a hold rating in a report on Friday, March 16th. ValuEngine downgraded II-VI from a buy rating to a hold rating in a report on Wednesday. B. Riley upgraded II-VI from a neutral rating to a buy rating and raised their target price for the company from $40.50 to $55.00 in a report on Tuesday, March 20th. Finally, Deutsche Bank began coverage on II-VI in a report on Monday, March 19th. They set a buy rating and a $56.00 target price on the stock. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company has a consensus rating of Buy and an average price target of $53.50.

II-VI stock opened at $40.90 on Thursday. The stock has a market capitalization of $2,555.72, a PE ratio of 27.64, a PEG ratio of 1.52 and a beta of 0.12. The company has a current ratio of 4.01, a quick ratio of 2.71 and a debt-to-equity ratio of 0.48. II-VI has a 12 month low of $27.25 and a 12 month high of $53.08.

II-VI (NASDAQ:IIVI) last released its quarterly earnings data on Thursday, February 1st. The scientific and technical instruments company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. The company had revenue of $281.50 million for the quarter, compared to the consensus estimate of $277.16 million. II-VI had a return on equity of 11.10% and a net margin of 8.08%. The company’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period last year, the business posted $0.49 EPS. equities analysts forecast that II-VI will post 1.55 earnings per share for the current fiscal year.

In other II-VI news, CEO Vincent D. Mattera, Jr. sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 20th. The stock was sold at an average price of $47.34, for a total transaction of $378,720.00. Following the completion of the sale, the chief executive officer now owns 260,335 shares in the company, valued at approximately $12,324,258.90. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.80% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Stone Ridge Asset Management LLC acquired a new stake in II-VI during the 4th quarter valued at approximately $210,000. Suntrust Banks Inc. acquired a new stake in II-VI during the 4th quarter valued at approximately $212,000. US Bancorp DE grew its stake in II-VI by 43.3% during the 4th quarter. US Bancorp DE now owns 4,891 shares of the scientific and technical instruments company’s stock valued at $229,000 after purchasing an additional 1,477 shares in the last quarter. Granite Point Capital Management L.P. acquired a new stake in II-VI during the 4th quarter valued at approximately $282,000. Finally, Affinity Investment Advisors LLC acquired a new stake in II-VI during the 4th quarter valued at approximately $302,000. Hedge funds and other institutional investors own 89.12% of the company’s stock.

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About II-VI

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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