Arizona State Retirement System boosted its holdings in shares of II-VI, Inc. (NASDAQ:IIVI) by 6.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 85,286 shares of the scientific and technical instruments company’s stock after buying an additional 5,123 shares during the quarter. Arizona State Retirement System owned approximately 0.13% of II-VI worth $4,034,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in IIVI. BlackRock Inc. grew its position in II-VI by 9.3% during the second quarter. BlackRock Inc. now owns 8,651,418 shares of the scientific and technical instruments company’s stock valued at $375,905,000 after buying an additional 739,662 shares during the period. Bank of America Corp DE grew its position in II-VI by 122.0% during the second quarter. Bank of America Corp DE now owns 499,334 shares of the scientific and technical instruments company’s stock valued at $21,696,000 after buying an additional 274,370 shares during the period. Rice Hall James & Associates LLC bought a new stake in II-VI during the second quarter valued at approximately $9,705,000. Robecosam AG grew its position in II-VI by 30.3% during the second quarter. Robecosam AG now owns 860,100 shares of the scientific and technical instruments company’s stock valued at $37,457,000 after buying an additional 200,100 shares during the period. Finally, Macquarie Group Ltd. grew its position in II-VI by 21.4% during the second quarter. Macquarie Group Ltd. now owns 1,039,525 shares of the scientific and technical instruments company’s stock valued at $45,167,000 after buying an additional 183,189 shares during the period. Institutional investors own 92.59% of the company’s stock.
In other news, Director Marc Y. E. Pelaez sold 4,485 shares of the business’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $45.40, for a total value of $203,619.00. Following the transaction, the director now owns 61,149 shares of the company’s stock, valued at $2,776,164.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Francis J. Kramer sold 910 shares of the business’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $50.00, for a total transaction of $45,500.00. Following the completion of the transaction, the director now directly owns 225,790 shares in the company, valued at approximately $11,289,500. The disclosure for this sale can be found here. Insiders have sold 43,504 shares of company stock worth $2,083,715 in the last ninety days. Insiders own 4.00% of the company’s stock.
II-VI (NASDAQ:IIVI) last issued its quarterly earnings results on Thursday, November 1st. The scientific and technical instruments company reported $0.56 earnings per share for the quarter, meeting the consensus estimate of $0.56. II-VI had a net margin of 7.68% and a return on equity of 10.89%. The business had revenue of $314.40 million for the quarter, compared to the consensus estimate of $310.92 million. During the same quarter in the previous year, the firm earned $0.32 earnings per share. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities research analysts predict that II-VI, Inc. will post 1.8 EPS for the current fiscal year.
Several analysts recently issued reports on the stock. B. Riley boosted their target price on shares of II-VI from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, August 8th. ValuEngine upgraded shares of II-VI from a “hold” rating to a “buy” rating in a research report on Wednesday, August 8th. Needham & Company LLC boosted their target price on shares of II-VI from $50.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, August 8th. Cowen reaffirmed a “buy” rating and set a $64.00 price target on shares of II-VI in a report on Wednesday, August 8th. Finally, Zacks Investment Research downgraded shares of II-VI from a “strong-buy” rating to a “hold” rating in a report on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company’s stock. II-VI has a consensus rating of “Buy” and a consensus price target of $53.69.
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II-VI Incorporated develops, manufactures, and markets engineered materials, and optoelectronic components and devices worldwide. The company operates in three segments: II-VI Laser Solutions, II-VI Photonics, and II-VI Performance Products. The II-VI Laser Solutions segment offers optical and electro-optical components and materials primarily used in high-power CO2 lasers; fiber-delivered beam delivery systems, and processing tools and direct diode lasers for industrial lasers; direct diode laser modules, sub-systems, and systems; super-hard materials processing laser systems; and compound semiconductor epitaxial and gallium arsenide wafers.
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