Raymond James & Associates boosted its stake in II-VI, Inc. (NASDAQ:IIVI) by 58.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,478 shares of the scientific and technical instruments company’s stock after buying an additional 3,111 shares during the period. Raymond James & Associates’ holdings in II-VI were worth $275,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc increased its stake in shares of II-VI by 4.5% during the third quarter. Vanguard Group Inc now owns 5,867,148 shares of the scientific and technical instruments company’s stock worth $277,516,000 after buying an additional 253,898 shares during the period. Vanguard Group Inc. increased its stake in shares of II-VI by 4.5% during the third quarter. Vanguard Group Inc. now owns 5,867,148 shares of the scientific and technical instruments company’s stock worth $277,516,000 after buying an additional 253,898 shares during the period. Bank of New York Mellon Corp increased its stake in shares of II-VI by 5.9% during the third quarter. Bank of New York Mellon Corp now owns 1,537,620 shares of the scientific and technical instruments company’s stock worth $72,729,000 after buying an additional 86,227 shares during the period. Macquarie Group Ltd. increased its stake in shares of II-VI by 24.4% during the third quarter. Macquarie Group Ltd. now owns 1,293,301 shares of the scientific and technical instruments company’s stock worth $61,173,000 after buying an additional 253,776 shares during the period. Finally, Fort Pitt Capital Group LLC increased its stake in shares of II-VI by 8.0% during the fourth quarter. Fort Pitt Capital Group LLC now owns 1,133,754 shares of the scientific and technical instruments company’s stock worth $36,802,000 after buying an additional 83,519 shares during the period. Hedge funds and other institutional investors own 91.85% of the company’s stock.
IIVI stock opened at $41.05 on Monday. The company has a market capitalization of $2.60 billion, a PE ratio of 23.87, a PEG ratio of 1.36 and a beta of 0.83. II-VI, Inc. has a twelve month low of $29.31 and a twelve month high of $50.75. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.17 and a quick ratio of 2.00.
In related news, insider Vincent D. Mattera, Jr. sold 1,973 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $40.00, for a total transaction of $78,920.00. Following the completion of the sale, the insider now directly owns 260,138 shares of the company’s stock, valued at $10,405,520. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP David G. Wagner sold 13,200 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $42.14, for a total value of $556,248.00. Following the sale, the vice president now directly owns 68,317 shares of the company’s stock, valued at $2,878,878.38. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 73,317 shares of company stock valued at $2,933,425. Corporate insiders own 4.00% of the company’s stock.
A number of brokerages recently issued reports on IIVI. BidaskClub downgraded II-VI from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. Zacks Investment Research raised II-VI from a “sell” rating to a “hold” rating in a report on Friday, January 4th. Northland Securities raised II-VI from a “market perform” rating to an “outperform” rating and set a $40.00 price target for the company in a report on Monday, December 31st. They noted that the move was a valuation call. Piper Jaffray Companies reissued an “overweight” rating and issued a $50.00 price objective on shares of II-VI in a report on Friday, February 1st. Finally, Morgan Stanley set a $44.00 price objective on II-VI and gave the company a “hold” rating in a report on Saturday, February 2nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $49.09.
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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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