II-VI (NASDAQ:IIVI) Earns Buy Rating from Benchmark

Benchmark restated their buy rating on shares of II-VI (NASDAQ:IIVI) in a research report released on Wednesday morning, AnalystRatings.com reports. The firm currently has a $53.00 target price on the scientific and technical instruments company’s stock.

IIVI has been the topic of several other reports. BTIG Research set a $31.00 price objective on shares of II-VI and gave the stock a buy rating in a report on Friday, August 9th. JPMorgan Chase & Co. initiated coverage on shares of II-VI in a report on Monday, July 29th. They issued an overweight rating and a $50.00 price objective on the stock. BidaskClub upgraded shares of II-VI from a hold rating to a buy rating in a report on Friday, July 26th. ValuEngine upgraded shares of II-VI from a sell rating to a hold rating in a report on Tuesday, June 18th. Finally, Northland Securities restated a buy rating and issued a $42.00 price objective on shares of II-VI in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $45.42.

Shares of IIVI stock opened at $38.26 on Wednesday. The firm’s 50 day moving average price is $37.78 and its 200-day moving average price is $37.54. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.15 and a current ratio of 3.00. II-VI has a one year low of $29.31 and a one year high of $50.75. The firm has a market cap of $2.35 billion, a P/E ratio of 23.47, a P/E/G ratio of 1.10 and a beta of 1.09.

II-VI (NASDAQ:IIVI) last issued its quarterly earnings data on Tuesday, August 13th. The scientific and technical instruments company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.38 by $0.29. II-VI had a net margin of 7.89% and a return on equity of 10.37%. The firm had revenue of $362.70 million for the quarter, compared to analyst estimates of $348.02 million. During the same period in the prior year, the business posted $0.52 EPS. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. As a group, research analysts predict that II-VI will post 1.98 EPS for the current fiscal year.

In other II-VI news, Director Joseph J. Corasanti bought 3,200 shares of II-VI stock in a transaction on Thursday, May 30th. The shares were bought at an average cost of $32.34 per share, for a total transaction of $103,488.00. Following the acquisition, the director now directly owns 54,834 shares in the company, valued at $1,773,331.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Shaker Sadasivam bought 14,250 shares of II-VI stock in a transaction on Tuesday, May 21st. The shares were acquired at an average price of $34.63 per share, for a total transaction of $493,477.50. Following the completion of the acquisition, the director now owns 21,834 shares in the company, valued at $756,111.42. The disclosure for this purchase can be found here. 4.00% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in IIVI. State Treasurer State of Michigan increased its position in shares of II-VI by 2,427.1% in the 2nd quarter. State Treasurer State of Michigan now owns 832,961 shares of the scientific and technical instruments company’s stock valued at $30,453,000 after purchasing an additional 800,000 shares during the last quarter. Eagle Asset Management Inc. increased its position in shares of II-VI by 248.9% in the 2nd quarter. Eagle Asset Management Inc. now owns 1,001,755 shares of the scientific and technical instruments company’s stock valued at $36,624,000 after purchasing an additional 714,597 shares during the last quarter. Carillon Tower Advisers Inc. increased its position in shares of II-VI by 321.7% in the 2nd quarter. Carillon Tower Advisers Inc. now owns 650,000 shares of the scientific and technical instruments company’s stock valued at $23,764,000 after purchasing an additional 495,852 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of II-VI in the 2nd quarter valued at approximately $9,344,000. Finally, Victory Capital Management Inc. increased its position in shares of II-VI by 4,866.1% in the 2nd quarter. Victory Capital Management Inc. now owns 206,042 shares of the scientific and technical instruments company’s stock valued at $7,533,000 after purchasing an additional 201,893 shares during the last quarter. Institutional investors own 93.00% of the company’s stock.

II-VI Company Profile

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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Analyst Recommendations for II-VI (NASDAQ:IIVI)

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