ValuEngine Upgrades II-VI (NASDAQ:IIVI) to Strong-Buy

ValuEngine upgraded shares of II-VI (NASDAQ:IIVI) from a buy rating to a strong-buy rating in a research note released on Tuesday morning, ValuEngine reports.

IIVI has been the topic of a number of other research reports. Needham & Company LLC cut their target price on II-VI from $46.00 to $40.00 and set a buy rating on the stock in a research report on Wednesday, November 13th. Northland Securities restated a hold rating and set a $30.00 price target on shares of II-VI in a research report on Tuesday, November 12th. B. Riley restated a neutral rating on shares of II-VI in a research report on Friday, November 8th. Raymond James began coverage on II-VI in a research note on Friday, November 8th. They issued an outperform rating and a $44.00 price objective for the company. Finally, BidaskClub upgraded II-VI from a sell rating to a hold rating in a report on Thursday, November 28th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $42.23.

Shares of NASDAQ:IIVI traded up $0.16 during midday trading on Tuesday, reaching $29.18. 2,085,104 shares of the company’s stock were exchanged, compared to its average volume of 1,025,680. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 17.90 and a beta of 0.98. II-VI has a fifty-two week low of $26.93 and a fifty-two week high of $43.49. The firm’s 50 day simple moving average is $31.34 and its two-hundred day simple moving average is $35.00. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.22 and a quick ratio of 1.85.

II-VI (NASDAQ:IIVI) last released its quarterly earnings results on Tuesday, November 12th. The scientific and technical instruments company reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.03). II-VI had a net margin of 3.99% and a return on equity of 4.06%. The company had revenue of $340.40 million during the quarter, compared to analysts’ expectations of $335.73 million. During the same period last year, the firm posted $0.56 earnings per share. II-VI’s revenue was up 8.3% on a year-over-year basis. Equities research analysts predict that II-VI will post -1.79 earnings per share for the current fiscal year.

In related news, Director Marc Y. E. Pelaez sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $40.72, for a total transaction of $40,720.00. Following the transaction, the director now owns 64,082 shares in the company, valued at approximately $2,609,419.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.20% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in IIVI. First Interstate Bank grew its position in II-VI by 125.0% during the 2nd quarter. First Interstate Bank now owns 900 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 500 shares during the last quarter. GQ Asset Management LLC purchased a new position in shares of II-VI during the third quarter worth about $33,000. Versant Capital Management Inc grew its holdings in shares of II-VI by 122.0% during the third quarter. Versant Capital Management Inc now owns 1,230 shares of the scientific and technical instruments company’s stock worth $43,000 after buying an additional 676 shares during the last quarter. Doyle Wealth Management acquired a new position in II-VI in the 2nd quarter valued at about $55,000. Finally, GW&K Investment Management LLC acquired a new position in II-VI in the 3rd quarter valued at about $103,000. Hedge funds and other institutional investors own 94.40% 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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