Symmetry Peak Management LLC Takes Position in II-VI Incorporated (IIVI)

Symmetry Peak Management LLC purchased a new stake in shares of II-VI Incorporated (NASDAQ:IIVI) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 25,000 shares of the scientific and technical instruments company’s stock, valued at approximately $901,000.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. increased its stake in II-VI by 55,200.0% in the first quarter. BlackRock Inc. now owns 6,752,130 shares of the scientific and technical instruments company’s stock valued at $243,415,000 after buying an additional 6,739,920 shares during the last quarter. Vanguard Group Inc. increased its stake in II-VI by 10.0% in the first quarter. Vanguard Group Inc. now owns 4,959,583 shares of the scientific and technical instruments company’s stock valued at $178,793,000 after buying an additional 450,482 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in II-VI by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,563,076 shares of the scientific and technical instruments company’s stock valued at $128,453,000 after buying an additional 121,261 shares during the last quarter. Wellington Management Group LLP acquired a new stake in II-VI during the first quarter valued at about $88,905,000. Finally, State Street Corp increased its stake in II-VI by 9.1% in the first quarter. State Street Corp now owns 1,374,859 shares of the scientific and technical instruments company’s stock valued at $49,563,000 after buying an additional 114,283 shares during the last quarter. 78.37% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for II-VI (NASDAQ:IIVI)

II-VI Incorporated (NASDAQ:IIVI) traded up 3.41% during midday trading on Friday, hitting $33.40. The stock had a trading volume of 744,973 shares. The firm has a 50 day moving average of $31.66 and a 200 day moving average of $33.20. The firm has a market cap of $2.11 billion, a price-to-earnings ratio of 27.81 and a beta of -0.02. II-VI Incorporated has a 52 week low of $17.76 and a 52 week high of $41.10.

II-VI (NASDAQ:IIVI) last announced its quarterly earnings results on Tuesday, May 2nd. The scientific and technical instruments company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. The firm had revenue of $245 million for the quarter, compared to the consensus estimate of $240.55 million. II-VI had a return on equity of 12.49% and a net margin of 8.19%. The company’s quarterly revenue was up 19.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.35 earnings per share. Equities research analysts predict that II-VI Incorporated will post $1.33 EPS for the current year.

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Several brokerages have weighed in on IIVI. Zacks Investment Research cut II-VI from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 28th. B. Riley restated a “buy” rating and set a $35.75 price objective on shares of II-VI in a research note on Monday, May 8th. Benchmark Co. restated a “buy” rating and set a $40.00 price objective on shares of II-VI in a research note on Thursday, April 6th. ValuEngine upgraded II-VI from a “hold” rating to a “buy” rating in a research note on Thursday, June 1st. Finally, Needham & Company LLC restated a “buy” rating and set a $38.00 price objective (down from $40.00) on shares of II-VI in a research note on Wednesday, May 3rd. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $38.94.

In other II-VI news, Director Howard H. Xia sold 4,310 shares of the stock in a transaction dated Thursday, March 23rd. The stock was sold at an average price of $36.93, for a total value of $159,168.30. Following the transaction, the director now owns 22,686 shares of the company’s stock, valued at $837,793.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Wendy F. Dicicco sold 2,500 shares of the stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $33.19, for a total value of $82,975.00. Following the completion of the transaction, the director now directly owns 33,046 shares in the company, valued at approximately $1,096,796.74. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 47,383 shares of company stock worth $1,792,799. Corporate insiders own 6.80% of the company’s stock.

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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