Morgan Stanley began coverage on shares of II-VI (NASDAQ:IIVI) in a research note published on Friday, March 9th, Marketbeat reports. The firm issued an overweight rating and a $46.00 target price on the scientific and technical instruments company’s stock.
A number of other research analysts have also commented on IIVI. Needham & Company LLC increased their price objective on II-VI from $50.00 to $56.00 and gave the company a buy rating in a research report on Monday, November 13th. increased their price objective on II-VI from $50.00 to $56.00 and gave the company a buy rating in a research report on Wednesday, November 15th. ValuEngine lowered II-VI from a buy rating to a hold rating in a research report on Friday, December 1st. BidaskClub lowered II-VI from a buy rating to a hold rating in a research report on Saturday, December 2nd. Finally, Northland Securities downgraded II-VI from an outperform rating to a market perform rating in a research note on Monday, January 22nd. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $53.50.
IIVI traded up $0.15 during mid-day trading on Friday, reaching $40.55. The stock had a trading volume of 655,639 shares, compared to its average volume of 959,264. The firm has a market capitalization of $2,555.70, a price-to-earnings ratio of 27.23, a PEG ratio of 1.56 and a beta of 0.10. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.71 and a current ratio of 4.01. II-VI has a 52 week low of $27.25 and a 52 week high of $53.08.
In related news, CEO Vincent D. Mattera, Jr. sold 8,000 shares of the firm’s stock in a transaction on Tuesday, March 20th. The stock was sold at an average price of $47.34, for a total transaction of $378,720.00. Following the sale, the chief executive officer now owns 260,335 shares of the company’s stock, valued at approximately $12,324,258.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.80% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its stake in II-VI by 7.3% during the 4th quarter. Bank of New York Mellon Corp now owns 1,341,583 shares of the scientific and technical instruments company’s stock worth $62,987,000 after buying an additional 91,739 shares during the period. Arizona State Retirement System raised its stake in II-VI by 219.8% during the 4th quarter. Arizona State Retirement System now owns 92,246 shares of the scientific and technical instruments company’s stock worth $4,331,000 after buying an additional 63,398 shares during the period. Argent Capital Management LLC raised its stake in II-VI by 23.0% during the 3rd quarter. Argent Capital Management LLC now owns 57,710 shares of the scientific and technical instruments company’s stock worth $2,375,000 after buying an additional 10,785 shares during the period. Rhumbline Advisers raised its stake in II-VI by 12.3% during the 4th quarter. Rhumbline Advisers now owns 150,550 shares of the scientific and technical instruments company’s stock worth $7,068,000 after buying an additional 16,542 shares during the period. Finally, Columbia Partners L L C Investment Management acquired a new stake in II-VI during the 4th quarter worth $1,550,000. 89.12% of the stock is currently owned by institutional investors and hedge funds.
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II-VI Company Profile
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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