II-VI (IIVI) PT Raised to $56.00

II-VI (NASDAQ:IIVI) had its target price increased by equities researchers at Needham & Company LLC from $50.00 to $56.00 in a research report issued on Monday, November 13th, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the scientific and technical instruments company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 22.67% from the company’s previous close.

Several other research analysts have also recently weighed in on IIVI. BidaskClub raised shares of II-VI from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Craig Hallum began coverage on shares of II-VI in a report on Monday, July 24th. They set a “buy” rating and a $50.00 target price for the company. B. Riley cut shares of II-VI from a “buy” rating to a “neutral” rating and upped their target price for the company from $35.75 to $39.50 in a report on Wednesday, July 26th. Northland Securities set a $45.00 target price on shares of II-VI and gave the stock a “buy” rating in a research report on Monday, August 7th. Finally, Benchmark increased their price objective on shares of II-VI from $40.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, August 8th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. II-VI presently has a consensus rating of “Buy” and a consensus target price of $50.64.

II-VI (NASDAQ IIVI) opened at $45.65 on Monday. The stock has a market cap of $2,850.00, a P/E ratio of 28.55 and a beta of 0.02. II-VI has a 52 week low of $27.25 and a 52 week high of $52.55. The company has a quick ratio of 2.63, a current ratio of 3.89 and a debt-to-equity ratio of 0.43.

II-VI (NASDAQ:IIVI) last released its quarterly earnings data on Tuesday, October 31st. The scientific and technical instruments company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.04). II-VI had a net margin of 9.89% and a return on equity of 12.25%. The company had revenue of $261.50 million for the quarter, compared to analysts’ expectations of $255.20 million. During the same period in the previous year, the firm earned $0.35 earnings per share. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. research analysts forecast that II-VI will post 1.55 EPS for the current year.

In related news, Director Francis J. Kramer sold 25,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $42.00, for a total value of $1,050,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Mary Jane Raymond sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $45.00, for a total transaction of $45,000.00. Following the completion of the transaction, the chief financial officer now directly owns 53,415 shares in the company, valued at approximately $2,403,675. The disclosure for this sale can be found here. In the last three months, insiders sold 61,712 shares of company stock worth $2,749,046. Insiders own 3.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Argent Capital Management LLC increased its position 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 valued at $2,375,000 after purchasing an additional 10,785 shares during the period. Assetmark Inc. increased its position in II-VI by 157.5% during the 3rd quarter. Assetmark Inc. now owns 137,616 shares of the scientific and technical instruments company’s stock valued at $5,663,000 after purchasing an additional 84,176 shares during the period. EAM Investors LLC purchased a new position in II-VI during the 3rd quarter valued at about $2,252,000. Rhumbline Advisers increased its position in II-VI by 2.2% during the 3rd quarter. Rhumbline Advisers now owns 134,008 shares of the scientific and technical instruments company’s stock valued at $5,514,000 after purchasing an additional 2,855 shares during the period. Finally, Kornitzer Capital Management Inc. KS increased its position in II-VI by 83.0% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 137,480 shares of the scientific and technical instruments company’s stock valued at $5,657,000 after purchasing an additional 62,335 shares during the period. 80.56% 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.

Analyst Recommendations for II-VI (NASDAQ:IIVI)

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