Oclaro, Inc. (NASDAQ:OCLR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, November 8th.
According to Zacks, “Oclaro, with headquarters in San Jose, California, is a tier 1 provider of high performance optical components, modules and subsystems to the telecommunications market, and is one of the largest providers to metro and long haul network applications. Oclaro, the result of the combination of Bookham, Inc. and Avanex Corporation, leverages proprietary core technologies and vertically integrated product development to provide its customers with cost-effective and innovative optical devices, modules and subsystems. Its photonic technologies also serve selected potential high growth markets, including industrial, defense, life sciences, semiconductor, and scientific, with diversification providing both significant potential revenue streams and strategic technological advantage. Oclaro is a global company, with leading chip fabrication facilities in the UK, Switzerland and Italy, and manufacturing sites in the US, Thailand and China. “
Other equities analysts have also issued research reports about the stock. Northland Securities restated a “buy” rating and set a $12.75 target price on shares of Oclaro in a report on Wednesday, November 1st. Stifel Nicolaus restated a “buy” rating and set a $12.00 target price on shares of Oclaro in a report on Friday, October 6th. Jefferies Group LLC restated a “buy” rating and set a $12.50 target price (up previously from $12.00) on shares of Oclaro in a report on Thursday, August 3rd. Piper Jaffray Companies reaffirmed a “buy” rating and set a $12.00 price target on shares of Oclaro in a research note on Thursday, August 3rd. Finally, MKM Partners reaffirmed a “buy” rating and set a $12.00 price target (up previously from $10.50) on shares of Oclaro in a research note on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Oclaro presently has an average rating of “Buy” and an average price target of $12.67.
Oclaro (NASDAQ:OCLR) last posted its earnings results on Wednesday, November 1st. The semiconductor company reported $0.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.02. The business had revenue of $155.60 million for the quarter, compared to analyst estimates of $154.51 million. Oclaro had a net margin of 24.31% and a return on equity of 28.11%. The business’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.14 EPS. analysts forecast that Oclaro will post 0.51 earnings per share for the current fiscal year.
In other news, CAO Michael H. Fernicola sold 7,016 shares of the business’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $6.21, for a total value of $43,569.36. Following the completion of the sale, the chief accounting officer now owns 81,378 shares of the company’s stock, valued at approximately $505,357.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lisa Paul sold 12,182 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $8.45, for a total transaction of $102,937.90. Following the completion of the sale, the executive vice president now directly owns 246,090 shares of the company’s stock, valued at approximately $2,079,460.50. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Oclaro by 120.0% in the 2nd quarter. BlackRock Inc. now owns 16,827,106 shares of the semiconductor company’s stock worth $157,166,000 after purchasing an additional 9,177,551 shares during the last quarter. Greenwood Capital Associates LLC increased its position in shares of Oclaro by 3.4% in the 2nd quarter. Greenwood Capital Associates LLC now owns 45,494 shares of the semiconductor company’s stock worth $425,000 after purchasing an additional 1,483 shares during the last quarter. Pinnacle Associates Ltd. increased its position in shares of Oclaro by 16.2% in the 2nd quarter. Pinnacle Associates Ltd. now owns 168,715 shares of the semiconductor company’s stock worth $1,576,000 after purchasing an additional 23,525 shares during the last quarter. ING Groep NV bought a new stake in shares of Oclaro in the 2nd quarter worth about $13,957,000. Finally, Thompson Siegel & Walmsley LLC boosted its holdings in shares of Oclaro by 59.1% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 1,556,047 shares of the semiconductor company’s stock valued at $14,533,000 after buying an additional 577,873 shares during the period. 70.29% of the stock is owned by institutional investors.
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Oclaro, Inc is a provider of optical components, modules and subsystems for the core optical transport, service provider, enterprise and data center markets. The Company provides various solutions for optical networks and interconnects driving the next wave of streaming video, cloud computing, application virtualization and other bandwidth-intensive and high-speed applications.
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