Intevac Inc. (IVAC) Downgraded by Zacks Investment Research to Hold
According to Zacks, “Intevac, Inc. is a leading supplier of static sputtering systems and related manufacturing equipment used to manufacture thin-film disks for computer hard disk drives. Sputtering is a complex vacuum deposition process used to deposit multiple thin-film layers on a disk. The company’s primary objective is to be the industry leader in supplying disk sputtering equipment by providing disk sputtering systems which have both the highest overall performance and the lowest cost of ownership in the industry. “
A number of other research analysts also recently issued reports on IVAC. B. Riley restated a neutral rating and set a $6.50 target price on shares of Intevac in a research report on Tuesday, August 2nd. Benchmark Co. upgraded shares of Intevac from a hold rating to a buy rating and upped their target price for the company from $5.50 to $6.50 in a research report on Wednesday, June 8th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $7.00.
Intevac (NASDAQ:IVAC) traded up 0.16% on Wednesday, hitting $6.11. 3,102 shares of the stock traded hands. Intevac has a 12-month low of $3.99 and a 12-month high of $6.60. The stock’s market capitalization is $127.84 million. The company’s 50 day moving average price is $6.00 and its 200-day moving average price is $5.42.
Intevac (NASDAQ:IVAC) last issued its quarterly earnings results on Monday, August 1st. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.28) by $0.11. The business had revenue of $14.90 million for the quarter, compared to the consensus estimate of $14.20 million. Intevac had a negative net margin of 25.36% and a negative return on equity of 21.55%. The firm’s quarterly revenue was down 27.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.01) EPS. Analysts predict that Intevac will post ($0.43) EPS for the current year.
In other Intevac news, Director Matthew A. Drapkin bought 175,000 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was acquired at an average cost of $6.09 per share, with a total value of $1,065,750.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 13.90% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of IVAC. Royce & Associates LP boosted its stake in Intevac by 4.9% in the second quarter. Royce & Associates LP now owns 2,114,840 shares of the company’s stock worth $12,012,000 after buying an additional 99,600 shares during the last quarter. Teton Advisors Inc. boosted its stake in Intevac by 28.3% in the second quarter. Teton Advisors Inc. now owns 232,030 shares of the company’s stock worth $1,318,000 after buying an additional 51,161 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Intevac by 17.4% in the first quarter. Renaissance Technologies LLC now owns 218,100 shares of the company’s stock worth $981,000 after buying an additional 32,400 shares during the last quarter. Finally, Bridgeway Capital Management Inc. boosted its stake in Intevac by 86.3% in the second quarter. Bridgeway Capital Management Inc. now owns 107,933 shares of the company’s stock worth $613,000 after buying an additional 50,000 shares during the last quarter. 73.53% of the stock is owned by institutional investors and hedge funds.
Intevac, Inc (Intevac) is a provider of vacuum deposition equipment for a range of thin-film applications, and a provider of digital night-vision technologies and products to the defense industry. The Company’s segments include Thin-film Equipment and Photonics. Intevac is engaged in the design and development of thin-film processing systems.
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