Oclaro Inc. (OCLR) Rating Lowered to Hold at Zacks Investment Research
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. “
Several other research analysts have also commented on the company. Jefferies Group initiated coverage on Oclaro in a research report on Monday, October 3rd. They issued a buy rating and a $11.25 price target for the company. Needham & Company LLC reissued a strong-buy rating and issued a $8.00 price target (up from $7.50) on shares of Oclaro in a research report on Wednesday, August 3rd. Piper Jaffray Cos. reissued an overweight rating and issued a $9.00 price target on shares of Oclaro in a research report on Wednesday, September 7th. MKM Partners boosted their price target on Oclaro from $7.00 to $8.00 and gave the stock a buy rating in a research report on Wednesday, August 3rd. Finally, Cowen and Company initiated coverage on Oclaro in a research report on Monday, August 8th. They issued an outperform rating and a $9.00 price target for the company. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $8.78.
Shares of Oclaro (NASDAQ:OCLR) opened at 8.90 on Wednesday. The firm has a market capitalization of $1.32 billion, a P/E ratio of 114.10 and a beta of 1.82. The firm’s 50-day moving average is $8.45 and its 200-day moving average is $6.07. Oclaro has a 52 week low of $2.37 and a 52 week high of $9.34.
Oclaro (NASDAQ:OCLR) last issued its earnings results on Wednesday, August 3rd. The company reported $0.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.05. The business earned $125.20 million during the quarter, compared to analyst estimates of $119.41 million. Oclaro had a return on equity of 6.24% and a net margin of 2.10%. Oclaro’s revenue was up 52.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.06) EPS. Equities analysts anticipate that Oclaro will post $0.39 EPS for the current year.
In other news, insider Adam Carter sold 19,506 shares of the company’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $6.00, for a total value of $117,036.00. Following the sale, the insider now owns 202,584 shares in the company, valued at $1,215,504. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lisa Paul sold 9,363 shares of the company’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $7.69, for a total value of $72,001.47. Following the completion of the sale, the executive vice president now owns 218,264 shares in the company, valued at approximately $1,678,450.16. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Integral Derivatives LLC increased its stake in shares of Oclaro by 1.6% in the second quarter. Integral Derivatives LLC now owns 27,318 shares of the company’s stock worth $133,000 after buying an additional 418 shares during the last quarter. B. Riley Financial Inc. increased its stake in shares of Oclaro by 2.1% in the second quarter. B. Riley Financial Inc. now owns 43,803 shares of the company’s stock worth $214,000 after buying an additional 900 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Oclaro by 2.0% in the second quarter. AQR Capital Management LLC now owns 65,838 shares of the company’s stock worth $321,000 after buying an additional 1,285 shares during the last quarter. Menta Capital LLC increased its stake in shares of Oclaro by 1.8% in the second quarter. Menta Capital LLC now owns 86,223 shares of the company’s stock worth $421,000 after buying an additional 1,500 shares during the last quarter. Finally, BlackRock Advisors LLC increased its stake in shares of Oclaro by 4.9% in the second quarter. BlackRock Advisors LLC now owns 49,333 shares of the company’s stock worth $241,000 after buying an additional 2,301 shares during the last quarter. Hedge funds and other institutional investors own 62.49% of the company’s stock.
Oclaro Company Profile
Oclaro, Inc is a provider of optical components, modules and subsystems for the optical transport, service provider, enterprise and data center markets. The Company supplies optical network technology to telecommunication and data communication equipment companies across the world. The Company designs, manufactures and markets optical components, modules and subsystems that generate, detect, combine and separate light signals in optical communications networks.
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