Intevac Inc. (IVAC) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Intevac Inc. (NASDAQ:IVAC) from a hold rating to a buy rating in a report published on Friday. Zacks Investment Research currently has $6.75 price objective on the stock.
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. “
Separately, B. Riley reiterated a neutral rating and set a $6.50 price objective on shares of Intevac in a research report on Tuesday, August 2nd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $7.05.
Shares of Intevac (NASDAQ:IVAC) opened at 5.95 on Friday. The company has a 50 day moving average of $5.99 and a 200-day moving average of $5.45. The firm’s market cap is $124.49 million. Intevac has a one year low of $3.99 and a one year high of $6.60.
Intevac (NASDAQ:IVAC) last released its quarterly earnings data on Monday, August 1st. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.28) by $0.11. The business earned $14.90 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.01) EPS. On average, analysts expect that Intevac will post ($0.43) EPS for the current year.
In other Intevac news, Director Matthew A. Drapkin purchased 175,000 shares of the firm’s stock in a transaction on Tuesday, August 9th. The stock was purchased at an average cost of $6.09 per share, for a total transaction of $1,065,750.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 13.90% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. 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 valued at $613,000 after buying an additional 50,000 shares during the period. 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 valued at $12,012,000 after buying an additional 99,600 shares during the period. 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 valued at $1,318,000 after buying an additional 51,161 shares during the period. Finally, 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 valued at $981,000 after buying an additional 32,400 shares during the period. Hedge funds and other institutional investors own 73.53% of the company’s stock.
Intevac Company Profile
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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