Joseph J. Corasanti Buys 10,000 Shares of II-VI, Inc. (IIVI) Stock
II-VI, Inc. (NASDAQ:IIVI) Director Joseph J. Corasanti acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, March 15th. The stock was bought at an average price of $33.49 per share, with a total value of $334,900.00. Following the completion of the acquisition, the director now directly owns 38,746 shares in the company, valued at approximately $1,297,603.54. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
II-VI, Inc. (NASDAQ:IIVI) traded up 4.55% during mid-day trading on Monday, hitting $36.75. 1,302,274 shares of the stock were exchanged. II-VI, Inc. has a 52-week low of $17.76 and a 52-week high of $41.10. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of 33.65 and a beta of 0.18. The stock has a 50 day moving average of $36.75 and a 200-day moving average of $29.90.
II-VI (NASDAQ:IIVI) last posted its earnings results on Tuesday, January 24th. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.23. II-VI had a net margin of 7.72% and a return on equity of 12.71%. The firm earned $232 million during the quarter, compared to analyst estimates of $225.88 million. During the same period last year, the firm posted $0.30 earnings per share. II-VI’s revenue for the quarter was up 21.0% compared to the same quarter last year. Equities analysts predict that II-VI, Inc. will post $1.33 EPS for the current fiscal year.
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Several research analysts have commented on IIVI shares. Zacks Investment Research lowered shares of II-VI from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 27th. Needham & Company LLC upped their price objective on shares of II-VI from $32.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, January 25th. Benchmark Co. upped their target price on shares of II-VI from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, January 24th. Finally, B. Riley reaffirmed a “buy” rating and issued a $43.25 target price on shares of II-VI in a research report on Monday, January 30th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. II-VI has a consensus rating of “Buy” and an average target price of $41.31.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. raised its position in II-VI by 1,324.0% in the third quarter. Victory Capital Management Inc. now owns 54,780 shares of the company’s stock valued at $1,333,000 after buying an additional 50,933 shares during the last quarter. Alps Advisors Inc. purchased a new position in II-VI during the third quarter valued at approximately $474,000. Arizona State Retirement System raised its position in II-VI by 2.2% in the third quarter. Arizona State Retirement System now owns 28,148 shares of the company’s stock valued at $685,000 after buying an additional 600 shares during the last quarter. Wells Fargo & Company MN raised its position in II-VI by 7.6% in the third quarter. Wells Fargo & Company MN now owns 330,203 shares of the company’s stock valued at $8,034,000 after buying an additional 23,440 shares during the last quarter. Finally, Capital One National Association raised its position in II-VI by 1.5% in the third quarter. Capital One National Association now owns 19,282 shares of the company’s stock valued at $469,000 after buying an additional 292 shares during the last quarter. 71.66% of the stock is owned by hedge funds and other institutional investors.
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.
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