II-VI Incorporated (NASDAQ:IIVI) Shares Up 7.9% Following Strong Earnings
II-VI Incorporated (NASDAQ:IIVI) shot up 7.9% during mid-day trading on Monday following a better than expected earnings announcement. The company traded as high as $40.25 and last traded at $38.15, with a volume of 1,670,880 shares traded. The stock had previously closed at $35.35.
The scientific and technical instruments company reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.17. The firm had revenue of $273.70 million during the quarter, compared to the consensus estimate of $249.90 million. II-VI had a return on equity of 12.49% and a net margin of 8.19%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 earnings per share.
Several brokerages have commented on IIVI. Needham & Company LLC boosted their target price on II-VI from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, June 21st. B. Riley reissued a “buy” rating and set a $35.75 target price on shares of II-VI in a research note on Monday, May 8th. Northland Securities set a $45.00 target price on II-VI and gave the stock a “buy” rating in a research note on Monday. BidaskClub downgraded II-VI from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, Craig Hallum began coverage on II-VI in a research note on Monday, July 24th. They set a “buy” rating and a $50.00 target price for the company. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. II-VI has an average rating of “Buy” and an average price target of $42.75.
In other news, VP David G. Wagner sold 4,444 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $36.00, for a total value of $159,984.00. Following the completion of the transaction, the vice president now owns 45,284 shares of the company’s stock, valued at $1,630,224. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Francis J. Kramer sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $40.00, for a total value of $800,000.00. The disclosure for this sale can be found here. Corporate insiders own 6.80% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd purchased a new stake in II-VI during the fourth quarter worth $233,000. Legato Capital Management LLC increased its stake in II-VI by 3,505.0% in the first quarter. Legato Capital Management LLC now owns 68,279 shares of the scientific and technical instruments company’s stock worth $1,894,000 after buying an additional 66,385 shares in the last quarter. ClariVest Asset Management LLC increased its stake in II-VI by 14.6% in the first quarter. ClariVest Asset Management LLC now owns 236,915 shares of the scientific and technical instruments company’s stock worth $8,540,000 after buying an additional 30,100 shares in the last quarter. Macquarie Group Ltd. purchased a new stake in II-VI during the fourth quarter worth $8,923,000. Finally, Schwab Charles Investment Management Inc. increased its stake in II-VI by 6.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 313,756 shares of the scientific and technical instruments company’s stock worth $11,311,000 after buying an additional 18,919 shares in the last quarter. 78.41% of the stock is owned by institutional investors.
The stock has a market capitalization of $2.41 billion, a price-to-earnings ratio of 31.77 and a beta of 0.07. The firm’s 50 day moving average price is $35.92 and its 200-day moving average price is $34.63.
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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