II-VI Incorporated (IIVI) Short Interest Update
II-VI Incorporated (NASDAQ:IIVI) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 3,167,659 shares, a growth of 49.6% from the August 15th total of 2,117,244 shares. Currently, 5.6% of the shares of the stock are short sold. Based on an average daily volume of 943,843 shares, the days-to-cover ratio is currently 3.4 days.
II-VI (NASDAQ:IIVI) opened at 39.80 on Thursday. The firm has a market cap of $2.52 billion, a price-to-earnings ratio of 26.89 and a beta of 0.07. The firm has a 50-day moving average of $36.62 and a 200 day moving average of $34.69. II-VI has a 1-year low of $22.64 and a 1-year high of $41.10.
II-VI (NASDAQ:IIVI) last released its quarterly earnings data on Monday, August 7th. The scientific and technical instruments company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.17. II-VI had a net margin of 9.80% and a return on equity of 12.94%. The business had revenue of $273.70 million for the quarter, compared to analyst estimates of $249.90 million. During the same quarter last year, the firm earned $0.40 EPS. II-VI’s quarterly revenue was up 13.4% compared to the same quarter last year. Analysts expect that II-VI will post $1.83 earnings per share for the current fiscal year.
In related news, Director Francis J. Kramer sold 20,000 shares of the business’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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP David G. Wagner sold 4,444 shares of the business’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 transaction of $159,984.00. Following the completion of the sale, the vice president now owns 45,284 shares in the company, valued at $1,630,224. The disclosure for this sale can be found here. 6.80% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the business. Piedmont Investment Advisors LLC acquired a new stake in II-VI during the 2nd quarter worth approximately $407,000. Argent Capital Management LLC acquired a new stake in II-VI during the 2nd quarter worth approximately $1,610,000. Pinebridge Investments L.P. raised its holdings in II-VI by 1.9% during the 2nd quarter. Pinebridge Investments L.P. now owns 7,237 shares of the scientific and technical instruments company’s stock worth $249,000 after buying an additional 137 shares during the period. Nationwide Fund Advisors raised its holdings in II-VI by 0.8% during the 2nd quarter. Nationwide Fund Advisors now owns 41,893 shares of the scientific and technical instruments company’s stock worth $1,437,000 after buying an additional 339 shares during the period. Finally, Bridge City Capital LLC acquired a new stake in II-VI during the 2nd quarter worth approximately $1,295,000. Hedge funds and other institutional investors own 78.25% of the company’s stock.
IIVI has been the topic of a number of research reports. ValuEngine upgraded shares of II-VI from a “hold” rating to a “buy” rating in a report on Thursday, June 1st. Benchmark Co. restated a “buy” rating on shares of II-VI in a report on Sunday, June 25th. Needham & Company LLC boosted their price target on shares of II-VI from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, June 21st. Northland Securities started coverage on shares of II-VI in a report on Thursday, July 6th. They set an “outperform” rating and a $45.00 price target on the stock. Finally, BidaskClub upgraded shares of II-VI from a “sell” rating to a “hold” rating in a report on Thursday, June 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $44.25.
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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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