Oclaro, Inc. (OCLR) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Oclaro, Inc. (NASDAQ:OCLR) from a sell rating to a hold rating in a research report report published on Wednesday morning.
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. “
A number of other equities research analysts also recently weighed in on OCLR. Needham & Company LLC restated a strong-buy rating and set a $14.00 price target on shares of Oclaro in a research report on Monday, June 12th. DA Davidson started coverage on Oclaro in a research report on Thursday, June 22nd. They set a buy rating and a $14.00 price target on the stock. Northland Securities restated a buy rating and set a $12.00 price target on shares of Oclaro in a research report on Friday, June 23rd. ValuEngine downgraded Oclaro from a strong-buy rating to a buy rating in a research report on Saturday, July 8th. Finally, Stifel Nicolaus restated a buy rating and set a $12.00 price target (up previously from $10.00) on shares of Oclaro in a research report on Monday, July 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Oclaro presently has an average rating of Buy and an average target price of $13.33.
Shares of Oclaro (NASDAQ:OCLR) traded up 1.50% during trading on Wednesday, reaching $8.77. The company’s stock had a trading volume of 5,351,590 shares. Oclaro has a 12-month low of $6.92 and a 12-month high of $11.30. The stock’s 50-day moving average is $8.62 and its 200-day moving average is $9.08. The stock has a market cap of $1.48 billion, a P/E ratio of 11.39 and a beta of 1.61.
Oclaro (NASDAQ:OCLR) last released its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.03. Oclaro had a return on equity of 27.63% and a net margin of 21.28%. The business had revenue of $149.38 million for the quarter, compared to the consensus estimate of $148.04 million. During the same quarter last year, the business posted $0.11 earnings per share. The company’s revenue for the quarter was up 19.3% on a year-over-year basis. Equities research analysts anticipate that Oclaro will post $0.74 earnings per share for the current fiscal year.
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In other news, insider Michael H. Fernicola sold 12,869 shares of Oclaro stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $8.62, for a total value of $110,930.78. Following the transaction, the insider now owns 106,225 shares in the company, valued at $915,659.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP David Teichmann sold 20,132 shares of Oclaro stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $8.37, for a total value of $168,504.84. Following the completion of the transaction, the executive vice president now owns 422,126 shares in the company, valued at approximately $3,533,194.62. The disclosure for this sale can be found here. In the last quarter, insiders sold 85,183 shares of company stock worth $747,174. Company insiders own 2.00% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its stake in shares of Oclaro by 120.0% in the second quarter. BlackRock Inc. now owns 16,827,106 shares of the semiconductor company’s stock worth $157,166,000 after purchasing an additional 9,177,551 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Oclaro by 30.5% in the first quarter. Wellington Management Group LLP now owns 9,737,747 shares of the semiconductor company’s stock worth $95,624,000 after purchasing an additional 2,278,171 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Oclaro by 17.9% in the second quarter. Vanguard Group Inc. now owns 8,326,122 shares of the semiconductor company’s stock worth $77,766,000 after purchasing an additional 1,265,269 shares during the last quarter. Teachers Advisors LLC grew its stake in shares of Oclaro by 574.9% in the first quarter. Teachers Advisors LLC now owns 5,129,019 shares of the semiconductor company’s stock worth $50,367,000 after purchasing an additional 4,369,074 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Oclaro by 54.0% in the second quarter. State Street Corp now owns 3,841,177 shares of the semiconductor company’s stock worth $35,877,000 after purchasing an additional 1,346,216 shares during the last quarter. 70.45% of the stock is currently owned by institutional investors.
Oclaro Company Profile
Oclaro, Inc is a provider of optical components, modules and subsystems for the core optical transport, service provider, enterprise and data center markets. The Company provides various solutions for optical networks and interconnects driving the next wave of streaming video, cloud computing, application virtualization and other bandwidth-intensive and high-speed applications.
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