Systematic Financial Management LP Trims Position in II-VI, Inc. (IIVI)
Systematic Financial Management LP reduced its position in II-VI, Inc. (NASDAQ:IIVI) by 29.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,755 shares of the scientific and technical instruments company’s stock after selling 9,502 shares during the quarter. Systematic Financial Management LP’s holdings in II-VI were worth $1,068,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. US Bancorp DE raised its stake in II-VI by 43.3% during the fourth quarter. US Bancorp DE now owns 4,891 shares of the scientific and technical instruments company’s stock worth $229,000 after acquiring an additional 1,477 shares in the last quarter. Granite Point Capital Management L.P. acquired a new position in II-VI during the fourth quarter worth $282,000. Affinity Investment Advisors LLC acquired a new position in II-VI during the fourth quarter worth $302,000. SG Americas Securities LLC raised its stake in II-VI by 73.0% during the fourth quarter. SG Americas Securities LLC now owns 12,642 shares of the scientific and technical instruments company’s stock worth $594,000 after acquiring an additional 5,333 shares in the last quarter. Finally, Pinebridge Investments L.P. raised its stake in II-VI by 165.3% during the fourth quarter. Pinebridge Investments L.P. now owns 18,332 shares of the scientific and technical instruments company’s stock worth $861,000 after acquiring an additional 11,421 shares in the last quarter. 84.45% of the stock is owned by hedge funds and other institutional investors.
IIVI has been the subject of several recent analyst reports. increased their price objective on II-VI from $50.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, November 15th. BidaskClub lowered II-VI from a “hold” rating to a “sell” rating in a research note on Saturday, February 10th. Loop Capital initiated coverage on II-VI in a research note on Monday, January 29th. They set a “buy” rating and a $70.00 price objective for the company. Northland Securities reiterated a “hold” rating and set a $45.00 price objective on shares of II-VI in a research note on Friday, February 2nd. Finally, ValuEngine lowered II-VI from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $52.17.
II-VI (NASDAQ:IIVI) last announced its earnings results on Thursday, February 1st. The scientific and technical instruments company reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.02. II-VI had a return on equity of 11.10% and a net margin of 8.08%. The company had revenue of $281.50 million during the quarter, compared to analyst estimates of $277.16 million. During the same period last year, the company posted $0.49 earnings per share. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. sell-side analysts predict that II-VI, Inc. will post 1.53 EPS for the current year.
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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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