Korea Investment CORP Invests $2.01 Million in II-VI, Inc. (IIVI)
Korea Investment CORP acquired a new stake in shares of II-VI, Inc. (NASDAQ:IIVI) during the second quarter, HoldingsChannel reports. The firm acquired 46,300 shares of the scientific and technical instruments company’s stock, valued at approximately $2,012,000.
Other hedge funds also recently modified their holdings of the company. Russell Investments Group Ltd. raised its position in II-VI by 6.6% during the first quarter. Russell Investments Group Ltd. now owns 19,129 shares of the scientific and technical instruments company’s stock valued at $782,000 after purchasing an additional 1,185 shares during the period. Fort Pitt Capital Group LLC raised its position in II-VI by 1.7% during the second quarter. Fort Pitt Capital Group LLC now owns 1,015,990 shares of the scientific and technical instruments company’s stock valued at $44,145,000 after purchasing an additional 17,125 shares during the period. Ontario Teachers Pension Plan Board purchased a new stake in II-VI during the second quarter valued at approximately $384,000. HGK Asset Management Inc. raised its position in II-VI by 15.9% during the second quarter. HGK Asset Management Inc. now owns 16,148 shares of the scientific and technical instruments company’s stock valued at $702,000 after purchasing an additional 2,220 shares during the period. Finally, Private Advisor Group LLC purchased a new stake in II-VI during the second quarter valued at approximately $455,000. Institutional investors and hedge funds own 92.96% of the company’s stock.
Shares of NASDAQ IIVI opened at $47.65 on Friday. The company has a current ratio of 3.22, a quick ratio of 2.17 and a debt-to-equity ratio of 0.41. II-VI, Inc. has a fifty-two week low of $36.60 and a fifty-two week high of $53.08. The company has a market capitalization of $2.99 billion, a PE ratio of 30.69, a price-to-earnings-growth ratio of 1.42 and a beta of 0.20.
In other news, VP David G. Wagner sold 33,076 shares of the stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $48.01, for a total value of $1,587,978.76. Following the sale, the vice president now directly owns 71,578 shares in the company, valued at $3,436,459.78. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Francis J. Kramer sold 910 shares of the stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $50.00, for a total value of $45,500.00. Following the completion of the sale, the director now owns 225,790 shares in the company, valued at $11,289,500. The disclosure for this sale can be found here. Over the last quarter, insiders sold 92,041 shares of company stock worth $4,193,219. Company insiders own 3.80% of the company’s stock.
A number of equities research analysts have issued reports on IIVI shares. BidaskClub upgraded II-VI from a “sell” rating to a “hold” rating in a research report on Friday, June 8th. Morgan Stanley downgraded II-VI from an “overweight” rating to an “equal weight” rating and set a $46.00 price objective on the stock. in a research report on Monday, July 2nd. They noted that the move was a valuation call. Zacks Investment Research upgraded II-VI from a “sell” rating to a “hold” rating and set a $47.00 price objective on the stock in a research report on Wednesday, July 4th. Cowen started coverage on II-VI in a research report on Monday, July 23rd. They set an “outperform” rating and a $57.00 price objective on the stock. Finally, ValuEngine downgraded II-VI from a “buy” rating to a “hold” rating in a research report on Tuesday, July 31st. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $53.69.
II-VI Company Profile
II-VI Incorporated develops, manufactures, and markets engineered materials, and optoelectronic components and devices worldwide. The company operates in three segments: II-VI Laser Solutions, II-VI Photonics, and II-VI Performance Products. The II-VI Laser Solutions segment offers optical and electro-optical components and materials primarily used in high-power CO2 lasers; fiber-delivered beam delivery systems, and processing tools and direct diode lasers for industrial lasers; direct diode laser modules, sub-systems, and systems; super-hard materials processing laser systems; and compound semiconductor epitaxial and gallium arsenide wafers.
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