Intevac (IVAC) Rating Lowered to Hold at Zacks Investment Research
Intevac (NASDAQ:IVAC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Intevac, Inc. is a leading supplier of static sputtering systems and related manufacturing equipment used to manufacture thin-film disks for computer hard disk drives. Sputtering is a complex vacuum deposition process used to deposit multiple thin-film layers on a disk. The company’s primary objective is to be the industry leader in supplying disk sputtering equipment by providing disk sputtering systems which have both the highest overall performance and the lowest cost of ownership in the industry. “
IVAC has been the topic of a number of other research reports. ValuEngine lowered Intevac from a “hold” rating to a “sell” rating in a research note on Saturday, August 18th. B. Riley reduced their target price on Intevac from $6.50 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 31st. Noble Financial reaffirmed a “hold” rating on shares of Intevac in a research note on Tuesday, July 31st. Finally, Benchmark raised Intevac from a “hold” rating to a “buy” rating and set a $6.00 target price on the stock in a research note on Tuesday, July 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. Intevac presently has an average rating of “Hold” and an average price target of $5.75.
Intevac (NASDAQ:IVAC) last released its quarterly earnings results on Monday, July 30th. The electronics maker reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.11. The business had revenue of $26.10 million for the quarter, compared to analysts’ expectations of $24.75 million. Intevac had a negative return on equity of 5.40% and a negative net margin of 4.30%. During the same quarter in the prior year, the firm posted $0.05 EPS. Analysts expect that Intevac will post -0.25 earnings per share for the current year.
Intevac announced that its board has initiated a share repurchase plan on Monday, August 20th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the electronics maker to reacquire up to 8.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.
A number of hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its stake in Intevac by 243.4% in the 1st quarter. JPMorgan Chase & Co. now owns 25,553 shares of the electronics maker’s stock valued at $177,000 after buying an additional 18,111 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Intevac during the 2nd quarter worth $113,000. Laurion Capital Management LP purchased a new position in shares of Intevac during the 2nd quarter worth $134,000. LMR Partners LLP purchased a new position in shares of Intevac during the 2nd quarter worth $275,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Intevac by 10.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 988,968 shares of the electronics maker’s stock worth $6,824,000 after purchasing an additional 94,884 shares during the period. 63.22% of the stock is currently owned by hedge funds and other institutional investors.
Intevac, Inc provides vacuum deposition equipment for various thin-film applications, and digital night-vision technologies and products to the defense industry in the United States, Asia, Europe, and internationally. It operates in two segments, Thin-Film Equipment and Photonics. The Thin-film Equipment segment designs, manufactures, markets, and services disk sputtering, etch and deposition, and disk lubrication systems; and offers upgrades, spares, and consumables, as well as provides process and applications support, customer training, installation, start-up assistance, and post-installation support services.
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