Intevac (IVAC) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Intevac (NASDAQ:IVAC) from a buy rating to a hold rating in a research report report published on Saturday morning.
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. “
Several other equities analysts have also recently commented on IVAC. ValuEngine cut shares of Intevac from a hold rating to a sell rating in a research report on Wednesday, July 4th. Benchmark raised shares of Intevac from a hold rating to a buy rating and set a $6.00 target price on the stock in a research report on Tuesday, July 31st. B. Riley dropped their target price on shares of Intevac from $6.50 to $5.00 and set a neutral rating on the stock in a research report on Tuesday, July 31st. Finally, Noble Financial reissued a hold rating on shares of Intevac in a research report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Intevac presently has a consensus rating of Hold and an average price target of $5.75.
Intevac (NASDAQ:IVAC) last posted its earnings results on Monday, July 30th. The electronics maker reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.11. Intevac had a negative net margin of 4.30% and a negative return on equity of 5.40%. The firm had revenue of $26.10 million for the quarter, compared to analysts’ expectations of $24.75 million. During the same quarter last year, the firm earned $0.05 EPS. As a group, sell-side analysts expect that Intevac will post -0.25 EPS for the current fiscal year.
Intevac announced that its board has approved a share repurchase program on Monday, August 20th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the electronics maker to buy up to 8.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
Several large investors have recently bought and sold shares of IVAC. Jane Street Group LLC bought a new stake in shares of Intevac in the 2nd quarter worth approximately $113,000. Laurion Capital Management LP bought a new stake in shares of Intevac in the 2nd quarter worth approximately $134,000. JPMorgan Chase & Co. raised its holdings in shares of Intevac by 243.4% in the 1st quarter. JPMorgan Chase & Co. now owns 25,553 shares of the electronics maker’s stock worth $177,000 after purchasing an additional 18,111 shares during the period. LMR Partners LLP bought a new stake in shares of Intevac in the 2nd quarter worth approximately $275,000. Finally, Paloma Partners Management Co bought a new stake in shares of Intevac in the 2nd quarter worth approximately $472,000. 63.21% of the stock is currently owned by 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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