II-VI (IIVI) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research cut shares of II-VI (NASDAQ:IIVI) from a hold rating to a sell rating in a research report released on Wednesday.

According to Zacks, “II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. The Company’s infrared optics business manufactures optical and opto-electronic components sold under the II-VI brand name and used primarily in CO2 lasers. The Company’s near-infrared optics business manufactures near-infrared & visible light products for industrial, scientific, military & medical instruments and laser gain materials and products for solid-state YAG and YLF lasers at the Company’s VLOC subsidiary. The Company’s military infrared optics business manufactures infrared products for military applications under the Exotic Electro-Optics brand name. “

Other research analysts also recently issued reports about the company. Benchmark raised their price objective on II-VI from $48.00 to $52.00 and gave the stock a buy rating in a report on Wednesday, August 8th. B. Riley raised their price objective on II-VI from $49.00 to $54.00 and gave the stock a buy rating in a report on Wednesday, August 8th. Needham & Company LLC raised their price objective on II-VI from $50.00 to $53.00 and gave the stock a buy rating in a report on Wednesday, August 8th. Cowen restated a buy rating and set a $64.00 price objective on shares of II-VI in a report on Wednesday, August 8th. Finally, ValuEngine upgraded II-VI from a hold rating to a buy rating in a report on Wednesday, August 8th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $53.69.

IIVI traded up $6.24 during trading on Wednesday, hitting $43.47. 1,000,011 shares of the stock were exchanged, compared to its average volume of 725,509. The company has a market capitalization of $2.30 billion, a P/E ratio of 25.27, a PEG ratio of 1.16 and a beta of 0.23. II-VI has a 1 year low of $34.88 and a 1 year high of $53.08. The company has a quick ratio of 2.17, a current ratio of 3.22 and a debt-to-equity ratio of 0.41.

II-VI (NASDAQ:IIVI) last released its quarterly earnings data on Thursday, November 1st. The scientific and technical instruments company reported $0.56 EPS for the quarter, hitting the consensus estimate of $0.56. The company had revenue of $314.40 million for the quarter, compared to the consensus estimate of $310.92 million. II-VI had a return on equity of 10.09% and a net margin of 7.59%. II-VI’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the business posted $0.32 EPS. Equities analysts anticipate that II-VI will post 1.84 earnings per share for the current year.

In other news, CFO Mary Jane Raymond sold 4,000 shares of II-VI stock in a transaction on Friday, August 10th. The stock was sold at an average price of $44.88, for a total value of $179,520.00. Following the transaction, the chief financial officer now directly owns 47,368 shares in the company, valued at approximately $2,125,875.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph J. Corasanti sold 40,120 shares of II-VI stock in a transaction on Friday, August 10th. The shares were sold at an average price of $44.88, for a total value of $1,800,585.60. The disclosure for this sale can be found here. Insiders sold a total of 87,624 shares of company stock worth $4,063,820 over the last quarter. Company insiders own 4.00% of the company’s stock.

Large investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of II-VI by 9.3% in the 2nd quarter. BlackRock Inc. now owns 8,651,418 shares of the scientific and technical instruments company’s stock worth $375,905,000 after purchasing an additional 739,662 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of II-VI by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,451,393 shares of the scientific and technical instruments company’s stock worth $63,063,000 after purchasing an additional 13,409 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of II-VI by 21.4% in the 2nd quarter. Macquarie Group Ltd. now owns 1,039,525 shares of the scientific and technical instruments company’s stock worth $45,167,000 after purchasing an additional 183,189 shares in the last quarter. Fort Pitt Capital Group LLC boosted its position in shares of II-VI by 1.7% in the 2nd quarter. Fort Pitt Capital Group LLC now owns 1,015,990 shares of the scientific and technical instruments company’s stock worth $44,145,000 after purchasing an additional 17,125 shares in the last quarter. Finally, Robecosam AG boosted its position in shares of II-VI by 11.5% in the 3rd quarter. Robecosam AG now owns 959,000 shares of the scientific and technical instruments company’s stock worth $44,881,000 after purchasing an additional 98,900 shares in the last quarter. Institutional investors and hedge funds own 92.64% of the company’s stock.

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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