Needham & Company LLC Reaffirms Buy Rating for II-VI, Inc. (IIVI)

Needham & Company LLC reissued their buy rating on shares of II-VI, Inc. (NASDAQ:IIVI) in a research note issued to investors on Wednesday, May 3rd. The brokerage currently has a $38.00 price target on the scientific and technical instruments company’s stock, down from their previous price target of $40.00.

A number of other research firms have also issued reports on IIVI. Zacks Investment Research lowered II-VI from a strong-buy rating to a hold rating in a report on Tuesday, March 28th. B. Riley reissued a buy rating and set a $43.25 price target on shares of II-VI in a report on Monday, January 30th. Finally, Benchmark Co. reissued a buy rating and set a $40.00 price target on shares of II-VI in a report on Thursday, April 6th.

II-VI (NASDAQ:IIVI) traded down 0.244% on Wednesday, reaching $30.725. The company’s stock had a trading volume of 160,463 shares. II-VI has a 1-year low of $17.76 and a 1-year high of $41.10. The firm’s 50 day moving average price is $32.38 and its 200-day moving average price is $32.79. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of 25.583 and a beta of 0.18.

II-VI (NASDAQ:IIVI) last released its quarterly earnings results on Tuesday, May 2nd. The scientific and technical instruments company reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.03. II-VI had a return on equity of 12.71% and a net margin of 7.72%. The firm had revenue of $245 million for the quarter, compared to analyst estimates of $240.55 million. During the same quarter last year, the company posted $0.35 earnings per share. The business’s revenue was up 19.5% on a year-over-year basis. Equities analysts forecast that II-VI will post $1.33 earnings per share for the current year.

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In other II-VI news, Director Francis J. Kramer sold 49,950 shares of the business’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $35.75, for a total value of $1,785,712.50. Following the completion of the transaction, the director now directly owns 390,108 shares in the company, valued at approximately $13,946,361. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph J. Corasanti purchased 10,000 shares of the business’s stock in a transaction on Wednesday, March 15th. The stock was acquired at an average price of $33.49 per share, with a total value of $334,900.00. Following the completion of the acquisition, the director now directly owns 38,746 shares in the company, valued at approximately $1,297,603.54. The disclosure for this purchase can be found here. Insiders have sold a total of 97,333 shares of company stock valued at $3,578,511 over the last 90 days. Insiders own 6.80% of the company’s stock.

Several hedge funds have recently made changes to their positions in IIVI. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of II-VI by 91.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,764 shares of the scientific and technical instruments company’s stock valued at $100,000 after buying an additional 1,322 shares in the last quarter. Meadow Creek Investment Management LLC boosted its stake in shares of II-VI by 1.9% in the first quarter. Meadow Creek Investment Management LLC now owns 2,996 shares of the scientific and technical instruments company’s stock worth $108,000 after buying an additional 56 shares during the period. Glen Harbor Capital Management LLC boosted its stake in shares of II-VI by 1.9% in the first quarter. Glen Harbor Capital Management LLC now owns 3,638 shares of the scientific and technical instruments company’s stock worth $131,000 after buying an additional 68 shares during the period. Mutual of America Capital Management LLC purchased a new position in II-VI during the first quarter worth $180,000. Finally, LS Investment Advisors LLC boosted its position in II-VI by 158.9% in the first quarter. LS Investment Advisors LLC now owns 5,061 shares of the scientific and technical instruments company’s stock worth $182,000 after buying an additional 3,106 shares during the last quarter. 71.66% of the stock is owned by institutional investors.

II-VI Company Profile

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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