Pictet Asset Management Ltd. Lowers Stake in II-VI, Inc. (NASDAQ:IIVI)

Pictet Asset Management Ltd. lowered its position in shares of II-VI, Inc. (NASDAQ:IIVI) by 9.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 542,137 shares of the scientific and technical instruments company’s stock after selling 54,878 shares during the quarter. Pictet Asset Management Ltd. owned 0.85% of II-VI worth $19,821,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of IIVI. State Treasurer State of Michigan lifted its holdings in II-VI by 2,427.1% during the second quarter. State Treasurer State of Michigan now owns 832,961 shares of the scientific and technical instruments company’s stock valued at $30,453,000 after purchasing an additional 800,000 shares in the last quarter. Eagle Asset Management Inc. lifted its holdings in II-VI by 248.9% during the second quarter. Eagle Asset Management Inc. now owns 1,001,755 shares of the scientific and technical instruments company’s stock valued at $36,624,000 after purchasing an additional 714,597 shares in the last quarter. Carillon Tower Advisers Inc. lifted its holdings in II-VI by 321.7% during the second quarter. Carillon Tower Advisers Inc. now owns 650,000 shares of the scientific and technical instruments company’s stock valued at $23,764,000 after purchasing an additional 495,852 shares in the last quarter. Firsthand Capital Management Inc. lifted its holdings in II-VI by 120.0% during the first quarter. Firsthand Capital Management Inc. now owns 220,000 shares of the scientific and technical instruments company’s stock valued at $8,193,000 after purchasing an additional 120,000 shares in the last quarter. Finally, Nordea Investment Management AB purchased a new position in shares of II-VI in the first quarter worth $4,408,000. 93.79% of the stock is currently owned by institutional investors and hedge funds.

IIVI traded up $0.51 during trading hours on Friday, hitting $41.69. The company’s stock had a trading volume of 18,315 shares, compared to its average volume of 622,906. The business’s 50-day moving average price is $38.35 and its 200-day moving average price is $37.53. II-VI, Inc. has a 12 month low of $29.31 and a 12 month high of $49.10. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of 25.57, a P/E/G ratio of 0.98 and a beta of 1.12. The company has a current ratio of 3.00, a quick ratio of 1.91 and a debt-to-equity ratio of 0.39.

II-VI (NASDAQ:IIVI) last announced its quarterly earnings results on Tuesday, August 13th. The scientific and technical instruments company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.29. II-VI had a net margin of 7.89% and a return on equity of 10.37%. The company had revenue of $362.70 million for the quarter, compared to analysts’ expectations of $348.02 million. During the same quarter in the previous year, the business posted $0.52 earnings per share. II-VI’s quarterly revenue was up 13.0% on a year-over-year basis. On average, analysts forecast that II-VI, Inc. will post 1.84 earnings per share for the current year.

In related news, CFO Mary Jane Raymond sold 16,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $39.25, for a total value of $628,000.00. Following the sale, the chief financial officer now owns 48,427 shares in the company, valued at $1,900,759.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.00% of the company’s stock.

IIVI has been the topic of several research analyst reports. BTIG Research set a $31.00 target price on shares of II-VI and gave the stock a “buy” rating in a report on Friday, August 9th. ValuEngine raised shares of II-VI from a “hold” rating to a “buy” rating in a report on Wednesday. Benchmark reissued a “buy” rating and issued a $53.00 target price on shares of II-VI in a report on Wednesday, August 14th. B. Riley lowered their target price on shares of II-VI from $41.00 to $39.00 and set a “neutral” rating on the stock in a report on Wednesday, August 14th. Finally, BidaskClub raised shares of II-VI from a “hold” rating to a “buy” rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $44.27.

II-VI 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.

Recommended Story: Buy-Side Analysts

Want to see what other hedge funds are holding IIVI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for II-VI, Inc. (NASDAQ:IIVI).

Institutional Ownership by Quarter for II-VI (NASDAQ:IIVI)

Receive News & Ratings for II-VI Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for II-VI and related companies with MarketBeat.com's FREE daily email newsletter.