Riverhead Capital Management LLC Acquires 800 Shares of II-VI, Inc. (NASDAQ:IIVI)

Riverhead Capital Management LLC lifted its holdings in II-VI, Inc. (NASDAQ:IIVI) by 12.0% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,452 shares of the scientific and technical instruments company’s stock after purchasing an additional 800 shares during the period. Riverhead Capital Management LLC’s holdings in II-VI were worth $273,000 at the end of the most recent reporting period.

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

IIVI traded up $0.45 during trading on Friday, reaching $41.63. 11,744 shares of the company traded hands, compared to its average volume of 622,906. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.91 and a current ratio of 3.00. II-VI, Inc. has a 12-month low of $29.31 and a 12-month high of $49.10. The firm has a fifty day simple moving average of $38.35 and a 200 day simple moving average of $37.53. The company has a market cap of $2.64 billion, a P/E ratio of 25.37, a PEG ratio of 0.98 and a beta of 1.12.

II-VI (NASDAQ:IIVI) last announced its quarterly earnings data on Tuesday, August 13th. The scientific and technical instruments company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.29. II-VI had a net margin of 7.89% and a return on equity of 10.37%. The business had revenue of $362.70 million during the quarter, compared to analyst estimates of $348.02 million. During the same period last year, the firm posted $0.52 EPS. The company’s revenue was up 13.0% on a year-over-year basis. As a group, sell-side analysts expect that II-VI, Inc. will post 1.84 earnings per share for the current fiscal year.

Several research firms recently issued reports on IIVI. BidaskClub raised shares of II-VI from a “hold” rating to a “buy” rating in a report on Friday, July 26th. 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. Northland Securities reissued a “buy” rating and issued a $42.00 target price on shares of II-VI in a report on Wednesday, August 14th. JPMorgan Chase & Co. began coverage on shares of II-VI in a report on Monday, July 29th. They issued an “overweight” rating and a $50.00 target price for the company. Finally, B. Riley reduced their target price on shares of II-VI from $41.00 to $39.00 and set a “neutral” rating for the company in a report on Wednesday, August 14th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. II-VI has a consensus rating of “Buy” and a consensus target price of $44.27.

In other news, CFO Mary Jane Raymond sold 16,000 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $39.25, for a total transaction of $628,000.00. Following the completion of the transaction, the chief financial officer now directly owns 48,427 shares in the company, valued at approximately $1,900,759.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.00% 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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Institutional Ownership by Quarter for II-VI (NASDAQ:IIVI)

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