II-VI Incorporated (NASDAQ:IIVI) shares hit a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $96.55 and last traded at $94.15, with a volume of 70825 shares trading hands. The stock had previously closed at $88.73.
The scientific and technical instruments company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.91 by $0.17. The business had revenue of $786.60 million for the quarter, compared to analysts’ expectations of $769.50 million. II-VI had a net margin of 0.19% and a return on equity of 0.24%. II-VI’s revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 EPS.
A number of equities research analysts recently issued reports on the stock. Citigroup upped their price objective on shares of II-VI from $65.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, January 25th. Zacks Investment Research upgraded shares of II-VI from a “hold” rating to a “strong-buy” rating and set a $101.00 price objective for the company in a report on Monday. Canaccord Genuity upped their price objective on shares of II-VI from $67.00 to $86.00 and gave the stock a “buy” rating in a report on Friday, November 6th. Morgan Stanley cut shares of II-VI from an “overweight” rating to an “equal weight” rating and set a $76.00 price objective for the company. in a report on Tuesday, December 15th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of II-VI from $63.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, February 5th. Four analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $77.28.
In related news, CEO Vincent D. Mattera, Jr. sold 8,500 shares of the stock in a transaction dated Tuesday, January 19th. The shares were sold at an average price of $92.23, for a total value of $783,955.00. Following the completion of the transaction, the chief executive officer now owns 423,993 shares of the company’s stock, valued at $39,104,874.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vincent D. Mattera, Jr. sold 109,597 shares of the stock in a transaction dated Monday, November 16th. The stock was sold at an average price of $59.63, for a total transaction of $6,535,269.11. Following the completion of the transaction, the chief executive officer now directly owns 582,050 shares of the company’s stock, valued at approximately $34,707,641.50. The disclosure for this sale can be found here. Insiders have sold 378,337 shares of company stock valued at $24,037,891 in the last ninety days. 2.80% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of IIVI. Gemmer Asset Management LLC raised its position in II-VI by 132.5% in the fourth quarter. Gemmer Asset Management LLC now owns 351 shares of the scientific and technical instruments company’s stock worth $27,000 after purchasing an additional 200 shares in the last quarter. Provident Wealth Management LLC acquired a new position in II-VI in the third quarter worth about $34,000. Harbor Investment Advisory LLC raised its position in II-VI by 98.3% in the third quarter. Harbor Investment Advisory LLC now owns 956 shares of the scientific and technical instruments company’s stock worth $39,000 after purchasing an additional 474 shares in the last quarter. IFP Advisors Inc raised its position in II-VI by 25.8% in the third quarter. IFP Advisors Inc now owns 2,024 shares of the scientific and technical instruments company’s stock worth $82,000 after purchasing an additional 415 shares in the last quarter. Finally, Envestnet Asset Management Inc. acquired a new position in II-VI in the third quarter worth about $221,000. 95.18% of the stock is owned by hedge funds and other institutional investors.
The company has a quick ratio of 2.10, a current ratio of 3.09 and a debt-to-equity ratio of 0.56. The stock has a market cap of $9.75 billion, a price-to-earnings ratio of -854.74, a price-to-earnings-growth ratio of 1.62 and a beta of 1.48. The company’s 50-day moving average is $84.44 and its 200-day moving average is $59.46.
II-VI Company Profile (NASDAQ:IIVI)
II-VI Incorporated develops, manufactures, and markets engineered materials, and optoelectronic components and devices worldwide. The company operates through two segments, Compound Semiconductors and Photonic Solutions. The Compound Semiconductors segment offers optical and electro-optical components and materials used in high-power CO2 lasers; fiber-delivered beam delivery systems, and processing tools and direct diode lasers for industrial lasers; and compound semiconductor epitaxial and gallium arsenide wafers.
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