II-VI (NASDAQ:IIVI) had its price objective cut by B. Riley from $41.00 to $39.00 in a research report report published on Wednesday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the scientific and technical instruments company’s stock.
A number of other research firms also recently commented on IIVI. Northland Securities reiterated a buy rating and issued a $42.00 target price on shares of II-VI in a report on Wednesday. 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. Zacks Investment Research lowered shares of II-VI from a hold rating to a strong sell rating in a report on Friday, August 2nd. Needham & Company LLC restated a buy rating and set a $44.00 price target (up previously from $39.00) on shares of II-VI in a report on Monday, August 12th. Finally, ValuEngine upgraded shares of II-VI from a sell rating to a hold rating in a report on Tuesday, June 18th. Two analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $45.42.
NASDAQ IIVI opened at $38.26 on Wednesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.00 and a quick ratio of 2.15. The company’s 50 day simple moving average is $37.78 and its 200 day simple moving average is $37.54. II-VI has a 12 month low of $29.31 and a 12 month high of $50.75. The company has a market capitalization of $2.35 billion, a P/E ratio of 21.40, a PEG ratio of 1.10 and a beta of 1.09.
In related news, Director Joseph J. Corasanti acquired 3,200 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were purchased at an average cost of $32.34 per share, with a total value of $103,488.00. Following the completion of the transaction, the director now owns 54,834 shares of the company’s stock, valued at approximately $1,773,331.56. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Shaker Sadasivam acquired 14,250 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were bought at an average cost of $34.63 per share, for a total transaction of $493,477.50. Following the completion of the transaction, the director now directly owns 21,834 shares of the company’s stock, valued at approximately $756,111.42. The disclosure for this purchase can be found here. 4.00% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in IIVI. Huntington National Bank purchased a new position in II-VI during the second quarter valued at approximately $29,000. First Interstate Bank grew its position in II-VI by 125.0% during the second quarter. First Interstate Bank now owns 900 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 500 shares in the last quarter. Versant Capital Management Inc grew its position in II-VI by 578.4% during the first quarter. Versant Capital Management Inc now owns 1,289 shares of the scientific and technical instruments company’s stock valued at $48,000 after purchasing an additional 1,099 shares in the last quarter. Doyle Wealth Management purchased a new position in II-VI during the second quarter valued at approximately $55,000. Finally, Advisory Services Network LLC grew its position in II-VI by 105.9% during the first quarter. Advisory Services Network LLC now owns 1,750 shares of the scientific and technical instruments company’s stock valued at $65,000 after purchasing an additional 900 shares in the last quarter. 93.00% of the stock is currently owned by hedge funds and other institutional investors.
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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