Bank of America Begins Coverage on II-VI (NASDAQ:IIVI)

Bank of America assumed coverage on shares of II-VI (NASDAQ:IIVI) in a report issued on Thursday, The Fly reports. The brokerage issued a buy rating and a $60.00 target price on the scientific and technical instruments company’s stock.

IIVI has been the subject of a number of other reports. Needham & Company LLC decreased their price target on II-VI from $60.00 to $57.00 and set a buy rating for the company in a research note on Friday, September 4th. BidaskClub raised II-VI from a hold rating to a buy rating in a research note on Thursday, October 8th. BofA Securities started coverage on II-VI in a research note on Thursday. They set a buy rating and a $60.00 price objective for the company. Stifel Nicolaus started coverage on II-VI in a research note on Tuesday, October 6th. They set a buy rating and a $50.00 price objective for the company. Finally, Zacks Investment Research lowered II-VI from a strong-buy rating to a hold rating in a research note on Saturday, October 10th. Six research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $52.66.

Shares of NASDAQ IIVI opened at $45.99 on Thursday. The stock has a fifty day moving average price of $41.04 and a two-hundred day moving average price of $41.67. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.74 and a current ratio of 2.66. The firm has a market cap of $4.78 billion, a P/E ratio of -52.26, a PEG ratio of 1.26 and a beta of 1.23. II-VI has a 1 year low of $19.00 and a 1 year high of $52.97.

II-VI (NASDAQ:IIVI) last issued its quarterly earnings results on Thursday, August 13th. The scientific and technical instruments company reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.41. The firm had revenue of $746.29 million during the quarter, compared to analyst estimates of $719.58 million. II-VI had a negative return on equity of 3.23% and a negative net margin of 2.82%. On average, research analysts predict that II-VI will post 1.79 earnings per share for the current fiscal year.

In related news, Director Francis J. Kramer sold 14,500 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $52.53, for a total transaction of $761,685.00. Following the completion of the sale, the director now directly owns 253,049 shares in the company, valued at $13,292,663.97. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 2.80% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Winfield Associates Inc. raised its holdings in shares of II-VI by 7.2% during the third quarter. Winfield Associates Inc. now owns 22,377 shares of the scientific and technical instruments company’s stock worth $908,000 after acquiring an additional 1,500 shares in the last quarter. Guild Investment Management Inc. purchased a new stake in shares of II-VI during the third quarter worth $560,000. Robecosam AG raised its holdings in shares of II-VI by 16.7% during the third quarter. Robecosam AG now owns 2,920,000 shares of the scientific and technical instruments company’s stock worth $118,435,000 after acquiring an additional 417,000 shares in the last quarter. Provident Wealth Management LLC bought a new position in II-VI during the third quarter valued at about $34,000. Finally, Envestnet Asset Management Inc. bought a new position in II-VI during the third quarter valued at about $221,000. Institutional investors and hedge funds own 97.00% of the company’s stock.

About II-VI

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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