Intevac (NASDAQ:IVAC) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Intevac (NASDAQ:IVAC) from a sell rating to a hold rating in a report published on Wednesday, Zacks.com reports.

According to Zacks, “Intevac, Inc. is a leading supplier of static sputtering systems and related manufacturing equipment used to manufacture thin-film disks for computer hard disk drives. Sputtering is a complex vacuum deposition process used to deposit multiple thin-film layers on a disk. The company’s primary objective is to be the industry leader in supplying disk sputtering equipment by providing disk sputtering systems which have both the highest overall performance and the lowest cost of ownership in the industry. “

IVAC opened at $7.69 on Wednesday. The firm has a market cap of $185.25 million, a P/E ratio of 36.62 and a beta of 0.96. Intevac has a fifty-two week low of $4.10 and a fifty-two week high of $8.46. The firm has a 50-day moving average of $6.48 and a 200 day moving average of $6.37.

Intevac (NASDAQ:IVAC) last issued its earnings results on Wednesday, February 3rd. The electronics maker reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. The firm had revenue of $28.58 million during the quarter, compared to analyst estimates of $27.00 million. Intevac had a net margin of 4.91% and a return on equity of 5.41%. Equities analysts predict that Intevac will post 0.03 EPS for the current year.

In other news, EVP Timothy Justyn sold 9,683 shares of the firm’s stock in a transaction that occurred on Wednesday, March 31st. The shares were sold at an average price of $7.50, for a total value of $72,622.50. Following the completion of the transaction, the executive vice president now directly owns 112,181 shares in the company, valued at $841,357.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 7.40% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. Citigroup Inc. boosted its position in shares of Intevac by 279.1% in the fourth quarter. Citigroup Inc. now owns 4,216 shares of the electronics maker’s stock valued at $30,000 after acquiring an additional 3,104 shares during the period. Rhumbline Advisers raised its stake in Intevac by 19.4% in the fourth quarter. Rhumbline Advisers now owns 25,856 shares of the electronics maker’s stock valued at $186,000 after purchasing an additional 4,196 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Intevac by 28.1% in the third quarter. JPMorgan Chase & Co. now owns 27,589 shares of the electronics maker’s stock valued at $157,000 after purchasing an additional 6,055 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Intevac by 7.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 57,428 shares of the electronics maker’s stock valued at $415,000 after purchasing an additional 3,860 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in Intevac by 59.5% in the third quarter. Wells Fargo & Company MN now owns 68,800 shares of the electronics maker’s stock valued at $379,000 after purchasing an additional 25,655 shares in the last quarter. Institutional investors own 72.63% of the company’s stock.

About Intevac

Intevac, Inc provides vacuum deposition equipment for various thin-film applications, and digital night-vision technologies and products to the defense industry in the United States, Asia, and Europe. It operates in two segments, Thin-Film Equipment and Photonics. The Thin-Film Equipment segment designs, develops, and markets thin-film processing systems for hard disk drive media, display cover panel, and solar photovoltaic markets.

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