Zacks Investment Research Lowers II-VI (NASDAQ:IIVI) to Strong Sell

Zacks Investment Research cut shares of II-VI (NASDAQ:IIVI) from a hold rating to a strong sell rating in a research note published on Friday, Zacks.com reports.

According to Zacks, “II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. The Company’s infrared optics business manufactures optical and opto-electronic components sold under the II-VI brand name and used primarily in CO2 lasers. The Company’s near-infrared optics business manufactures near-infrared & visible light products for industrial, scientific, military & medical instruments and laser gain materials and products for solid-state YAG and YLF lasers at the Company’s VLOC subsidiary. The Company’s military infrared optics business manufactures infrared products for military applications under the Exotic Electro-Optics brand name. “

IIVI has been the topic of a number of other research reports. Benchmark reiterated a buy rating and set a $57.00 price target on shares of II-VI in a report on Monday, June 17th. Northland Securities set a $41.00 target price on shares of II-VI and gave the company a buy rating in a report on Monday, May 20th. JPMorgan Chase & Co. initiated coverage on shares of II-VI in a report on Monday, July 29th. They issued an overweight rating and a $50.00 target price on the stock. BidaskClub upgraded shares of II-VI from a hold rating to a buy rating in a report on Friday, July 26th. Finally, Craig Hallum restated a buy rating and issued a $54.00 target price (up previously from $47.00) on shares of II-VI in a report on Thursday, May 2nd. Two research 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 company currently has a consensus rating of Buy and an average target price of $49.83.

Shares of NASDAQ:IIVI traded down $0.76 during mid-day trading on Friday, reaching $36.58. 37,059 shares of the company’s stock were exchanged, compared to its average volume of 683,913. The firm has a market cap of $2.28 billion, a price-to-earnings ratio of 21.15, a price-to-earnings-growth ratio of 1.11 and a beta of 1.09. The firm’s fifty day simple moving average is $36.97. The company has a quick ratio of 2.15, a current ratio of 3.41 and a debt-to-equity ratio of 0.44. II-VI has a twelve month low of $29.31 and a twelve month high of $50.75.

In other news, Director Shaker Sadasivam bought 14,250 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were acquired at an average price of $34.63 per share, for a total transaction of $493,477.50. Following the completion of the acquisition, the director now directly owns 21,834 shares in the company, valued at $756,111.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph J. Corasanti bought 3,200 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was purchased at an average price of $32.34 per share, for a total transaction of $103,488.00. Following the acquisition, the director now owns 54,834 shares of the company’s stock, valued at $1,773,331.56. The disclosure for this purchase can be found here. 4.00% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bridge City Capital LLC raised its holdings in shares of II-VI by 0.5% during the second quarter. Bridge City Capital LLC now owns 56,491 shares of the scientific and technical instruments company’s stock valued at $2,065,000 after purchasing an additional 280 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in shares of II-VI by 1.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 25,725 shares of the scientific and technical instruments company’s stock worth $958,000 after buying an additional 365 shares during the last quarter. Foundry Partners LLC increased its holdings in shares of II-VI by 0.8% in the 1st quarter. Foundry Partners LLC now owns 51,263 shares of the scientific and technical instruments company’s stock worth $1,909,000 after buying an additional 396 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of II-VI by 1.7% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 23,548 shares of the scientific and technical instruments company’s stock worth $861,000 after buying an additional 400 shares during the last quarter. Finally, Janney Capital Management LLC increased its holdings in shares of II-VI by 1.9% in the 1st quarter. Janney Capital Management LLC now owns 22,469 shares of the scientific and technical instruments company’s stock worth $837,000 after buying an additional 428 shares during the last quarter. Hedge funds and other institutional investors own 92.03% 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 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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