First Trust Advisors LP reduced its position in II-VI, Inc. (NASDAQ:IIVI) by 37.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 38,921 shares of the scientific and technical instruments company’s stock after selling 23,485 shares during the period. First Trust Advisors LP owned 0.06% of II-VI worth $1,691,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IIVI. Carillon Tower Advisers Inc. bought a new position in shares of II-VI in the 1st quarter worth $7,064,000. Emerald Mutual Fund Advisers Trust boosted its position in shares of II-VI by 25.9% in the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 382,540 shares of the scientific and technical instruments company’s stock worth $16,621,000 after purchasing an additional 78,580 shares during the last quarter. Emerald Advisers Inc. PA lifted its holdings in II-VI by 18.6% during the second quarter. Emerald Advisers Inc. PA now owns 437,587 shares of the scientific and technical instruments company’s stock worth $19,013,000 after acquiring an additional 68,582 shares in the last quarter. Firsthand Capital Management Inc. bought a new position in II-VI during the first quarter worth about $2,045,000. Finally, Alps Advisors Inc. bought a new position in II-VI during the second quarter worth about $579,000. 92.73% of the stock is owned by institutional investors.
Shares of II-VI stock traded down $3.44 during trading on Friday, reaching $39.95. The stock had a trading volume of 1,733,654 shares, compared to its average volume of 711,504. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 23.23, a price-to-earnings-growth ratio of 1.43 and a beta of 0.23. II-VI, Inc. has a 52 week low of $36.60 and a 52 week high of $53.08. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.22 and a quick ratio of 2.17.
II-VI (NASDAQ:IIVI) last issued its quarterly earnings results on Tuesday, August 7th. The scientific and technical instruments company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.13. The company had revenue of $321.10 million for the quarter, compared to analyst estimates of $301.45 million. II-VI had a return on equity of 10.09% and a net margin of 7.59%. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 earnings per share. On average, equities analysts expect that II-VI, Inc. will post 1.94 EPS for the current year.
Several research firms have weighed in on IIVI. B. Riley lowered II-VI from a “buy” rating to a “neutral” rating and set a $54.00 target price on the stock. in a report on Tuesday, September 4th. Deutsche Bank began coverage on II-VI in a report on Monday, August 27th. They set a “buy” rating and a $58.00 target price on the stock. BidaskClub upgraded II-VI from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. Morgan Stanley set a $48.00 target price on II-VI and gave the stock a “hold” rating in a report on Wednesday, August 8th. Finally, Cowen reiterated a “buy” rating and set a $64.00 target price on shares of II-VI in a report on Wednesday, August 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $53.69.
In other II-VI news, VP David G. Wagner sold 4,833 shares of the business’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $49.00, for a total transaction of $236,817.00. Following the transaction, the vice president now owns 65,211 shares of the company’s stock, valued at $3,195,339. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP David G. Wagner sold 33,076 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $48.01, for a total value of $1,587,978.76. Following the completion of the transaction, the vice president now directly owns 71,578 shares in the company, valued at approximately $3,436,459.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 97,074 shares of company stock worth $4,439,836. Corporate insiders own 4.00% of the company’s stock.
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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