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Benchmark Increases II-VI (NASDAQ:IIVI) Price Target to $105.00
February 8th, 2021 by Tyrone Williams
 II-VI (NASDAQ:IIVI) had its price target upped by Benchmark from $85.00 to $105.00 in a report released on Thursday morning, The Fly reports. The firm currently has a buy rating on the scientific and technical instruments company’s stock.
Other equities research analysts also recently issued reports about the stock. Needham & Company LLC raised their target price on shares of II-VI from $71.00 to $98.00 and gave the company a buy rating in a research note on Tuesday, January 19th. Bank of America initiated coverage on shares of II-VI in a research note on Thursday, October 15th. They issued a buy rating and a $60.00 target price for the company. JPMorgan Chase & Co. raised their target price on shares of II-VI from $51.00 to $65.00 and gave the company an overweight rating in a research note on Friday, November 6th. Canaccord Genuity raised their target price on shares of II-VI from $67.00 to $86.00 and gave the company a buy rating in a research note on Friday, November 6th. Finally, Loop Capital increased their price target on shares of II-VI from $66.00 to $87.00 and gave the company a buy rating in a report on Wednesday, December 9th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $73.73.
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II-VI stock opened at $88.00 on Thursday. The firm has a 50-day moving average of $83.35 and a 200-day moving average of $58.60. II-VI has a one year low of $19.00 and a one year high of $96.22. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.09 and a quick ratio of 2.10. The company has a market cap of $9.13 billion, a price-to-earnings ratio of -799.93, a P/E/G ratio of 1.62 and a beta of 1.48.
II-VI (NASDAQ:IIVI) last posted its quarterly earnings data on Thursday, November 5th. The scientific and technical instruments company reported $0.84 EPS for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.29. II-VI had a net margin of 0.19% and a return on equity of 0.24%. The company had revenue of $728.10 million during the quarter, compared to the consensus estimate of $728.86 million. During the same period in the prior year, the business posted $0.57 EPS. The company’s quarterly revenue was up 113.9% on a year-over-year basis. As a group, sell-side analysts expect that II-VI will post 2.98 earnings per share for the current year.
In related news, insider Giovanni Barbarossa sold 104,741 shares of the stock in a transaction that occurred on Monday, November 16th. The shares were sold at an average price of $59.62, for a total transaction of $6,244,658.42. Following the sale, the insider now owns 117,175 shares in the company, valued at approximately $6,985,973.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Howard H. Xia sold 8,620 shares of the stock in a transaction that occurred on Thursday, November 12th. The stock was sold at an average price of $58.54, for a total transaction of $504,614.80. Insiders have sold 378,337 shares of company stock worth $24,037,891 over the last ninety days. Insiders own 2.80% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC boosted its position in shares of II-VI by 822.2% during the 4th quarter. SG Americas Securities LLC now owns 48,971 shares of the scientific and technical instruments company’s stock worth $3,720,000 after acquiring an additional 43,661 shares in the last quarter. Gemmer Asset Management LLC boosted its position in II-VI by 132.5% in the fourth quarter. Gemmer Asset Management LLC now owns 351 shares of the scientific and technical instruments company’s stock valued at $27,000 after buying an additional 200 shares in the last quarter. Scout Investments Inc. boosted its position in II-VI by 2.9% in the fourth quarter. Scout Investments Inc. now owns 195,565 shares of the scientific and technical instruments company’s stock valued at $14,855,000 after buying an additional 5,600 shares in the last quarter. Icon Advisers Inc. Co. boosted its position in II-VI by 30.6% in the third quarter. Icon Advisers Inc. Co. now owns 79,900 shares of the scientific and technical instruments company’s stock valued at $3,241,000 after buying an additional 18,700 shares in the last quarter. Finally, Amalgamated Bank boosted its position in II-VI by 8.8% in the third quarter. Amalgamated Bank now owns 15,673 shares of the scientific and technical instruments company’s stock valued at $636,000 after buying an additional 1,263 shares in the last quarter. Institutional investors and hedge funds own 95.18% 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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