Goldman Sachs Group Inc. lowered its stake in II-VI, Inc. (NASDAQ:IIVI) by 3.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,209,396 shares of the scientific and technical instruments company’s stock after selling 40,448 shares during the quarter. Goldman Sachs Group Inc. owned about 1.94% of II-VI worth $56,782,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of IIVI. Stone Ridge Asset Management LLC acquired a new position in shares of II-VI in the 4th quarter valued at $210,000. Suntrust Banks Inc. acquired a new position in shares of II-VI in the 4th quarter valued at $212,000. US Bancorp DE lifted its stake in shares of II-VI by 43.3% in the 4th quarter. US Bancorp DE now owns 4,891 shares of the scientific and technical instruments company’s stock valued at $229,000 after purchasing an additional 1,477 shares during the period. Granite Point Capital Management L.P. acquired a new position in shares of II-VI in the 4th quarter valued at $282,000. Finally, Affinity Investment Advisors LLC acquired a new position in shares of II-VI in the 4th quarter valued at $302,000. 89.26% of the stock is currently owned by institutional investors.
Several analysts recently commented on IIVI shares. ValuEngine raised II-VI from a “hold” rating to a “buy” rating in a research note on Wednesday. Morgan Stanley started coverage on II-VI in a research note on Friday, March 9th. They set an “overweight” rating and a $46.00 price objective on the stock. BidaskClub downgraded II-VI from a “hold” rating to a “sell” rating in a research note on Saturday, February 10th. Loop Capital started coverage on II-VI in a research note on Monday, January 29th. They set a “buy” rating and a $70.00 price objective on the stock. Finally, Northland Securities reaffirmed a “hold” rating and set a $45.00 price objective on shares of II-VI in a research note on Friday, February 2nd. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $51.86.
II-VI (NASDAQ:IIVI) last released its quarterly earnings results on Thursday, February 1st. The scientific and technical instruments company reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.02. II-VI had a return on equity of 11.10% and a net margin of 8.08%. The firm had revenue of $281.50 million for the quarter, compared to the consensus estimate of $277.16 million. During the same quarter last year, the business posted $0.49 EPS. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. equities research analysts forecast that II-VI, Inc. will post 1.55 earnings per share for the current fiscal year.
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II-VI Company Profile
II-VI Incorporated develops and manufactures engineered materials, optoelectronic components and products. The Company has three segments: II-VI Laser Solutions, II-VI Photonics and II-VI Performance Products. The II-VI Laser Solutions segment designs, manufactures and markets optical and electro-optical components and materials sold under the II-VI Infrared brand name and used in carbon dioxide (CO2) lasers, fiber-delivered beam delivery systems and processing tools and direct diode lasers for industrial lasers sold under the II-VI HIGHYAG and II-VI Laser Enterprise brand names.
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