Oclaro (OCLR) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Oclaro (NASDAQ:OCLR) from a buy rating to a hold rating in a research note issued to investors on Thursday.

According to Zacks, “Oclaro, with headquarters in San Jose, California, is a tier 1 provider of high performance optical components, modules and subsystems to the telecommunications market, and is one of the largest providers to metro and long haul network applications. Oclaro, the result of the combination of Bookham, Inc. and Avanex Corporation, leverages proprietary core technologies and vertically integrated product development to provide its customers with cost-effective and innovative optical devices, modules and subsystems. Its photonic technologies also serve selected potential high growth markets, including industrial, defense, life sciences, semiconductor, and scientific, with diversification providing both significant potential revenue streams and strategic technological advantage. Oclaro is a global company, with leading chip fabrication facilities in the UK, Switzerland and Italy, and manufacturing sites in the US, Thailand and China. “

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OCLR has been the topic of a number of other research reports. Morgan Stanley upped their price objective on Oclaro from $8.00 to $10.00 and gave the stock a hold rating in a research report on Wednesday, April 11th. Loop Capital initiated coverage on Oclaro in a research report on Monday, January 29th. They set a buy rating and a $10.00 price objective on the stock. Stifel Nicolaus cut their price objective on Oclaro from $10.00 to $8.50 and set a buy rating on the stock in a research report on Wednesday, January 24th. ValuEngine lowered Oclaro from a buy rating to a hold rating in a research report on Friday, February 2nd. Finally, UBS raised Oclaro from a sell rating to a neutral rating and set a $10.00 price objective on the stock in a research report on Wednesday, March 14th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $10.67.

NASDAQ OCLR traded up $0.09 on Thursday, reaching $8.27. The stock had a trading volume of 773,230 shares, compared to its average volume of 6,260,488. The firm has a market cap of $1,431.70, a price-to-earnings ratio of 11.03, a PEG ratio of 1.50 and a beta of 0.72. Oclaro has a 12-month low of $5.61 and a 12-month high of $10.93.

Oclaro (NASDAQ:OCLR) last announced its earnings results on Monday, February 5th. The semiconductor company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $139.30 million for the quarter, compared to analyst estimates of $138.83 million. Oclaro had a return on equity of 23.17% and a net margin of 23.00%. The firm’s quarterly revenue was down 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.21 earnings per share. analysts predict that Oclaro will post 0.43 EPS for the current fiscal year.

In related news, EVP David Teichmann sold 24,962 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $6.41, for a total transaction of $160,006.42. Following the completion of the transaction, the executive vice president now owns 349,305 shares in the company, valued at $2,239,045.05. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Lisa Paul sold 5,000 shares of the business’s stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $10.10, for a total transaction of $50,500.00. Following the transaction, the executive vice president now owns 216,886 shares of the company’s stock, valued at approximately $2,190,548.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 119,436 shares of company stock valued at $1,088,446. Insiders own 2.00% of the company’s stock.

Several hedge funds have recently modified their holdings of OCLR. Victory Capital Management Inc. grew its stake in shares of Oclaro by 952.3% during the fourth quarter. Victory Capital Management Inc. now owns 2,807,219 shares of the semiconductor company’s stock worth $18,921,000 after purchasing an additional 2,540,457 shares in the last quarter. Divisar Capital Management LLC acquired a new position in shares of Oclaro during the fourth quarter worth $9,268,000. AO Asset Management LP acquired a new position in shares of Oclaro during the fourth quarter worth $6,674,000. TIAA CREF Investment Management LLC grew its stake in shares of Oclaro by 118.0% during the fourth quarter. TIAA CREF Investment Management LLC now owns 1,772,570 shares of the semiconductor company’s stock worth $11,947,000 after purchasing an additional 959,593 shares in the last quarter. Finally, SG Capital Management LLC acquired a new position in shares of Oclaro during the fourth quarter worth $4,841,000. Hedge funds and other institutional investors own 68.49% of the company’s stock.

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About Oclaro

Oclaro, Inc designs, manufactures, and markets optical components, modules, and subsystems for the long-haul, metro, and data center markets worldwide. The company's products generate, detect, combine, and separate light signals in optical communications networks. It offers client side transceivers, including pluggable transceivers; line side transceivers; tunable laser transmitters, such as discrete lasers and co-packaged laser modulators; lithium niobate modulators to manipulate the phase or the amplitude of an optical signal; transponder modules for transmitter and receiver functions; and discrete lasers and receivers for metro and long-haul applications.

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