II-VI (NASDAQ:IIVI) Shares Gap Down on Disappointing Earnings

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II-VI, Inc. (NASDAQ:IIVI)’s share price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $31.96, but opened at $32.48. II-VI shares last traded at $30.60, with a volume of 146,272 shares changing hands.

The scientific and technical instruments company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.03). The firm had revenue of $340.40 million for the quarter, compared to analysts’ expectations of $335.73 million. II-VI had a return on equity of 10.37% and a net margin of 7.89%. II-VI’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period last year, the firm earned $0.56 earnings per share.

A number of equities research analysts have recently issued reports on IIVI shares. BTIG Research set a $31.00 price target on shares of II-VI and gave the company a “buy” rating in a research note on Friday, August 9th. Northland Securities reissued a “hold” rating and issued a $30.00 price target on shares of II-VI in a research note on Tuesday. Raymond James started coverage on shares of II-VI in a research note on Friday, November 8th. They issued an “outperform” rating and a $44.00 price target on the stock. BidaskClub raised shares of II-VI from a “sell” rating to a “hold” rating in a research note on Saturday, November 2nd. Finally, Needham & Company LLC reduced their price target on shares of II-VI from $46.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $42.42.

In related news, Director Marc Y. E. Pelaez sold 1,000 shares of II-VI stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $40.72, for a total value of $40,720.00. Following the completion of the transaction, the director now owns 64,082 shares in the company, valued at $2,609,419.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mary Jane Raymond sold 16,000 shares of II-VI stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $39.25, for a total transaction of $628,000.00. Following the completion of the transaction, the chief financial officer now owns 48,427 shares of the company’s stock, valued at approximately $1,900,759.75. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of II-VI by 0.8% in the second quarter. Vanguard Group Inc. now owns 6,419,698 shares of the scientific and technical instruments company’s stock valued at $234,704,000 after purchasing an additional 48,000 shares in the last quarter. Mason Street Advisors LLC grew its holdings in shares of II-VI by 26,780.6% in the third quarter. Mason Street Advisors LLC now owns 5,357,579 shares of the scientific and technical instruments company’s stock valued at $1,886,000 after purchasing an additional 5,337,648 shares in the last quarter. Macquarie Group Ltd. grew its holdings in shares of II-VI by 7.3% in the second quarter. Macquarie Group Ltd. now owns 1,764,690 shares of the scientific and technical instruments company’s stock valued at $64,518,000 after purchasing an additional 120,140 shares in the last quarter. Invesco Ltd. grew its holdings in shares of II-VI by 1.2% in the second quarter. Invesco Ltd. now owns 1,322,955 shares of the scientific and technical instruments company’s stock valued at $48,367,000 after purchasing an additional 15,898 shares in the last quarter. Finally, Robecosam AG grew its holdings in shares of II-VI by 14.1% in the third quarter. Robecosam AG now owns 1,264,000 shares of the scientific and technical instruments company’s stock valued at $45,896,000 after purchasing an additional 156,000 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

The company has a quick ratio of 1.91, a current ratio of 3.00 and a debt-to-equity ratio of 0.39. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of 18.72 and a beta of 1.02. The business’s fifty day moving average is $33.65 and its two-hundred day moving average is $36.02.

II-VI Company Profile (NASDAQ:IIVI)

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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