Zacks Investment Research cut shares of II-VI Incorporated (NASDAQ:IIVI) from a strong-buy rating to a hold rating in a research report released on Wednesday.

According to Zacks, “II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. The Company’s infrared optics business manufactures optical and opto-electronic components sold under the II-VI brand name and used primarily in CO2 lasers. The Company’s near-infrared optics business manufactures near-infrared & visible light products for industrial, scientific, military & medical instruments and laser gain materials and products for solid-state YAG and YLF lasers at the Company’s VLOC subsidiary. The Company’s military infrared optics business manufactures infrared products for military applications under the Exotic Electro-Optics brand name. “

Several other research firms have also issued reports on IIVI. B. Riley lowered II-VI from a buy rating to a neutral rating and boosted their price target for the company from $35.75 to $39.50 in a report on Wednesday, July 26th. Craig Hallum began coverage on II-VI in a report on Monday, July 24th. They set a buy rating and a $50.00 price target for the company. Benchmark Co. boosted their price target on II-VI from $40.00 to $44.00 and gave the company a buy rating in a report on Tuesday, August 8th. BidaskClub lowered II-VI from a buy rating to a hold rating in a research note on Monday, July 31st. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $45.00 price objective (up previously from $40.00) on shares of II-VI in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. II-VI presently has an average rating of Buy and a consensus target price of $44.92.

Shares of II-VI (IIVI) opened at 41.35 on Wednesday. The company’s 50-day moving average price is $39.28 and its 200-day moving average price is $35.38. The stock has a market cap of $2.62 billion, a PE ratio of 27.94 and a beta of 0.10. II-VI has a one year low of $25.40 and a one year high of $42.50.

II-VI (NASDAQ:IIVI) last released its quarterly earnings results on Monday, August 7th. The scientific and technical instruments company reported $0.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.17. II-VI had a return on equity of 12.94% and a net margin of 9.80%. The business had revenue of $273.70 million during the quarter, compared to analyst estimates of $249.90 million. During the same quarter in the previous year, the company posted $0.40 earnings per share. II-VI’s revenue for the quarter was up 13.4% on a year-over-year basis. Equities research analysts anticipate that II-VI will post $1.83 earnings per share for the current year.

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In other news, Director Francis J. Kramer sold 25,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $42.00, for a total value of $1,050,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.80% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of II-VI by 91.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,764 shares of the scientific and technical instruments company’s stock worth $100,000 after buying an additional 1,322 shares in the last quarter. Mutual of America Capital Management LLC purchased a new stake in shares of II-VI in the first quarter worth about $180,000. Ameritas Investment Partners Inc. purchased a new stake in shares of II-VI in the first quarter worth about $185,000. FNY Partners Fund LP purchased a new stake in shares of II-VI in the first quarter worth about $216,000. Finally, Pinebridge Investments L.P. lifted its position in shares of II-VI by 1.9% in the second quarter. Pinebridge Investments L.P. now owns 7,237 shares of the scientific and technical instruments company’s stock worth $249,000 after buying an additional 137 shares in the last quarter. Institutional investors own 78.25% of the company’s stock.

About II-VI

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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Analyst Recommendations for II-VI (NASDAQ:IIVI)

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