Intevac, Inc. (IVAC) Receives $5.83 Average Price Target from Brokerages
Shares of Intevac, Inc. (NASDAQ:IVAC) have received a consensus recommendation of “Hold” from the seven research firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $5.83.
A number of equities research analysts have recently commented on IVAC shares. ValuEngine downgraded shares of Intevac from a “hold” rating to a “sell” rating in a report on Wednesday, July 4th. Zacks Investment Research upgraded shares of Intevac from a “sell” rating to a “hold” rating in a report on Wednesday, July 4th. Benchmark upgraded shares of Intevac from a “hold” rating to a “buy” rating and set a $6.00 price target for the company in a report on Tuesday, July 31st. Noble Financial reiterated a “hold” rating on shares of Intevac in a report on Tuesday, July 31st. Finally, B. Riley lowered their price target on shares of Intevac from $6.50 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, July 31st.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC purchased a new stake in shares of Intevac during the second quarter worth about $113,000. Millennium Management LLC acquired a new stake in shares of Intevac in the second quarter worth approximately $728,000. Paloma Partners Management Co acquired a new stake in shares of Intevac in the second quarter worth approximately $472,000. Laurion Capital Management LP acquired a new stake in shares of Intevac in the second quarter worth approximately $134,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Intevac by 24.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,231,623 shares of the electronics maker’s stock worth $5,973,000 after acquiring an additional 242,655 shares during the last quarter. Institutional investors and hedge funds own 63.22% of the company’s stock.
Intevac (NASDAQ:IVAC) last posted its earnings results on Monday, July 30th. The electronics maker reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.11. The firm had revenue of $26.10 million during the quarter, compared to the consensus estimate of $24.75 million. Intevac had a negative net margin of 4.30% and a negative return on equity of 5.40%. During the same period last year, the firm posted $0.05 EPS. equities research analysts anticipate that Intevac will post -0.25 earnings per share for the current fiscal year.
Intevac announced that its Board of Directors has approved a share repurchase program on Monday, August 20th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the electronics maker to purchase up to 8.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Intevac, Inc provides vacuum deposition equipment for various thin-film applications, and digital night-vision technologies and products to the defense industry in the United States, Asia, Europe, and internationally. It operates in two segments, Thin-Film Equipment and Photonics. The Thin-film Equipment segment designs, manufactures, markets, and services disk sputtering, etch and deposition, and disk lubrication systems; and offers upgrades, spares, and consumables, as well as provides process and applications support, customer training, installation, start-up assistance, and post-installation support services.
Further Reading: Hedge Funds Explained
Receive News & Ratings for Intevac Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intevac and related companies with MarketBeat.com's FREE daily email newsletter.