II-VI Incorporated (NASDAQ: IIVI) Is Getting Increasingly Hard To Ignore

DE Stock
DE Stock

Wellington Management Co. LLP recently announced the acquisition of new stake in II-VI Incorporated (NASDAQ:IIVI). The institutional investor has increased its shareholding in the Technology company by 10.21% to 11.51 million shares with purchase of 1.07 million shares. This fresh investment now brings its stake to 11.18% valued currently at $583.7 million. In addition, Fidelity Management & Research Co.. raised its holdings by 1.64 million to 9.37 million shares. And BlackRock Fund Advisors has lifted its position by 0.07% or 6380.0 shares – to 9.06 million shares.

With over 1.94 million II-VI Incorporated (IIVI) shares trading Tuesday and a closing price of $43.09 on the day, the dollar volume was approximately $83.59 million. The shares have shown a positive weekly performance of 2.45% and its price on 09/01/20 lost nearly -3.17%. Currently, there are 103.67M common shares owned by the public and among those 100.12M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for IIVI have a consensus price objective of $55.77. The analysts have set the share’s price value over the next 12 months at a high of $67.00 and a low of $43.00 should the stock experience a downside. Incidentally, analysts’ outlook for the II-VI Incorporated stock is 2.20 for the next 12 months. The average price target is 23.0% above its last price level and an upside to the estimated low will see the stock lose -0.21% over that period. But an upside of 35.69% will see the stock hit the forecast high price target while mean target price for the stock is $58.00.

Insiders at the company have transacted a total of 65 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 28 of these insider trades were purchases, accounting for 413,620 shares. Insider sales of the common stock occurred on 37 occasions, with total insider shares sold totaling 331,428 shares.

The top 3 mutual fund holders in II-VI Incorporated are Hartford Mid Cap Fund, Fidelity Blue Chip Growth Fund, and Vanguard Total Stock Market Index. Hartford Mid Cap Fund owns 6.14 million shares of the company’s stock, all valued at over $311.25 million. The company sold 23859.0 shares recently to bring their total holdings to about 5.96% of the shares outstanding. Fidelity Blue Chip Growth Fund bought 0.35 million shares to see its total holdings expand to 2.85 million shares valued at over $144.44 million and representing 2.77% of the shares outstanding. Vanguard Total Stock Market Index bought 0.25 million shares to bring its total holdings to over 2.72 million shares at a value of $138.04 million. Vanguard Total Stock Market Index now owns shares totaling to 2.64% of the shares outstanding.

Shares of II-VI Incorporated (NASDAQ: IIVI) opened at $44.55, up $0.05 from a prior closing price of $44.50. However, the script later closed the day at $43.09, down -3.17%. The company’s stock has a 5-day price change of 2.45% and -12.51% over the past three months. IIVI shares are trading 27.98% year to date (YTD), with the 12-month market performance up to 16.40% higher. It has a 12-month low price of $19.00 and touched a high of $52.97 over the same period. Currently, 1.94 million shares have been traded, compared to an average intraday trading volume of 2.03 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -8.17%, -7.81%, and 15.16% respectively.

Institutional ownership of II-VI Incorporated (NASDAQ: IIVI) shares accounts for 88.10% of the company’s 103.67M shares outstanding. Mutual fund holders own 55.65%, while other institutional holders and individual stakeholders account for 9.70% and 32.03% respectively.

It has a market capitalization of $4.26B and a beta (3y monthly) value of 1.20. The earnings-per-share (ttm) stands at -$0.85. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.99% over the week and 4.58% over the month.

Analysts forecast that II-VI Incorporated (IIVI) will achieve an EPS of $0.55 for the current quarter, $0.65 for the next quarter and $3.26 for 2022. The lowest estimate earnings-per-share for the quarter is $0.51 while analysts give the company a high EPS estimate of $0.6. Comparatively, EPS for the current quarter was $0.57 a year ago. Earnings per share for the fiscal year are expected to increase by 10.90%, and 26.50% over the next financial year. EPS should shrink at an annualized rate of 15.42% over the next five years, compared to 22.10% over the past 5-year period.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate II-VI Incorporated (IIVI) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 5 of the 16 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the IIVI, a number of firms have released research notes about the stock. Northland Capital stated their Market Perform rating for the stock in a research note on August 14, 2020, with the firm’s price target at. Loop Capital coverage for the II-VI Incorporated (IIVI) stock in a research note released on July 23, 2020 offered a Buy rating with a price target of. Needham was of a view on May 12, 2020 that the stock is Buy, while Barclays gave the stock Overweight rating on March 23, 2020, issuing a price target of $31. Northland Capital on their part issued Outperform rating on March 16, 2020.


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