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II-VI Incorporated Hits 52-Week High on Bright Prospects
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Shares of II-VI Incorporated reached a new 52-week high of $32.45 during its trading session on Dec 13. This apex improved upon the last 52-week high of $31.95 on Nov 29.
Post the release of first-quarter fiscal 2017 (ended Sep 2016) results on Oct 25, shares of II-VI Incorporated yielded 22% return, outperforming the return of 7% generated by the Zacks categorized Machinery Electrical industry.
Also, the company closed its trading session at $32.15, yielding fiscal year-to-date return of roughly 71.4%. The trading volume for the session was 0.71 million shares. Positive earnings estimate revisions for fiscal 2017 and fiscal 2018 indicate the stock’s potential for further price appreciation.
Growth Drivers
In the last four quarters, II-VI Incorporated reported better-than-expected results, with an average positive earnings surprise of 39.80%. In the first quarter, the company benefited from healthy sales in the optical communications market. Earnings of 35 cents per share outpaced the Zacks Consensus Estimate of 23 cents by 52.17%.
In the quarter, the company made investments to expand its technology platforms, aimed at capturing demand in emerging markets as 3D sensing, power electronics and data center interconnects. For second-quarter fiscal 2017, the company anticipates earnings to be within 24−29 cents per share while sales are predicted to be $220−$230 million. These forecasts are above the revenue of $191.4 million and earnings of 30 cents per share generated in the year-ago quarter.
In Dec 2016, II-VI Incorporated’s unit II-VI Marlow signed an agreement with Digi-Key Electronics for its thermoelectric components, sub-assemblies and systems while its other division, II-VI M Cubed Technologies unveiled its new product family of advanced material, CogentuM™. In addition, the company’s II-VI EpiWorks Division announced major expansion plans. The unit is developing a state-of-the-art production facility in Champaign, IL, with expansion likely to be completed by mid-2017. We believe such initiatives will be a boon for the company in the quarters ahead.
Estimate Revisions Show Potency
Over the last 60 days, the Zacks Consensus Estimate for II-VI Incorporated grew 1.9% to $1.08 per share for fiscal 2017 and by 5.6% to $1.51 per share for fiscal 2018. The estimates for fiscal 2018 represent year-over-year growth of 39.8%.
With a market capitalization of $2 billion, II-VI Incorporated currently sports a Zacks Rank #1 (Strong Buy). Other stocks worth mentioning in the machinery industry include Enersys Inc. (ENS - Free Report) , Broadwind Energy, Inc. (BWEN - Free Report) and Applied Industrial Technologies, Inc. (AIT - Free Report) . While Enersys sports a Zacks Rank #1, both Broadwind Energy and Applied Industrial Technologies carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Enersys Inc’s earnings estimates for fiscal 2017 improved over the last 60 days. It has an average positive earnings surprise of 3.01% for the trailing four quarters.
Broadwind Energy’s bottom-line expectations for 2016 and 2017 have improved over the past 60 days.
Applied Industrial Technologies’ earnings estimates for fiscal 2017 and fiscal 2018 have been revised upward over the last 60 days. Average earnings surprise for the last four quarters is a positive 4.93%.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 ""Strong Buy"" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 ""Strong Sells"" and other private research. See these stocks free >>
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II-VI Incorporated Hits 52-Week High on Bright Prospects
Shares of II-VI Incorporated reached a new 52-week high of $32.45 during its trading session on Dec 13. This apex improved upon the last 52-week high of $31.95 on Nov 29.
Post the release of first-quarter fiscal 2017 (ended Sep 2016) results on Oct 25, shares of II-VI Incorporated yielded 22% return, outperforming the return of 7% generated by the Zacks categorized Machinery Electrical industry.
Also, the company closed its trading session at $32.15, yielding fiscal year-to-date return of roughly 71.4%. The trading volume for the session was 0.71 million shares. Positive earnings estimate revisions for fiscal 2017 and fiscal 2018 indicate the stock’s potential for further price appreciation.
Growth Drivers
In the last four quarters, II-VI Incorporated reported better-than-expected results, with an average positive earnings surprise of 39.80%. In the first quarter, the company benefited from healthy sales in the optical communications market. Earnings of 35 cents per share outpaced the Zacks Consensus Estimate of 23 cents by 52.17%.
In the quarter, the company made investments to expand its technology platforms, aimed at capturing demand in emerging markets as 3D sensing, power electronics and data center interconnects. For second-quarter fiscal 2017, the company anticipates earnings to be within 24−29 cents per share while sales are predicted to be $220−$230 million. These forecasts are above the revenue of $191.4 million and earnings of 30 cents per share generated in the year-ago quarter.
In Dec 2016, II-VI Incorporated’s unit II-VI Marlow signed an agreement with Digi-Key Electronics for its thermoelectric components, sub-assemblies and systems while its other division, II-VI M Cubed Technologies unveiled its new product family of advanced material, CogentuM™. In addition, the company’s II-VI EpiWorks Division announced major expansion plans. The unit is developing a state-of-the-art production facility in Champaign, IL, with expansion likely to be completed by mid-2017. We believe such initiatives will be a boon for the company in the quarters ahead.
Estimate Revisions Show Potency
Over the last 60 days, the Zacks Consensus Estimate for II-VI Incorporated grew 1.9% to $1.08 per share for fiscal 2017 and by 5.6% to $1.51 per share for fiscal 2018. The estimates for fiscal 2018 represent year-over-year growth of 39.8%.
II-VI INCORP Price and Consensus
II-VI INCORP Price and Consensus | II-VI INCORP Quote
With a market capitalization of $2 billion, II-VI Incorporated currently sports a Zacks Rank #1 (Strong Buy). Other stocks worth mentioning in the machinery industry include Enersys Inc. (ENS - Free Report) , Broadwind Energy, Inc. (BWEN - Free Report) and Applied Industrial Technologies, Inc. (AIT - Free Report) . While Enersys sports a Zacks Rank #1, both Broadwind Energy and Applied Industrial Technologies carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Enersys Inc’s earnings estimates for fiscal 2017 improved over the last 60 days. It has an average positive earnings surprise of 3.01% for the trailing four quarters.
Broadwind Energy’s bottom-line expectations for 2016 and 2017 have improved over the past 60 days.
Applied Industrial Technologies’ earnings estimates for fiscal 2017 and fiscal 2018 have been revised upward over the last 60 days. Average earnings surprise for the last four quarters is a positive 4.93%.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 ""Strong Buy"" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 ""Strong Sells"" and other private research. See these stocks free >>