03-06-2017: II-VI Incorporated (IIVI): Bright Future in Infrared Optical Crystalline Compounds

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Recommendation

II-VI Incorporated

II-VI is a manufacturer of materials used in semiconductor and electronics applications. These materials are used for laser applications, optical components, and semiconductor chips. The company has a very good website explaining its products in non-technical terms. It carries a traditional CEO message which always pleases us. Analysts like the stock, but some research organizations have reservations for various reasons, New Constructs considering the stock "dangerous" because of what it labels "free cash flow yield" and "growth appreciation period." Market Grader and Standard & Poor's both do not rate the stock as a "buy." Both are looking hard at earnings consistency and erratic growth pattern. Institutions are net acquirers, and Dimensional Fund Advisors is prominent among them, which we think is a very good sign.

We think executives are slightly overcompensated for what might be considered sluggish performance in the use of capital. The stock has a good GMI rating suggesting that it has good accounting procedures and shareholder concern.

News consists mainly about introduction of new innovative products and staying ahead of the competitive curve with a healthy backlog and new contracts.

The company made an acquisition of Marlow Industries in late 2004 which gave it a much broader reach in serving various diversified customers and applications.

The industry group it is in has allowed the company to find a niche which is not too competitive and of moderate strength. The Zenith Index is good to slightly marginal because of the earnings pattern seen by other researchers.

Overall, we would sum this up as a fairly low-risk buy-and-hold stock. The Wall Street Analyzer "Fredic" method suggests however that the stock can be successfully traded in-and-out frequently with the right indicator.

The company's own assessment of its bright future seems reasonable to accept. It is in the forefront of applications for some recently growing industries sufficiently diversified to allow for further growth, particular in the laser field.

The name of the company is devised from Roman numerals "2" and "6" relating to Columns 2 and 6 of the periodic table of the elements, which contain elements used frequently in "infrared optical crystalline compounds." 



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

II-VI Incorporated (IIVI)                                 Exchange: Nasdaq
375 Saxonburg Boulevard
Saxonburg, PA 16056              Sector: Technology
United States                    Industry:Scientific & Technical Instrumen

II-VI Incorporated develops, manufactures, and sells engineered
materials and optoelectronic components and products worldwide. It
operates through three segments: II-VI Laser Solutions, II-VI Photonics,
and II-VI Performance Products. The company offers precision infrared
optoelectronic components, such as lenses, output couplers, windows,
mirrors, and scan-lenses for use in CO2 and fiber lasers; and tools for
laser materials processing, including modular laser processing heads for
fiber lasers, direct diode lasers, and other one-micron laser systems,
as well as fiber optic cables and modular beam systems. It also provides
semiconductor laser and low-power polarization locked laser diodes
products; laser cutting machines; laser gain materials, optics, optical
components, and optical module assemblies; crystal components; and solid
state and fiber lasers. In addition, the company offers assemblies,
modules, transceivers, and monitor products; pump laser diodes; optical
modules; optical components and assemblies for ultraviolet, visible, and
infrared systems, such as windows, domes, laser rods and optics, and
related sub-assemblies; and zinc sulfide, gallium arsenide, yttrium
aluminum garnet, yttrium lithium fluoride, calcium fluoride, selenium,
telluride, bismuth telluride, and silicon. Further, it provides
thermoelectric modules and assemblies; metal matrix composites and
reaction bonded ceramics products; and single crystal silicon carbide
substrates, and polycrystalline chemical vapor deposition diamond
materials. The company markets and sells its products through a direct
sales force, representatives, and distributors. II-VI Incorporated was
founded in 1971 and is headquartered in Saxonburg, Pennsylvania.

Last Trade:  36.65                           52-Week Range:  41.10 -  17.76
Employees: 8,927                             Avg.Volume:     500,783 Shares

Corporate Governance:
Pillar scores are Audit: 2; Board: 4; Shareholder Rights: 5; Compensation: 2.
         (A lower number means less governance risk.)

EPS:  1.09    Dividend Amount: $ 0.00          Yield:  0.00%
             Ex-Dividend Date: N/A             Payout Ratio:   0.00

Key Statistics:

    Trailing P/E:  33.10              Forward P/E (est.):  21.39
                                           Target Price:  41.08

Qrtly Stock Price Growth (yoy):  66.97%               Beta:   0.08
Qrtly S&P Index   Growth (yoy):  21.10%        Short Ratio:   1.09%
    Qrtly Revenue Growth (yoy):  22.64%         Shares Out:  62560000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  13.10                    Debt/Equity:  35.15%
    Price/Book Value:   2.76        Operating Profit Margin:  12.75%
         Price/Sales:   2.51                  Profit Margin:   7.72%
         Market Cap:   2,260,000,000       Return on Equity:   8.84%
    Enterprise Value:   2,330,000,000      Return on Assets:   6.14%

    Operating Cash Flow:    119,360,000
         Free Cash Flow:     26,080,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             06/30/2016  06/30/2015   6/30/2014

  Total Revenue                                827,216     741,961     683,261
  Cost of Revenue                              514,403     470,363     456,545
  Gross Profit                                 312,813     271,598     226,716

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative            160,646     143,539     137,707
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                           0           0           0

Operating Income or Loss                        91,813      76,799      46,486

Income from Continuing Operations:
  Total Other Income/Expenses Net                1,223       6,176       3,634
  Earnings Before Interest & Taxes              93,036      82,975      50,120
  Interest Expense                               3,081       3,863       4,479
  Income Before Taxes                           89,955      79,112      45,641
  Income Tax Expense                            24,469      13,137       7,325
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s                 65,486      65,975      38,316

Non-recurring Events:
  Discontinued Operations                            0           0         133
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                    65,486      65,975      38,449
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares               65,486      65,975      38,449



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         06/30/2016    06/30/2015     6/30/2014

  Net Income                                65,486        65,975        38,316

Operating Activities:
  Depreciation                              56,663        53,083        53,098
  Adjustments to Net Income                  9,983        10,418         7,130
  Changes in Accounts Recv'bls             -20,770       -10,742       -28,486
  Changes in Liabilities                    19,131         7,650        13,531
  Changes in Investories                    -8,650        -4,207        12,794
  Changes in other Oper'g Acts               1,127         7,189        -2,251

Total Cash Flow f Operations               122,970       129,366        95,462

Investing Activities:
  Capital Exenditures                      -58,170       -52,313       -29,220
  Investments                                    0             0             0
  Other Cash Flows fr Investing            -76,996            67      -177,597

Total Cash Flows from Investing           -135,166       -52,246      -206,817

Financing Activities:
  Dividends Paid                                 0             0             0
  Sale of Purchase of Stock                  3,369        -7,533       -24,404
  Net Borrowings                            59,500       -67,850       125,000
  Other Cash Flows fr Financing             -1,417          -681      -177,597

Total Cash Flows from Financing             61,452       -76,064        99,082

  Effect of Exchange Rate Chg               -4,445        -2,082         1,500

Change in Cash & Cash Equiv.                44,811        -1,026       -10,773



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          06/30/2016    06/30/2015     6/30/2014
Current Assets:
  Cash & Cash Equivalents                   218,445       173,634       174,660
  Short Term Investments                          0             0             0
  Net Receivables                           164,817       154,032       147,841
  Inventory                                 175,133       164,388       165,873
  Other Current Assets                       24,568        20,914        17,357
  Total Current Assets                      582,963       512,968       505,731

  Long-Term Investments                      11,354        11,914        11,589
  Property, Plant & Equipt                  242,857       203,812       208,939
  Goodwill                                  233,755       195,894       196,145
  Intangible Assets                         124,590       122,462       136,404
  Accumulated Amortization                        0             0             0
  Other Assets                                9,224         8,904         9,080
  Deferred LT Asset Charges                   7,848         2,210         4,038

Total Assets                              1,212,591     1,058,164     1,071,926

Current Liabilities:
  Accounts Payable                          151,242       119,156       115,065
  Current Portion LT Debt                    20,000        20,000        20,000
  Other Current Liabilities                       0             0             0
  Total Current Liabilities                 171,242       139,156        135,065

  Long Term Debt                            151,242       119,156       115,065
  Other Liabilities                          20,000        20,000        20,000
  Deferred LT Liab. Charges                       0             0             0
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                           426,255       321,978       396,883

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                              243,812       226,609       213,573
  Retained Earnings                         652,788       587,302       521,327
  Treasury Stock                           -100,245       -93,495       -79,263
  Capital Surplus                                 0             0             0
  Other Stockhohlder Equity                 -14,017         8,665        19,406
  Total Stockholder Equity                  782,338       729,081       675,043

Net Tangible Assets                         423,993       410,725       342,494



II-VI Incorporated (IIVI)                   [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            0.8459          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    1.3090
Price/Sales Ratio < 2.3?   0.9163          Inventory/Sales < 5%?      0.2362
Sales < $1 Billion?        1.2089          Operating Margin < 7.5%?   0.5882

Balance Sheet Tests:
Debt/Equity < 0.40?        1.1380          Long-Term Debt Service:    3.0000
LTD Being Reduced?         0.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         1.7022          Working Capital >= 1.5?    0.4465
Leverage Ratio < 20%?      0.5400          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    1.0902
Share Equity Increase:     2.1531          Market Cap.< 1.5 Billion?  0.6637
                                           Intangibles < 3% Assets?   0.1015
Income Tests:
Profit Margin < 7.5%?      1.0293          EPS Annual Growth > 10%?   0.1007
Dividend Yield > 2.0%?     0.0000          EPS 3-yr Growth > 15?      0.0881
Enterprise Value/Revenue   2.7321          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.6188
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  3.0000
Stock Performance Tests:
Volatility > 25%?          2.2715          % Held by Insiders < 5%?   0.3934
Beta > 1.25?               0.0640          % Held by Institut. < 50?  0.6906
50 Da MA > 200 Da MA?      0.5591          % Held by Institut. > 30?  2.4133
52-Wk Change vs. S&P 500:  2.9580          Short Ratio > 5?           0.2180
Price/Book Value < 3?      1.0723          Short % of Float > 20?     0.0455
Return on Assets > 17%?    0.3612          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  3.0000          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  1.9797
                                           Cash Flow / Assets > 10%?  2.6356

IIVI   II-VI Incorporated                  Overall Zenith Index:      1.3710


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Financial Statements

II-VI INC  (IIVI)                           INCOME STATEMENT

Fiscal year ends in June.                            2012-06         2013-06         2014-06         2015-06         2016-06             TTM           

Revenue                                          534,630,016     558,396,032     683,260,992     741,961,024     827,216,000     899,916,992
Cost of revenue                                  341,888,992     360,830,016     456,544,992     470,363,008     514,403,008     547,772,032
Gross profit                                     192,740,992     197,566,000     226,716,000     271,598,016     312,812,992     352,144,992


Operating expenses
Research and development                          21,410,000      22,689,000      42,523,000      51,260,000      60,354,000      80,512,000
Sales, General and administrative                 99,392,000     110,175,000     137,707,008     143,539,008     160,646,000     172,502,000
Total operating expenses                         120,802,000     132,864,000     180,230,000     194,799,008     221,000,000     253,014,000

Operating income                                  71,939,000      64,702,000      46,486,000      76,799,000      91,813,000      99,131,000
Interest Expense                                     212,000       1,160,000       4,479,000       3,863,000       3,081,000       4,446,000
Other income (expense)                             7,168,000       7,155,000       3,634,000       6,176,000       1,223,000       6,619,000
Income before taxes                               78,895,000      70,697,000      45,641,000      79,112,000      89,955,000     101,304,000
Provision for income taxes                        17,620,000      18,766,000       7,325,000      13,137,000      24,469,000      31,826,000
Net income from continuing operations             61,275,000      51,931,000      38,316,000      65,975,000      65,486,000      69,478,000
Net income from discontinuing ops                          0               0         133,000               0               0               0
Other                                               -969,000      -1,118,000               0               0               0               0
Net income                                        60,306,000      50,813,000      38,449,000      65,975,000      65,486,000      69,478,000
Net income available to common shareholders       60,306,000      50,813,000      38,449,000      65,975,000      65,486,000      69,478,000

Earnings per share
Basic                                                   0.96            0.81            0.62            1.08            1.07            1.13 
Diluted                                                 0.94            0.80            0.60            1.05            1.04            1.09 

Weighted average shares outstanding
Basic                                             62,823,000      62,411,000      62,248,000      61,219,000      61,366,000      61,871,500
Diluted                                           64,385,000      63,884,000      63,686,000      62,586,000      62,909,000      63,558,000

____________________________________________________________________________________________________________________________________________


II-VI INC  (IIVI)                           BALANCE SHEET

Fiscal year ends in June.                            2012-06         2013-06         2014-06         2015-06         2016-06             

Assets

Current assets

Cash

Total cash                                       134,944,000     185,432,992     174,660,000     173,634,000     218,444,992

Receivables                                      104,761,000     107,173,000     136,723,008     140,772,000     164,816,992
Inventories                                      137,607,008     141,859,008     165,872,992     164,388,000     175,132,992
Deferred income taxes                             10,796,000      10,794,000      11,118,000      13,260,000               0
Prepaid expenses                                  22,265,000      15,885,000      17,357,000      20,914,000      24,568,000
Total current assets                             410,372,992     461,144,000     505,731,008     512,968,000     582,963,008

Non-current assets

Property, plant and equipment
Gross property, plant and equipment              326,563,008     377,057,984     451,329,984     480,046,016     559,361,984
Accumulated Depreciation                        -172,644,992    -206,386,000    -242,391,008    -276,233,984    -316,504,992
Net property, plant and equipment                153,918,000     170,672,000     208,939,008     203,812,000     242,856,992

Equity and other investments                      10,661,000      11,203,000      11,589,000      11,914,000      11,354,000
Goodwill                                          80,748,000     123,352,000     196,144,992     195,894,000     233,755,008
Intangible assets                                 44,014,000      86,701,000     136,404,000     122,462,000     124,590,000
Deferred income taxes                                145,000       2,696,000       4,038,000       2,210,000       7,848,000
Other long-term assets                             6,627,000       8,034,000       9,080,000       8,904,000       9,224,000
Total non-current assets                         296,112,992     402,657,984     566,195,008     545,196,032     629,628,032

Total assets                                     706,486,016     863,801,984   1,071,926,016   1,058,163,968   1,212,590,976 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                            0               0      20,000,000      20,000,000      20,000,000
Accounts payable                                  29,420,000      23,617,000      45,767,000      45,275,000      53,796,000
Deferred income taxes                                209,000         110,000         732,000         685,000               0
Taxes payable                                      8,761,000       7,697,000       4,584,000       9,310,000      12,588,000
Accrued liabilities                               45,338,000      63,010,000      63,982,000      55,119,000      80,844,000
Deferred revenues                                          0               0               0       8,767,000       4,014,000
Total current liabilities                         83,728,000      94,434,000     135,064,992     139,156,000     171,242,000

Non-current liabilities
Long-term debt                                    12,769,000     114,036,000     221,960,000     155,956,992     215,916,992
Deferred taxes liabilities                         5,883,000       4,095,000       7,440,000       7,105,000      11,103,000
Minority interest                                  1,429,000               0               0               0               0
Other long-term liabilities                       12,720,000      15,129,000      32,418,000      26,865,000      31,991,000
Total non-current liabilities                     32,801,000     133,260,000     261,818,000     189,927,008     259,011,008

Total liabilities                                116,529,000     227,694,000     396,883,008     329,083,008     430,252,992 

Stockholders' equity

Additional paid-in capital                       176,295,008     194,284,000     213,572,992     226,608,992     243,812,000
Retained earnings                                438,671,008     482,878,016     521,327,008     587,302,016     652,787,968
Treasury stock                                   -35,247,000     -56,654,000     -79,263,000     -93,495,000    -100,245,000
Accumulated other comprehensive income            10,238,000      15,600,000      19,406,000       8,665,000     -14,017,000
Total stockholders' equity                       589,956,992     636,108,032     675,043,008     729,081,024     782,337,984
Total liabilities and stockholders' equity       706,486,016     863,801,984   1,071,926,016   1,058,163,968   1,212,590,976

____________________________________________________________________________________________________________________________________________


II-VI INC  (IIVI)                           Statement of CASH FLOW

Fiscal year ends in June. USD.                       2012-06         2013-06         2014-06         2015-06         2016-06             TTM           

Cash Flows From Operating Activities
Net income                                        61,275,000      51,931,000      38,449,000      65,975,000      65,486,000      69,478,000
Depreciation & amortization                       34,693,000      40,929,000      41,805,000      53,083,000      56,663,000      59,337,000
Amortization of debt discount/premium and is               0               0      11,293,000               0               0               0
Investment/asset impairment charges                        0         900,000               0       1,964,000               0               0
Deferred income taxes                                577,000       1,962,000      -4,435,000      -3,781,000         977,000       8,965,000
(Gain) Loss from discontinued operations                   0               0        -133,000               0               0               0
Stock based compensation                          11,584,000      11,959,000      12,347,000      11,340,000       9,675,000       8,423,000
Accounts receivable                               -8,931,000       6,097,000     -28,486,000     -10,742,000     -20,770,000     -19,401,000
Inventory                                         -8,988,000       5,273,000      12,794,000      -4,207,000      -8,650,000     -13,726,000
Accounts payable                                   2,898,000      -9,549,000      19,813,000          61,000       5,715,000      12,281,000
Income taxes payable                               2,824,000       4,351,000      -6,282,000               0      13,416,000      11,261,000
Other working capital                             -3,448,000               0      -2,251,000      14,778,000       1,127,000     -12,422,000
Other non-cash items                              -4,415,000      -6,246,000         548,000         895,000        -669,000      -4,834,000
Net cash provided by operating activities         88,069,000     107,607,000      95,462,000     129,366,000     122,970,000     119,362,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen     -42,840,000     -25,273,000     -29,220,000     -52,313,000     -58,170,000     -96,836,000
Acquisitions, net                                -46,141,000    -126,193,000    -177,676,000               0     -77,157,000     -77,737,000
Sales/Maturities of investments                    3,478,000       2,138,000               0               0               0               0
Other investing activities                           615,000       4,797,000          79,000          67,000         161,000         308,000
Net cash used for investing activities           -84,888,000    -144,531,008    -206,816,992     -52,246,000    -135,166,000    -174,264,992

Cash Flows From Financing Activities
Debt issued                                                0               0     183,000,000       3,000,000     125,200,000     165,200,000
Debt repayment                                   -14,295,000     -11,000,000     -55,000,000     -68,500,000     -65,700,000     -47,200,000
Common stock repurchased                          -4,988,000     -19,978,000     -19,973,000     -12,729,000      -6,284,000               0
Excess tax benefit from stock based compe            821,000         635,000         651,000         335,000         589,000         980,000
Other financing activities                         3,658,000     116,122,000      -9,596,000       1,830,000       7,647,000      11,911,000
Net cash provided by (used for) financing        -14,804,000      85,779,000      99,082,000     -76,064,000      61,452,000     130,891,000

Effect of exchange rate changes                   -2,893,000       1,634,000       1,500,000      -2,082,000      -4,445,000      -6,877,000
Net change in cash                               -14,516,000      50,489,000     -10,773,000      -1,026,000      44,811,000      69,111,000
Cash at beginning of period                      149,460,000     134,944,000     185,432,992     174,660,000     173,634,000     177,084,000
Cash at end of period                            134,944,000     185,432,992     174,660,000     173,634,000     218,444,992     246,195,008

Free Cash Flow
Operating cash flow                               88,069,000     107,607,000      95,462,000     129,366,000     122,970,000     119,362,000
Capital expenditure                              -42,840,000     -25,273,000     -29,220,000     -52,313,000     -58,170,000     -96,836,000
Free cash flow                                    45,229,000      82,334,000      66,242,000      77,053,000      64,800,000      22,526,000
____________________________________________________________________________________________________________________________________________



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Average to Current P/E Ratios
              (IIVI)     II-VI Inc.

                               2012    2013    2014    2015    2016

          Annual Earnings:     0.94    0.80    0.60    1.05    1.04
Average Price During Year:    19.46   17.34   14.44   17.53   21.70

                P/E Ratio:    20.70   21.68   24.07   16.70   20.86

 Average 5-Year P/E Ratio  =  20.80
             Current Price =  35.6

Previous 5 Quarter Earnings:   0.30    0.24    0.23    0.26    0.37

           Current Annualized (Last Four Quarters) Earnings =  .86
                                                           ________
                                 Average PE / Current PE =     0.50
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . 1 = Highest , 10 = Lowest



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for II-VI, Inc.:
Symbol? IIVI
Total Months Available:  39
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  23.39   17.91     28.25   17.76     41.10   26.50

RANGE   =  41.10  TO   17.76            Close =  35.55
CHANNEL =  26.50  TO   23.39           Degree =   1
Volatility =   8.75%                    Index =   0
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

3 out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant



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Point & Figure Chart

P & F Chart


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Wall Street Analyzer






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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

2 out of 3 of the ultimate systems favor an upmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison - 1
Industry + 1
Bond Issue 0
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow + 1
Average to Current P/E - 1
Ratios + 1
Market Grader - 1
Intrinsic Value DCF - 1
Book Value - 1
Projected Earnings + 1
Research Reports + 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity + 1
Management Reporting + 1
Short Interest + 1
Sentiment + 1
Standard & Poor's - 1
Moving Average - 1
Right Time Study + 1
MACD Histogram Divergence - 1
Val Idea - 1
Stock Consultant + 1
Point & Figure + 1
Wall Street Analyzer + 1
Marketspace Chart - 1
Time Series Chart + 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems + 1
Total + 5
Place 840 shares of II-VI, Inc. (IIVI) on the Active List.