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Hedge Funds Are Selling II-VI, Inc. (IIVI)

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We can judge whether II-VI, Inc. (NASDAQ:IIVI) is a good investment right now by following the lead of some of the best investors in the world and piggybacking their ideas. There’s no better way to get these firms’ immense resources and analytical capabilities working for us than to follow their lead into their best ideas. While not all of these picks will be winners, research shows that these picks historically outperformed the market when we factor in known risk factors.

II-VI, Inc. (NASDAQ:IIVI) develops precision-use materials and opto-electronic components. The stock is up by 32% since the beginning of the year, following a jump in January, but during the third quarter it registered a decrease in enthusiasm from smart money investors. However, the level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost or decline in popularity, but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as BancFirst Corporation (NASDAQ:BANF), Archrock Partners LP (NASDAQ:APLP), and Otter Tail Corporation (NASDAQ:OTTR) to gather more data points.

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In today’s marketplace there are plenty of metrics shareholders employ to grade publicly traded companies. Some of the less known metrics are hedge fund and insider trading moves. Our experts have shown that, historically, those who follow the top picks of the best investment managers can outclass the broader indices by a healthy margin (see the details here).

Now, we’re going to take a gander at the recent action surrounding II-VI, Inc. (NASDAQ:IIVI).

How are hedge funds trading II-VI, Inc. (NASDAQ:IIVI)?

At Q3’s end, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -6% from one quarter earlier. With the smart money’s positions undergoing their usual ebb and flow, there exists an “upper tier” of key hedge fund managers who were increasing their holdings considerably (or already accumulated large positions).

According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Chuck Royce’s Royce & Associates has the biggest position in II-VI, Inc. (NASDAQ:IIVI), worth close to $21.3 million, accounting for 0.1% of its total 13F portfolio. The second most bullish fund is Renaissance Technologies, with a $7.2 million position; the fund has less than 0.1% of its 13F portfolio invested in the stock. Some other hedge funds and institutional investors with similar optimism comprise Joel Greenblatt’s Gotham Asset Management, Israel Englander’s Millennium Management, and D. E. Shaw’s D E Shaw.

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