EMCORE (EMKR) Lowered to “Market Perform” at Northland Securities

Northland Securities lowered shares of EMCORE (NASDAQ:EMKR) from an outperform rating to a market perform rating in a research report sent to investors on Tuesday morning.

Other research analysts have also recently issued reports about the stock. B. Riley reissued a neutral rating and set a $10.50 price target on shares of EMCORE in a research report on Wednesday, August 9th. Zacks Investment Research cut shares of EMCORE from a hold rating to a sell rating in a research report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $11.44.

Shares of EMCORE (EMKR) traded down $1.15 on Tuesday, hitting $6.25. 2,284,100 shares of the stock were exchanged, compared to its average volume of 327,848. The company has a market cap of $198.91, a price-to-earnings ratio of 19.47 and a beta of 0.45. EMCORE has a 52-week low of $5.80 and a 52-week high of $12.20.

EMCORE (NASDAQ:EMKR) last announced its earnings results on Tuesday, December 5th. The semiconductor company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). EMCORE had a net margin of 6.73% and a return on equity of 9.25%. The company had revenue of $29.20 million for the quarter, compared to the consensus estimate of $30.29 million. During the same period in the previous year, the firm posted $0.10 EPS. The company’s revenue for the quarter was up 14.1% on a year-over-year basis. analysts expect that EMCORE will post 0.4 earnings per share for the current year.

In other EMCORE news, CEO Jeffrey Rittichier sold 9,189 shares of EMCORE stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $8.45, for a total value of $77,647.05. Following the completion of the transaction, the chief executive officer now directly owns 288,505 shares of the company’s stock, valued at $2,437,867.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.77% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Unterberg Capital LLC raised its holdings in shares of EMCORE by 53.8% during the second quarter. Unterberg Capital LLC now owns 240,000 shares of the semiconductor company’s stock valued at $2,556,000 after purchasing an additional 83,986 shares during the last quarter. Argent Capital Management LLC raised its holdings in shares of EMCORE by 25.7% during the second quarter. Argent Capital Management LLC now owns 454,750 shares of the semiconductor company’s stock valued at $4,843,000 after purchasing an additional 93,100 shares during the last quarter. Northpointe Capital LLC raised its holdings in shares of EMCORE by 72.3% during the third quarter. Northpointe Capital LLC now owns 518,004 shares of the semiconductor company’s stock valued at $4,248,000 after purchasing an additional 217,358 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of EMCORE by 3.6% during the first quarter. Geode Capital Management LLC now owns 212,423 shares of the semiconductor company’s stock valued at $1,911,000 after purchasing an additional 7,376 shares during the last quarter. Finally, RK Capital Management LLC raised its holdings in shares of EMCORE by 40.1% during the second quarter. RK Capital Management LLC now owns 1,037,938 shares of the semiconductor company’s stock valued at $11,054,000 after purchasing an additional 296,840 shares during the last quarter. 78.34% of the stock is owned by hedge funds and other institutional investors.

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About EMCORE

EMCORE Corporation is engaged in designing and manufacturing indium phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market. The Company focuses on linear fiber optic transmission technology. The Company operates through Fiber Optics segment.

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