Emerald Acquisition Ltd. bought a new stake in shares of Coherent Inc. (NASDAQ:COHR) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 34,593 shares of the company’s stock, valued at approximately $3,175,000. Emerald Acquisition Ltd. owned approximately 0.14% of Coherent as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in COHR. Palisade Capital Management LLC NJ acquired a new stake in shares of Coherent during the second quarter valued at $3,700,000. Columbus Circle Investors increased its stake in shares of Coherent by 7.0% in the second quarter. Columbus Circle Investors now owns 274,639 shares of the company’s stock valued at $25,206,000 after buying an additional 17,892 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of Coherent by 0.5% in the second quarter. California State Teachers Retirement System now owns 50,863 shares of the company’s stock valued at $4,668,000 after buying an additional 250 shares during the last quarter. Shelton Capital Management acquired a new stake in shares of Coherent during the second quarter valued at $246,000. Finally, Capital Fund Management S.A. acquired a new stake in shares of Coherent during the second quarter valued at $1,128,000. 92.86% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Coherent Inc. (NASDAQ:COHR) traded down 0.59% during trading on Friday, hitting $110.97. The company had a trading volume of 252,224 shares. The stock has a market cap of $2.70 billion, a PE ratio of 32.29 and a beta of 0.81. The firm has a 50 day moving average of $107.33 and a 200 day moving average of $96.26. Coherent Inc. has a 12-month low of $52.15 and a 12-month high of $112.09.
Coherent (NASDAQ:COHR) last released its earnings results on Wednesday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.11 by $0.04. The firm had revenue of $218.80 million for the quarter, compared to the consensus estimate of $211.94 million. Coherent had a return on equity of 11.06% and a net margin of 10.26%. Coherent’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter last year, the company posted $0.82 EPS. On average, analysts forecast that Coherent Inc. will post $4.62 earnings per share for the current fiscal year.
A number of analysts have recently commented on COHR shares. Zacks Investment Research raised Coherent from a “hold” rating to a “strong-buy” rating and set a $123.00 price objective on the stock in a research note on Monday, August 1st. Benchmark Co. dropped their price objective on Coherent from $115.00 to $112.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Finally, Stifel Nicolaus boosted their price objective on Coherent from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Coherent presently has a consensus rating of “Buy” and a consensus price target of $104.00.
In other Coherent news, Director Stephen A. Skaggs sold 500 shares of the stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $108.60, for a total transaction of $54,300.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at approximately $1,086,000. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John Ambroseo sold 25,979 shares of the stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $110.00, for a total value of $2,857,690.00. The disclosure for this sale can be found here. Company insiders own 1.83% of the company’s stock.
Coherent Company Profile
Coherent, Inc is a supplier of photonics-based solutions in a range of commercial and scientific research applications. The Company designs, manufactures, services and markets lasers, laser tools and related accessories for a diverse group of customers. It operates through two operating segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).
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