First Trust Advisors LP boosted its position in Coherent Inc. (NASDAQ:COHR) by 18.5% during the second quarter, Holdings Channel reports. The institutional investor owned 15,606 shares of the company’s stock after buying an additional 2,440 shares during the period. First Trust Advisors LP owned 0.06% of Coherent worth $1,432,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Neumeier Poma Investment Counsel LLC increased its stake in Coherent by 32.4% in the first quarter. Neumeier Poma Investment Counsel LLC now owns 398,525 shares of the company’s stock worth $36,624,000 after buying an additional 97,625 shares in the last quarter. Renaissance Technologies LLC increased its stake in Coherent by 55.0% in the first quarter. Renaissance Technologies LLC now owns 165,204 shares of the company’s stock worth $15,182,000 after buying an additional 58,613 shares in the last quarter. Cupps Capital Management LLC purchased a new stake in Coherent during the first quarter worth approximately $4,006,000. Insight Capital Research & Management Inc. purchased a new stake in Coherent during the first quarter worth approximately $3,859,000. Finally, Palisade Capital Management LLC NJ purchased a new stake in Coherent during the second quarter worth approximately $3,700,000. 92.86% of the stock is currently owned by institutional investors.
Shares of Coherent Inc. (NASDAQ:COHR) traded up 1.57% on Friday, hitting $110.98. The stock had a trading volume of 114,899 shares. The firm has a 50 day moving average price of $107.71 and a 200 day moving average price of $96.95. The company has a market capitalization of $2.70 billion, a P/E ratio of 32.29 and a beta of 0.81. Coherent Inc. has a one year low of $52.15 and a one year high of $112.40.
Coherent (NASDAQ:COHR) last released its quarterly earnings results on Wednesday, July 27th. The company reported $1.07 EPS for the quarter, missing the Zacks’ consensus estimate of $1.11 by $0.04. The business 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%. The firm’s revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the company earned $0.82 earnings per share. On average, equities research analysts predict 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. 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. Zacks Investment Research lowered Coherent from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 28th. Finally, Stifel Nicolaus boosted their target price on Coherent from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, July 28th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $104.00.
In other Coherent news, CEO John Ambroseo sold 25,979 shares of the stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $110.00, for a total value of $2,857,690.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Susan M. James sold 5,000 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $106.75, for a total value of $533,750.00. Following the completion of the transaction, the director now owns 5,220 shares in the company, valued at $557,235. The disclosure for this sale can be found here. Corporate 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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