Coherent Inc. (NASDAQ:COHR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “COHERENT INC. designs, manufactures, and supplies electro-optical systems and medical instruments utilizing laser, precision optic and microelectronic technologies. Co. integrates these technologies into a wide variety of products and systems designed to meet the productivity and performance needs of customers. Major markets include the scientific research community; medical institutions, clinics and private practices; lasers also support commercial applications, ranging from semiconductors and disk mastering to light shows and entertainment. “
Several other research analysts also recently commented on COHR. Stifel Nicolaus lifted their price target on shares of Coherent from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Benchmark Co. decreased their price target on shares of Coherent from $115.00 to $112.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $104.00.
Coherent (NASDAQ:COHR) opened at 110.69 on Tuesday. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 32.21 and a beta of 0.81. Coherent has a 1-year low of $52.15 and a 1-year high of $112.40. The firm has a 50 day moving average of $107.69 and a 200-day moving average of $96.86.
Coherent (NASDAQ:COHR) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.11 by $0.04. The business had revenue of $218.80 million for the quarter, compared to analysts’ expectations of $211.94 million. Coherent had a return on equity of 11.06% and a net margin of 10.26%. The company’s revenue was up 16.1% compared to the same quarter last year. During the same period last year, the business posted $0.82 earnings per share. On average, equities research analysts anticipate that Coherent will post $4.62 earnings per share for the current fiscal year.
In related news, Director Susan M. James sold 5,000 shares of Coherent 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 transaction, the director now directly owns 5,220 shares of the company’s stock, valued at $557,235. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director L William Krause sold 22,785 shares of Coherent stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $106.10, for a total transaction of $2,417,488.50. Following the completion of the transaction, the director now directly owns 4,811 shares in the company, valued at $510,447.10. The disclosure for this sale can be found here. 1.83% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Coherent by 165.2% in the first quarter. BlackRock Inc. now owns 1,745 shares of the company’s stock worth $161,000 after buying an additional 1,087 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Coherent by 69.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,767 shares of the company’s stock worth $162,000 after buying an additional 725 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Coherent during the second quarter worth about $225,000. Jacobs Levy Equity Management Inc. bought a new position in shares of Coherent during the first quarter worth about $229,000. Finally, AHL Partners LLP bought a new position in shares of Coherent during the second quarter worth about $229,000. 92.86% of the stock is currently owned by institutional investors.
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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