Coherent, Inc. (COHR) Downgraded by ValuEngine to “Hold”

ValuEngine lowered shares of Coherent, Inc. (NASDAQ:COHR) from a buy rating to a hold rating in a report issued on Friday, September 1st.

COHR has been the subject of several other reports. BidaskClub raised shares of Coherent from a hold rating to a buy rating in a report on Thursday, July 13th. Needham & Company LLC reaffirmed a buy rating and issued a $270.00 price target (up from $265.00) on shares of Coherent in a report on Wednesday, August 2nd. Zacks Investment Research raised shares of Coherent from a hold rating to a strong-buy rating and set a $286.00 target price for the company in a research note on Monday, May 15th. Barclays PLC began coverage on shares of Coherent in a research note on Monday, August 7th. They set an overweight rating and a $285.00 target price for the company. Finally, Stifel Nicolaus reissued a buy rating and set a $290.00 target price (up from $270.00) on shares of Coherent in a research note on Friday, June 30th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $291.88.

Shares of Coherent (NASDAQ:COHR) traded up 1.60% during midday trading on Friday, hitting $253.77. The stock had a trading volume of 452,014 shares. Coherent has a 52-week low of $100.01 and a 52-week high of $278.39. The firm’s 50 day moving average price is $230.41 and its 200 day moving average price is $226.95. The firm has a market cap of $6.25 billion, a price-to-earnings ratio of 38.21 and a beta of 0.76.

Coherent (NASDAQ:COHR) last released its quarterly earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.45 by ($0.09). The firm had revenue of $464.10 million for the quarter, compared to analysts’ expectations of $466.90 million. Coherent had a return on equity of 24.98% and a net margin of 11.08%. The business’s quarterly revenue was up 112.1% on a year-over-year basis. During the same period last year, the firm earned $1.07 EPS. On average, equities research analysts expect that Coherent will post $12.27 earnings per share for the current year.

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In related news, CEO John Ambroseo sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $250.00, for a total transaction of $6,250,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Stephen A. Skaggs sold 500 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $217.58, for a total transaction of $108,790.00. Following the transaction, the director now directly owns 11,500 shares in the company, valued at $2,502,170. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. Navellier & Associates Inc grew its position in Coherent by 12.1% in the second quarter. Navellier & Associates Inc now owns 28,953 shares of the scientific and technical instruments company’s stock worth $6,514,000 after acquiring an additional 3,116 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Coherent in the second quarter worth approximately $420,000. WINTON GROUP Ltd bought a new stake in Coherent in the second quarter worth approximately $744,000. Public Employees Retirement System of Ohio grew its position in Coherent by 1,266.0% in the second quarter. Public Employees Retirement System of Ohio now owns 11,666 shares of the scientific and technical instruments company’s stock worth $2,625,000 after acquiring an additional 10,812 shares in the last quarter. Finally, Koch Industries Inc. bought a new stake in Coherent in the second quarter worth approximately $354,000. 90.23% of the stock is owned by institutional investors.

About Coherent

Coherent, Inc is a photonics manufacturer. The Company is engaged in designing, manufacturing, servicing and marketing of lasers and related accessories for a range of scientific, commercial and industrial applications. It operates through two segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Coherent (NASDAQ:COHR)

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