Timpani Capital Management LLC lowered its stake in Coherent, Inc. (NASDAQ:COHR) by 60.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,701 shares of the scientific and technical instruments company’s stock after selling 22,205 shares during the period. Timpani Capital Management LLC owned approximately 0.06% of Coherent worth $3,308,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in COHR. BlackRock Inc. boosted its position in Coherent by 124,951.8% during the first quarter. BlackRock Inc. now owns 2,486,029 shares of the scientific and technical instruments company’s stock worth $511,226,000 after purchasing an additional 2,484,041 shares in the last quarter. Epoch Investment Partners Inc. purchased a new stake in Coherent during the first quarter worth $114,876,000. Alliancebernstein L.P. boosted its position in Coherent by 1,420.6% during the first quarter. Alliancebernstein L.P. now owns 556,538 shares of the scientific and technical instruments company’s stock worth $114,446,000 after purchasing an additional 519,939 shares in the last quarter. Harbour Capital Advisors LLC boosted its position in Coherent by 28,934.4% during the second quarter. Harbour Capital Advisors LLC now owns 304,861 shares of the scientific and technical instruments company’s stock worth $1,355,000 after purchasing an additional 303,811 shares in the last quarter. Finally, State Street Corp boosted its position in Coherent by 42.3% during the first quarter. State Street Corp now owns 766,435 shares of the scientific and technical instruments company’s stock worth $157,609,000 after purchasing an additional 227,897 shares in the last quarter. 90.23% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO John Ambroseo sold 25,000 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $250.00, for a total transaction of $6,250,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephen A. Skaggs sold 500 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $217.58, for a total transaction of $108,790.00. Following the sale, the director now directly owns 11,500 shares of the company’s stock, valued at $2,502,170. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.
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Several research firms recently commented on COHR. ValuEngine lowered Coherent from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Susquehanna Bancshares Inc restated a “positive” rating and set a $275.00 price target on shares of Coherent in a research note on Tuesday, September 5th. Northcoast Research reiterated a “buy” rating and issued a $314.00 target price (up previously from $311.00) on shares of Coherent in a research note on Tuesday. Longbow Research reiterated a “buy” rating and issued a $325.00 target price on shares of Coherent in a research note on Wednesday, June 28th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $290.00 price target on shares of Coherent in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Coherent has a consensus rating of “Buy” and an average price target of $291.88.
Coherent, Inc. (NASDAQ:COHR) traded up 1.60% during mid-day trading on Friday, reaching $253.77. The company had a trading volume of 452,014 shares. The company’s 50 day moving average is $230.41 and its 200 day moving average is $226.95. Coherent, Inc. has a 52-week low of $100.01 and a 52-week high of $278.39. The stock has a market capitalization of $6.25 billion, a price-to-earnings ratio of 38.21 and a beta of 0.76.
Coherent (NASDAQ:COHR) last posted its quarterly earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share for the quarter, missing the consensus estimate of $3.45 by ($0.09). The company had revenue of $464.10 million during the quarter, compared to the consensus estimate of $466.90 million. Coherent had a net margin of 11.08% and a return on equity of 24.98%. The company’s revenue for the quarter was up 112.1% on a year-over-year basis. During the same period last year, the firm posted $1.07 earnings per share. Equities analysts predict that Coherent, Inc. will post $12.27 earnings per share for the current year.
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).
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