Stevens Capital Management LP purchased a new stake in shares of Coherent, Inc. (NASDAQ:COHR) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 18,007 shares of the scientific and technical instruments company’s stock, valued at approximately $4,051,000. Stevens Capital Management LP owned approximately 0.07% of Coherent at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Bank of Montreal Can lifted its holdings in Coherent by 11.4% during the first quarter. Bank of Montreal Can now owns 812 shares of the scientific and technical instruments company’s stock valued at $167,000 after purchasing an additional 83 shares in the last quarter. Asset Management One Co. Ltd. purchased a new position in Coherent during the first quarter valued at approximately $170,000. Smithfield Trust Co. purchased a new position in Coherent during the second quarter valued at approximately $199,000. Daiwa Securities Group Inc. purchased a new position in Coherent during the second quarter valued at approximately $202,000. Finally, WESPAC Advisors LLC purchased a new position in Coherent during the second quarter valued at approximately $211,000. 90.21% of the stock is currently owned by institutional investors and hedge funds.
COHR has been the topic of several analyst reports. BidaskClub raised shares of Coherent from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. Longbow Research reaffirmed a “buy” rating and set a $325.00 price target on shares of Coherent in a report on Wednesday, June 28th. Stifel Nicolaus reaffirmed a “buy” rating and set a $290.00 price target (up previously from $270.00) on shares of Coherent in a report on Friday, June 30th. ValuEngine raised shares of Coherent from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 price target (up previously from $265.00) on shares of Coherent in a report on Wednesday, August 2nd. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Coherent presently has an average rating of “Buy” and an average price target of $291.88.
In other news, CEO John Ambroseo sold 25,000 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $250.00, for a total transaction of $6,250,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Stephen A. Skaggs sold 500 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $217.58, for a total value of $108,790.00. Following the transaction, the director now owns 11,500 shares in the company, valued at approximately $2,502,170. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.
Coherent, Inc. (COHR) opened at 260.29 on Tuesday. The stock has a market cap of $6.41 billion, a P/E ratio of 39.19 and a beta of 0.76. The stock has a 50 day moving average of $230.28 and a 200 day moving average of $228.11. Coherent, Inc. has a 12-month low of $100.01 and a 12-month high of $278.39.
Coherent (NASDAQ:COHR) last announced its earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.45 by ($0.09). Coherent had a net margin of 11.08% and a return on equity of 24.98%. The business had revenue of $464.10 million for the quarter, compared to analysts’ expectations of $466.90 million. During the same quarter last year, the business earned $1.07 EPS. The company’s quarterly revenue was up 112.1% on a year-over-year basis. On average, equities research analysts anticipate that Coherent, Inc. will post $12.27 earnings per share for the current fiscal year.
Coherent Company Profile
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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