Kennedy Capital Management Inc. raised its stake in Coherent, Inc. (NASDAQ:COHR) by 2.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,579 shares of the scientific and technical instruments company’s stock after acquiring an additional 784 shares during the period. Kennedy Capital Management Inc. owned approximately 0.12% of Coherent worth $8,066,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tygh Capital Management Inc. grew its position in Coherent by 36.4% during the 3rd quarter. Tygh Capital Management Inc. now owns 35,672 shares of the scientific and technical instruments company’s stock worth $8,389,000 after acquiring an additional 9,529 shares during the last quarter. Bank of Montreal Can lifted its holdings in Coherent by 91.9% during the 4th quarter. Bank of Montreal Can now owns 3,351 shares of the scientific and technical instruments company’s stock worth $945,000 after buying an additional 1,605 shares during the period. Affinity Wealth Management lifted its stake in shares of Coherent by 39.5% in the 3rd quarter. Affinity Wealth Management now owns 2,505 shares of the scientific and technical instruments company’s stock valued at $589,000 after purchasing an additional 709 shares during the period. State of Alaska Department of Revenue acquired a new position in Coherent during the 4th quarter worth approximately $507,000. Finally, Jag Capital Management LLC acquired a new position in Coherent during the 4th quarter worth approximately $13,008,000. 98.43% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have commented on COHR. Zacks Investment Research lowered Coherent from a “hold” rating to a “sell” rating in a report on Monday, February 12th. Stifel Nicolaus reduced their price objective on Coherent from $330.00 to $310.00 and set a “buy” rating for the company in a report on Thursday, February 8th. Barclays set a $332.00 target price on Coherent and gave the stock a “buy” rating in a research report on Wednesday, January 10th. BidaskClub upgraded Coherent from a “hold” rating to a “buy” rating in a research report on Thursday, January 18th. Finally, Northcoast Research reiterated a “buy” rating and issued a $314.00 price objective on shares of Coherent in a research report on Monday, February 12th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $312.22.
In related news, Director Stephen A. Skaggs sold 500 shares of Coherent stock in a transaction on Monday, February 12th. The shares were sold at an average price of $212.27, for a total transaction of $106,135.00. Following the transaction, the director now owns 10,500 shares in the company, valued at approximately $2,228,835. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Paul F. Sechrist sold 1,372 shares of the business’s stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $300.00, for a total transaction of $411,600.00. Following the completion of the sale, the executive vice president now owns 2,497 shares in the company, valued at approximately $749,100. The disclosure for this sale can be found here. Insiders own 0.97% of the company’s stock.
Coherent, Inc. (COHR) traded down $2.51 during mid-day trading on Wednesday, hitting $220.55. 337,211 shares of the stock traded hands, compared to its average volume of 738,232. Coherent, Inc. has a 1 year low of $183.02 and a 1 year high of $329.00. The stock has a market capitalization of $5,470.00, a price-to-earnings ratio of 30.76 and a beta of 0.84. The company has a quick ratio of 2.08, a current ratio of 3.18 and a debt-to-equity ratio of 0.42.
Coherent (NASDAQ:COHR) last posted its earnings results on Wednesday, February 7th. The scientific and technical instruments company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $3.52 by $0.02. Coherent had a net margin of 11.79% and a return on equity of 29.82%. The business had revenue of $477.60 million during the quarter, compared to the consensus estimate of $474.21 million. During the same quarter in the previous year, the firm posted $2.57 EPS. The firm’s revenue was up 38.0% on a year-over-year basis. analysts forecast that Coherent, Inc. will post 14.62 earnings per share for the current year.
Coherent declared that its Board of Directors has approved a stock repurchase plan on Wednesday, February 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the scientific and technical instruments company to purchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
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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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