Earnest Partners LLC decreased its holdings in Coherent, Inc. (NASDAQ:COHR) by 30.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 444,005 shares of the scientific and technical instruments company’s stock after selling 192,905 shares during the quarter. Coherent comprises 1.2% of Earnest Partners LLC’s investment portfolio, making the stock its 17th largest holding. Earnest Partners LLC owned 1.79% of Coherent worth $125,307,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. First Republic Investment Management Inc. purchased a new position in Coherent during the 4th quarter worth $208,000. Commerce Bank acquired a new position in shares of Coherent during the 4th quarter worth $226,000. CIBC Asset Management Inc acquired a new position in shares of Coherent during the 4th quarter worth $236,000. Moors & Cabot Inc. acquired a new position in shares of Coherent during the 4th quarter worth $236,000. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of Coherent by 97.0% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,064 shares of the scientific and technical instruments company’s stock worth $238,000 after purchasing an additional 524 shares during the period. Hedge funds and other institutional investors own 98.38% of the company’s stock.
In related news, Director Stephen A. Skaggs sold 500 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $212.27, for a total value of $106,135.00. Following the completion of the sale, the director now directly 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 the SEC website. Also, EVP Paul F. Sechrist sold 1,372 shares of the business’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $300.00, for a total value of $411,600.00. Following the completion of the sale, the executive vice president now owns 2,497 shares of the company’s stock, valued at $749,100. The disclosure for this sale can be found here. Company insiders own 0.97% of the company’s stock.
A number of equities research analysts recently commented on COHR shares. Northcoast Research reissued a “buy” rating and issued a $314.00 price objective on shares of Coherent in a research note on Monday, February 12th. Stifel Nicolaus decreased their price target on shares of Coherent from $330.00 to $310.00 and set a “buy” rating on the stock in a research note on Thursday, February 8th. Needham & Company LLC reiterated a “buy” rating and set a $294.00 price objective (down from $330.00) on shares of Coherent in a report on Thursday, February 8th. BidaskClub upgraded shares of Coherent from a “hold” rating to a “buy” rating in a report on Thursday, January 18th. Finally, Barclays set a $332.00 price target on shares of Coherent and gave the company a “buy” rating in a report on Wednesday, January 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $312.22.
Shares of Coherent stock opened at $221.66 on Monday. Coherent, Inc. has a one year low of $184.37 and a one year high of $329.00. The company has a quick ratio of 2.08, a current ratio of 3.18 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $5,501.98, a price-to-earnings ratio of 25.25 and a beta of 0.84.
Coherent (NASDAQ:COHR) last issued its quarterly earnings results on Wednesday, February 7th. The scientific and technical instruments company reported $3.54 EPS for the quarter, topping the consensus estimate of $3.52 by $0.02. The firm had revenue of $477.60 million for the quarter, compared to analysts’ expectations of $474.21 million. Coherent had a net margin of 11.79% and a return on equity of 29.82%. Coherent’s revenue for the quarter was up 38.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.57 earnings per share. equities research analysts anticipate that Coherent, Inc. will post 14.62 EPS for the current fiscal year.
Coherent declared that its Board of Directors has approved a share repurchase program on Wednesday, February 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the scientific and technical instruments company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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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