Coherent (COHR) Trading Down 6.8%

Coherent, Inc. (NASDAQ:COHR)’s share price dropped 6.8% during mid-day trading on Friday . The stock traded as low as $164.97 and last traded at $165.91. Approximately 1,325,681 shares were traded during mid-day trading, an increase of 117% from the average daily volume of 611,322 shares. The stock had previously closed at $178.11.

COHR has been the topic of several recent research reports. BidaskClub cut shares of Coherent from a “hold” rating to a “sell” rating in a research note on Thursday, March 29th. Needham & Company LLC lowered their price objective on shares of Coherent to $250.00 and set a “buy” rating on the stock in a research note on Wednesday, May 2nd. ValuEngine cut shares of Coherent from a “hold” rating to a “sell” rating in a research note on Thursday, April 19th. Stifel Nicolaus initiated coverage on shares of Coherent in a research note on Thursday, May 10th. They issued a “buy” rating and a $248.00 price objective on the stock. Finally, Benchmark reaffirmed a “buy” rating and issued a $310.00 price objective on shares of Coherent in a research note on Monday, April 9th. Two analysts have rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $284.67.

The firm has a market capitalization of $4.12 billion, a P/E ratio of 13.20 and a beta of 0.98. The company has a current ratio of 3.10, a quick ratio of 1.88 and a debt-to-equity ratio of 0.35.

Coherent (NASDAQ:COHR) last announced its earnings results on Tuesday, May 1st. The scientific and technical instruments company reported $3.37 EPS for the quarter, missing the consensus estimate of $3.49 by ($0.12). Coherent had a return on equity of 29.28% and a net margin of 12.65%. The firm had revenue of $481.10 million during the quarter, compared to analyst estimates of $481.82 million. During the same quarter in the previous year, the business earned $2.91 earnings per share. The business’s quarterly revenue was up 13.8% compared to the same quarter last year. equities research analysts expect that Coherent, Inc. will post 13.27 EPS for the current fiscal year.

Coherent declared that its Board of Directors has approved a stock repurchase program on Wednesday, February 7th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the scientific and technical instruments company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Several institutional investors and hedge funds have recently made changes to their positions in COHR. Carillon Tower Advisers Inc. acquired a new position in shares of Coherent in the fourth quarter worth about $213,124,000. TimesSquare Capital Management LLC boosted its holdings in shares of Coherent by 421.4% during the fourth quarter. TimesSquare Capital Management LLC now owns 372,300 shares of the scientific and technical instruments company’s stock worth $105,071,000 after purchasing an additional 300,900 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Coherent by 146.8% during the fourth quarter. Renaissance Technologies LLC now owns 265,800 shares of the scientific and technical instruments company’s stock worth $75,014,000 after purchasing an additional 158,100 shares during the period. Handelsbanken Fonder AB acquired a new stake in shares of Coherent during the first quarter worth approximately $29,295,000. Finally, State of New Jersey Common Pension Fund D acquired a new stake in shares of Coherent during the first quarter worth approximately $26,236,000. Institutional investors own 99.75% of the company’s stock.

Coherent Company Profile

Coherent, Inc provides lasers and laser-based technology in a range of scientific, commercial, and industrial applications worldwide. It operates through two segments, Specialty Lasers and Systems, and Commercial Lasers and Components. The company designs, manufactures, services, and markets lasers, laser tools, precision optics, and related accessories.

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