WINTON GROUP Ltd purchased a new stake in Coherent, Inc. (NASDAQ:COHR) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 3,309 shares of the scientific and technical instruments company’s stock, valued at approximately $744,000.
A number of other hedge funds have also added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio raised its position in Coherent by 1,266.0% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 11,666 shares of the scientific and technical instruments company’s stock valued at $2,625,000 after purchasing an additional 10,812 shares during the last quarter. Koch Industries Inc. acquired a new position in Coherent in the 2nd quarter valued at $354,000. Verition Fund Management LLC acquired a new position in Coherent in the 2nd quarter valued at $825,000. Albion Financial Group UT increased its stake in Coherent by 3.5% in the 2nd quarter. Albion Financial Group UT now owns 5,386 shares of the scientific and technical instruments company’s stock valued at $1,212,000 after buying an additional 180 shares during the period. Finally, Nomura Holdings Inc. acquired a new position in Coherent in the 2nd quarter valued at $664,000. Hedge funds and other institutional investors own 90.21% of the company’s stock.
Coherent, Inc. (COHR) opened at 261.80 on Friday. The firm has a market capitalization of $6.45 billion, a PE ratio of 39.42 and a beta of 0.78. Coherent, Inc. has a 1-year low of $100.01 and a 1-year high of $281.00. The stock’s 50 day moving average is $247.84 and its 200-day moving average is $237.23.
Coherent (NASDAQ:COHR) last issued its quarterly earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 EPS for the quarter, missing analysts’ consensus estimates of $3.45 by ($0.09). The business had revenue of $464.10 million for the quarter, compared to analyst estimates of $466.90 million. Coherent had a net margin of 11.08% and a return on equity of 24.98%. Coherent’s revenue for the quarter was up 112.1% on a year-over-year basis. During the same period last year, the business posted $1.07 earnings per share. Equities research analysts forecast that Coherent, Inc. will post $12.28 EPS for the current year.
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Several brokerages have issued reports on COHR. Benchmark Co. reissued a “buy” rating and issued a $290.00 price objective (down from $295.00) on shares of Coherent in a research note on Tuesday, August 8th. Barclays PLC began coverage on shares of Coherent in a research note on Monday, August 7th. They issued an “overweight” rating and a $285.00 price objective on the stock. UBS AG raised shares of Coherent from a “neutral” rating to a “positive” rating in a research note on Thursday, August 3rd. Zacks Investment Research cut shares of Coherent from a “buy” rating to a “hold” rating in a research note on Monday, August 7th. Finally, Susquehanna Bancshares Inc raised shares of Coherent from a “neutral” rating to a “positive” rating and boosted their price objective for the company from $255.00 to $275.00 in a research note on Thursday, August 3rd. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $293.22.
In related news, CEO John Ambroseo sold 25,000 shares of Coherent stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $250.00, for a total transaction of $6,250,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephen A. Skaggs sold 500 shares of Coherent stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $217.58, for a total value of $108,790.00. Following the transaction, the director now directly owns 11,500 shares in the company, valued at $2,502,170. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.
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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