Coherent (NASDAQ:COHR) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Tuesday.
COHR has been the topic of several other reports. Zacks Investment Research lowered shares of Coherent from a “hold” rating to a “sell” rating in a research note on Monday, February 12th. ValuEngine lowered shares of Coherent from a “hold” rating to a “sell” rating in a research note on Thursday, April 19th. Barclays set a $332.00 price target on shares of Coherent and gave the company a “buy” rating in a research note on Wednesday, January 10th. Benchmark reiterated a “buy” rating and issued a $310.00 price target on shares of Coherent in a research note on Monday, April 9th. Finally, 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. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. Coherent presently has a consensus rating of “Buy” and a consensus price target of $301.11.
Coherent stock opened at $168.83 on Tuesday. The stock has a market cap of $4,310.54, a PE ratio of 13.43 and a beta of 0.96. Coherent has a fifty-two week low of $168.59 and a fifty-two week high of $329.00. The company has a current ratio of 3.18, a quick ratio of 2.08 and a debt-to-equity ratio of 0.42.
Coherent declared that its Board of Directors has approved a share buyback plan on Wednesday, February 7th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the scientific and technical instruments company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
In related news, Director Stephen A. Skaggs sold 500 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $212.27, for a total value of $106,135.00. Following the transaction, the director now owns 10,500 shares in the company, valued at approximately $2,228,835. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.97% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in COHR. First Republic Investment Management Inc. acquired a new position in shares of Coherent during the 4th quarter worth approximately $208,000. Commerce Bank acquired a new position in shares of Coherent during the 4th quarter worth approximately $226,000. Moors & Cabot Inc. acquired a new position in shares of Coherent during the 4th quarter worth approximately $236,000. CIBC Asset Management Inc acquired a new position in shares of Coherent during the 4th quarter worth approximately $236,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in shares of Coherent during the 4th quarter worth approximately $238,000. Institutional investors and hedge funds own 98.44% of the company’s stock.
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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