Mason Street Advisors LLC Takes Position in Coherent Inc. (COHR)
Mason Street Advisors LLC acquired a new position in Coherent Inc. (NASDAQ:COHR) during the second quarter, Holdings Channel reports. The institutional investor acquired 4,748 shares of the company’s stock, valued at approximately $436,000.
A number of other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. increased its position in Coherent by 165.2% in the first quarter. BlackRock Inc. now owns 1,745 shares of the company’s stock worth $161,000 after buying an additional 1,087 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Coherent by 69.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,767 shares of the company’s stock worth $162,000 after buying an additional 725 shares during the last quarter. Marshall Wace LLP acquired a new stake in Coherent during the second quarter worth approximately $225,000. Jacobs Levy Equity Management Inc. acquired a new stake in Coherent during the first quarter worth approximately $229,000. Finally, AHL Partners LLP acquired a new stake in Coherent during the second quarter worth approximately $229,000. 92.86% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Coherent Inc. (NASDAQ:COHR) opened at 108.96 on Thursday. The company has a market capitalization of $2.65 billion, a PE ratio of 31.70 and a beta of 0.83. Coherent Inc. has a 12 month low of $52.17 and a 12 month high of $112.40. The stock’s 50 day moving average price is $107.75 and its 200 day moving average price is $97.68.
Coherent (NASDAQ:COHR) last released its earnings results on Wednesday, July 27th. The company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by $0.04. Coherent had a return on equity of 11.06% and a net margin of 10.26%. The company earned $218.80 million during the quarter, compared to analysts’ expectations of $211.94 million. During the same period in the prior year, the company posted $0.82 earnings per share. The company’s revenue was up 16.1% on a year-over-year basis. On average, analysts forecast that Coherent Inc. will post $4.62 EPS for the current year.
COHR has been the topic of a number of recent analyst reports. Zacks Investment Research cut Coherent from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 27th. Stifel Nicolaus lifted their target price on Coherent from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Finally, Benchmark Co. lowered their target price on Coherent from $115.00 to $112.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $104.00.
In related news, CEO John Ambroseo sold 25,979 shares of the stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $110.00, for a total transaction of $2,857,690.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Bret Dimarco sold 953 shares of the stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $109.75, for a total value of $104,591.75. Following the sale, the vice president now directly owns 11,740 shares in the company, valued at $1,288,465. The disclosure for this sale can be found here. 1.83% of the stock is owned by insiders.
Coherent Company Profile
Coherent, Inc is a supplier of photonics-based solutions in a range of commercial and scientific research applications. The Company designs, manufactures, services and markets lasers, laser tools and related accessories for a diverse group of customers. It operates through two operating segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).
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