Principal Financial Group Inc. Raises Stake in Coherent Inc. (COHR)
Principal Financial Group Inc. boosted its position in Coherent Inc. (NASDAQ:COHR) by 3.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 176,062 shares of the company’s stock after buying an additional 5,707 shares during the period. Principal Financial Group Inc. owned about 0.73% of Coherent worth $16,159,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake 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 during the period. Jacobs Levy Equity Management Inc. purchased a new stake in Coherent during the first quarter worth approximately $229,000. M&T Bank Corp purchased a new stake in Coherent during the first quarter worth approximately $246,000. Shelton Capital Management purchased a new stake in Coherent during the second quarter worth approximately $246,000. Finally, Pacad Investment Ltd. purchased a new stake in Coherent during the first quarter worth approximately $248,000. 92.86% of the stock is owned by hedge funds and other institutional investors.
Coherent Inc. (NASDAQ:COHR) traded up 0.11% during mid-day trading on Thursday, hitting $109.08. The stock had a trading volume of 38,495 shares. The firm has a market cap of $2.65 billion, a P/E ratio of 31.74 and a beta of 0.83. The stock has a 50-day moving average price of $107.75 and a 200 day moving average price of $97.68. Coherent Inc. has a 12-month low of $52.17 and a 12-month high of $112.40.
Coherent (NASDAQ:COHR) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.11 by $0.04. The business earned $218.80 million during the quarter, compared to analyst estimates of $211.94 million. Coherent had a net margin of 10.26% and a return on equity of 11.06%. The firm’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.82 earnings per share. Equities analysts anticipate that Coherent Inc. will post $4.62 EPS for the current fiscal year.
A number of brokerages have issued reports on COHR. Benchmark Co. decreased their price target on Coherent from $115.00 to $112.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Stifel Nicolaus boosted their price target on Coherent from $115.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Finally, Zacks Investment Research downgraded Coherent from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 28th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $104.00.
In related news, VP Bret Dimarco sold 1,039 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $106.70, for a total value of $110,861.30. Following the completion of the transaction, the vice president now directly owns 14,297 shares of the company’s stock, valued at approximately $1,525,489.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan M. James sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $106.75, for a total value of $533,750.00. Following the completion of the transaction, the director now directly owns 5,220 shares of the company’s stock, valued at $557,235. 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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