JPMorgan Chase & Co. Has $8,650,000 Position in Coherent Inc. (COHR)
JPMorgan Chase & Co. reduced its position in shares of Coherent Inc. (NASDAQ:COHR) by 53.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,236 shares of the company’s stock after selling 109,057 shares during the period. JPMorgan Chase & Co. owned about 0.39% of Coherent worth $8,650,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. raised 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. bought a new stake in Coherent during the first quarter worth approximately $229,000. M&T Bank Corp bought a new stake in Coherent during the first quarter worth approximately $246,000. Shelton Capital Management bought a new stake in Coherent during the second quarter worth approximately $246,000. Finally, Pacad Investment Ltd. bought a new stake in Coherent during the first quarter worth approximately $248,000. Hedge funds and other institutional investors own 92.86% of the company’s stock.
Shares of Coherent Inc. (NASDAQ:COHR) traded down 2.27% on Friday, hitting $110.80. The stock had a trading volume of 36,405 shares. Coherent Inc. has a 1-year low of $52.17 and a 1-year high of $113.83. The firm has a 50 day moving average of $107.88 and a 200-day moving average of $97.80. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 32.24 and a beta of 0.83.
Coherent (NASDAQ:COHR) last released its quarterly earnings results on Wednesday, July 27th. The company reported $1.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.11 by $0.04. Coherent had a net margin of 10.26% and a return on equity of 11.06%. The firm had revenue of $218.80 million for the quarter, compared to analysts’ expectations of $211.94 million. During the same quarter in the previous year, the business earned $0.82 EPS. The company’s revenue for the quarter was up 16.1% on a year-over-year basis. Equities analysts predict that Coherent Inc. will post $4.62 earnings per share for the current year.
A number of equities research analysts have commented on COHR shares. Benchmark Co. reduced their price target on Coherent from $115.00 to $112.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Stifel Nicolaus upped their price target on Coherent from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Finally, Zacks Investment Research lowered Coherent from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 28th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Coherent has an average rating of “Buy” and a consensus price target of $104.00.
In other Coherent news, VP Bret Dimarco sold 1,039 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $106.70, for a total transaction of $110,861.30. Following the sale, the vice president now owns 14,297 shares in the company, valued at $1,525,489.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Susan M. James sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $106.75, for a total value of $533,750.00. Following the sale, the director now owns 5,220 shares in the company, valued at approximately $557,235. The disclosure for this sale can be found here. Company insiders own 1.83% of the company’s stock.
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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