Coherent Inc. (COHR) Sets New 1-Year High at $111.24
Coherent Inc. (NASDAQ:COHR) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $111.24 and last traded at $110.93, with a volume of 114,658 shares. The stock had previously closed at $109.55.
Several research firms have recently issued reports on COHR. Benchmark Co. raised their price objective on Coherent from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, May 23rd. Stifel Nicolaus raised their price objective on Coherent from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Zacks Investment Research upgraded Coherent from a “hold” rating to a “strong-buy” rating and set a $123.00 price objective on the stock in a report on Monday, August 1st. Finally, Needham & Company LLC restated a “buy” rating on shares of Coherent in a report on Tuesday, May 17th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $104.00.
The firm has a 50-day moving average of $100.48 and a 200 day moving average of $91.88. The stock has a market cap of $2.70 billion and a price-to-earnings ratio of 32.43.
Coherent (NASDAQ:COHR) last announced its earnings results on Wednesday, July 27th. The company reported $1.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.11 by $0.04. The company earned $218.80 million during the quarter, compared to analysts’ expectations of $211.94 million. Coherent’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.82 earnings per share. On average, equities research analysts predict that Coherent Inc. will post $4.62 earnings per share for the current fiscal year.
In other Coherent news, VP Bret Dimarco sold 1,039 shares of the company’s stock in a transaction 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 transaction, the vice president now owns 14,297 shares of the company’s stock, valued at $1,525,489.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen A. Skaggs sold 500 shares of the company’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $108.60, for a total value of $54,300.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $1,086,000. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Coherent stock. US Bancorp DE increased its stake in shares of Coherent Inc. (NASDAQ:COHR) by 13.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 22,380 shares of the company’s stock after buying an additional 2,664 shares during the period. US Bancorp DE owned approximately 0.09% of Coherent worth $1,458,000 at the end of the most recent reporting period.
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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