Coherent, Inc. (COHR) Stake Held by Connable Office Inc.
Connable Office Inc. maintained its position in Coherent, Inc. (NASDAQ:COHR) during the second quarter, Holdings Channel reports. The firm owned 3,360 shares of the scientific and technical instruments company’s stock at the end of the second quarter. Connable Office Inc.’s holdings in Coherent were worth $756,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Dubuque Bank & Trust Co. bought a new position in Coherent during the first quarter worth approximately $337,000. Moody Aldrich Partners LLC bought a new position in Coherent during the first quarter worth approximately $505,000. Independent Portfolio Consultants Inc. increased its position in Coherent by 4.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 6,690 shares of the scientific and technical instruments company’s stock worth $1,376,000 after buying an additional 285 shares during the period. ProShare Advisors LLC increased its position in Coherent by 8.7% in the first quarter. ProShare Advisors LLC now owns 4,819 shares of the scientific and technical instruments company’s stock worth $991,000 after buying an additional 384 shares during the period. Finally, Nationwide Fund Advisors increased its position in Coherent by 67.6% in the first quarter. Nationwide Fund Advisors now owns 68,463 shares of the scientific and technical instruments company’s stock worth $14,079,000 after buying an additional 27,602 shares during the period. 92.94% of the stock is owned by institutional investors and hedge funds.
Coherent, Inc. (NASDAQ COHR) opened at 219.44 on Thursday. The company has a market cap of $5.38 billion, a PE ratio of 33.04 and a beta of 0.72. The firm has a 50-day moving average price of $245.81 and a 200-day moving average price of $217.14. Coherent, Inc. has a 52-week low of $100.01 and a 52-week high of $278.39.
Coherent (NASDAQ:COHR) last released its quarterly earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share for the quarter, missing the consensus estimate of $3.45 by $0.09. Coherent had a net margin of 11.08% and a return on equity of 24.98%. The business had revenue of $464.10 million during the quarter, compared to analysts’ expectations of $466.90 million. During the same period in the previous year, the business earned $1.07 EPS. The business’s revenue was up 112.1% on a year-over-year basis. On average, analysts forecast that Coherent, Inc. will post $12.27 EPS for the current year.
A number of research analysts have issued reports on the company. Benchmark Co. reiterated a “buy” rating and issued a $290.00 target price (down previously from $295.00) on shares of Coherent in a research report on Tuesday. Zacks Investment Research cut Coherent from a “buy” rating to a “hold” rating in a research report on Monday. Barclays PLC assumed coverage on Coherent in a research report on Monday. They issued an “overweight” rating and a $285.00 target price on the stock. Susquehanna Bancshares Inc upgraded Coherent from a “neutral” rating to a “positive” rating and lifted their target price for the company from $255.00 to $275.00 in a research report on Thursday, August 3rd. Finally, UBS AG upgraded Coherent from a “neutral” rating to a “positive” rating in a research report on Thursday, August 3rd. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $268.88.
In other Coherent news, Director Garry W. Rogerson sold 4,500 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $257.03, for a total value of $1,156,635.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Stephen A. Skaggs sold 500 shares of the firm’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $249.48, for a total value of $124,740.00. Following the completion of the sale, the director now directly owns 12,000 shares in the company, valued at approximately $2,993,760. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,874 shares of company stock worth $8,667,703. Insiders own 1.40% of the company’s stock.
Coherent Company Profile
Coherent, Inc is a photonics manufacturer. The Company is engaged in designing, manufacturing, servicing and marketing of lasers and related accessories for a range of scientific, commercial and industrial applications. It operates through two segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).
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