Benchmark Co. Reiterates “Buy” Rating for Coherent, Inc. (COHR)
Coherent, Inc. (NASDAQ:COHR)‘s stock had its “buy” rating restated by Benchmark Co. in a note issued to investors on Thursday. They currently have a $290.00 target price on the scientific and technical instruments company’s stock. Benchmark Co.’s price objective would suggest a potential upside of 14.29% from the company’s previous close.
The analysts wrote, “We believe it is likely that Apple will employ OLED displays in all its iPhones by no later than 2019 and that other smartphone manufacturers will shift to OLED displays during this period.””
A number of other brokerages also recently issued reports on COHR. BidaskClub raised Coherent from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. Stifel Nicolaus reissued a “buy” rating and issued a $290.00 target price on shares of Coherent in a research report on Wednesday, September 13th. Needham & Company LLC reissued a “buy” rating and issued a $270.00 target price (up from $265.00) on shares of Coherent in a research report on Wednesday, August 2nd. Zacks Investment Research raised Coherent from a “hold” rating to a “strong-buy” rating and set a $270.00 target price on the stock in a research report on Tuesday, October 3rd. Finally, Barclays PLC initiated coverage on Coherent in a research report on Monday, August 7th. They issued an “overweight” rating and a $285.00 target price on the stock. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $293.22.
Coherent (NASDAQ:COHR) traded up 0.02% during mid-day trading on Thursday, hitting $253.73. The company’s stock had a trading volume of 228,112 shares. Coherent has a 12-month low of $100.01 and a 12-month high of $281.00. The firm’s 50-day moving average is $243.20 and its 200-day moving average is $235.35. The company has a market cap of $6.25 billion, a P/E ratio of 38.20 and a beta of 0.78.
Coherent (NASDAQ:COHR) last issued its quarterly earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.45 by ($0.09). The business had revenue of $464.10 million for the quarter, compared to analyst estimates of $466.90 million. Coherent had a return on equity of 24.98% and a net margin of 11.08%. The business’s revenue for the quarter was up 112.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.07 earnings per share. Analysts predict that Coherent will post $12.28 EPS for the current fiscal year.
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In other Coherent news, Director Stephen A. Skaggs sold 500 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $217.58, for a total value of $108,790.00. Following the sale, the director now directly owns 11,500 shares of the company’s stock, valued at $2,502,170. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John Ambroseo sold 25,000 shares of the company’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $250.00, for a total transaction of $6,250,000.00. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of COHR. BlackRock Inc. boosted its holdings in Coherent by 124,951.8% in the first quarter. BlackRock Inc. now owns 2,486,029 shares of the scientific and technical instruments company’s stock valued at $511,226,000 after purchasing an additional 2,484,041 shares during the last quarter. Epoch Investment Partners Inc. boosted its stake in shares of Coherent by 66.4% during the 2nd quarter. Epoch Investment Partners Inc. now owns 929,623 shares of the scientific and technical instruments company’s stock worth $209,157,000 after acquiring an additional 370,993 shares in the last quarter. Koch Industries Inc. purchased a new stake in shares of Coherent during the 2nd quarter worth about $354,000. Harbour Capital Advisors LLC boosted its stake in shares of Coherent by 28,934.4% during the 2nd quarter. Harbour Capital Advisors LLC now owns 304,861 shares of the scientific and technical instruments company’s stock worth $1,355,000 after acquiring an additional 303,811 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Coherent by 42.3% during the 1st quarter. State Street Corp now owns 766,435 shares of the scientific and technical instruments company’s stock worth $157,609,000 after acquiring an additional 227,897 shares in the last quarter. 90.21% of the stock is currently owned by institutional investors.
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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