Westfield Capital Management Co. LP purchased a new stake in Coherent, Inc. (NASDAQ:COHR) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 237,624 shares of the scientific and technical instruments company’s stock, valued at approximately $32,405,000.

A number of other institutional investors and hedge funds have also modified their holdings of COHR. Meadow Creek Investment Management LLC grew its holdings in Coherent by 102.4% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 7,304 shares of the scientific and technical instruments company’s stock valued at $996,000 after buying an additional 3,696 shares in the last quarter. Glen Harbor Capital Management LLC boosted its position in Coherent by 102.4% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 9,296 shares of the scientific and technical instruments company’s stock worth $1,268,000 after purchasing an additional 4,704 shares in the last quarter. Elkfork Partners LLC boosted its position in Coherent by 102.4% in the 2nd quarter. Elkfork Partners LLC now owns 11,288 shares of the scientific and technical instruments company’s stock worth $1,539,000 after purchasing an additional 5,712 shares in the last quarter. Flinton Capital Management LLC grew its stake in shares of Coherent by 102.4% during the 2nd quarter. Flinton Capital Management LLC now owns 5,312 shares of the scientific and technical instruments company’s stock worth $724,000 after purchasing an additional 2,688 shares during the period. Finally, Canada Pension Plan Investment Board increased its holdings in shares of Coherent by 6.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 20,000 shares of the scientific and technical instruments company’s stock valued at $2,727,000 after purchasing an additional 1,200 shares in the last quarter. 99.40% of the stock is currently owned by hedge funds and other institutional investors.

COHR traded up $4.82 during midday trading on Wednesday, hitting $169.68. 17,255 shares of the company traded hands, compared to its average volume of 297,554. The company has a current ratio of 3.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $3.98 billion, a price-to-earnings ratio of 13.00 and a beta of 1.78. Coherent, Inc. has a 52-week low of $90.10 and a 52-week high of $189.39. The business has a 50 day simple moving average of $143.90 and a two-hundred day simple moving average of $137.57.

Coherent (NASDAQ:COHR) last released its earnings results on Tuesday, July 30th. The scientific and technical instruments company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.28. Coherent had a net margin of 8.12% and a return on equity of 13.38%. The business had revenue of $339.17 million during the quarter, compared to analysts’ expectations of $348.61 million. During the same quarter in the previous year, the company earned $3.51 earnings per share. The company’s quarterly revenue was down 29.7% on a year-over-year basis. Equities research analysts anticipate that Coherent, Inc. will post 4.92 earnings per share for the current year.

Several research firms recently issued reports on COHR. Zacks Investment Research cut shares of Coherent from a “hold” rating to a “strong sell” rating in a research note on Monday, August 5th. TheStreet lowered shares of Coherent from a “b-” rating to a “c+” rating in a research report on Wednesday, August 14th. BidaskClub raised shares of Coherent from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Benchmark reiterated a “buy” rating and issued a $165.00 price objective on shares of Coherent in a research report on Wednesday, July 31st. Finally, ValuEngine raised shares of Coherent from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating, four have given a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $148.00.

About Coherent

Coherent, Inc provides lasers, laser-based technologies, and laser-based system solutions for a range of scientific, commercial, and industrial applications. It operates through two segments, OEM Laser Sources and Industrial Lasers & Systems. The company designs, manufactures, markets, and services lasers, laser tools, precision optics, and related accessories; and laser measurement and control products.

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Institutional Ownership by Quarter for Coherent (NASDAQ:COHR)

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