State of Tennessee Treasury Department cut its position in Coherent, Inc. (NASDAQ:COHR) by 72.1% during the third quarter, Holdings Channel reports. The firm owned 19,341 shares of the company’s stock after selling 50,000 shares during the period. State of Tennessee Treasury Department owned about 0.08% of Coherent worth $2,138,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of COHR. Daiwa Securities Group Inc. acquired a new stake in Coherent during the third quarter worth $155,000. Tower Research Capital LLC TRC boosted its position in Coherent by 69.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,767 shares of the company’s stock worth $162,000 after buying an additional 725 shares in the last quarter. Advisor Group Inc. boosted its position in Coherent by 67.2% in the third quarter. Advisor Group Inc. now owns 1,670 shares of the company’s stock worth $185,000 after buying an additional 671 shares in the last quarter. BlackRock Inc. boosted its position in Coherent by 18.9% in the second quarter. BlackRock Inc. now owns 2,075 shares of the company’s stock worth $191,000 after buying an additional 330 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Coherent during the second quarter worth approximately $225,000. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Institutional Ownership by Quarter for Coherent (NASDAQ:COHR)

Coherent, Inc. (NASDAQ:COHR) traded up 0.75% during midday trading on Friday, reaching $145.18. 92,924 shares of the company’s stock traded hands. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of 40.55 and a beta of 0.80. Coherent, Inc. has a 1-year low of $56.72 and a 1-year high of $145.65. The firm’s 50-day moving average is $134.08 and its 200-day moving average is $112.00.

Coherent (NASDAQ:COHR) last issued its earnings results on Wednesday, November 2nd. The company reported $1.65 EPS for the quarter, beating the Zacks’ consensus estimate of $1.52 by $0.13. The business earned $248.50 million during the quarter, compared to analysts’ expectations of $241.76 million. Coherent had a net margin of 10.21% and a return on equity of 11.69%. The company’s quarterly revenue was up 18.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.25 earnings per share. Analysts forecast that Coherent, Inc. will post $7.84 earnings per share for the current year.

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A number of research firms recently commented on COHR. Stifel Nicolaus lifted their price target on shares of Coherent from $145.00 to $170.00 and gave the stock a “buy” rating in a research note on Monday. Benchmark Co. lifted their price target on shares of Coherent from $125.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, December 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 price target (up from $130.00) on shares of Coherent in a research note on Monday, November 14th. Zacks Investment Research raised shares of Coherent from a “hold” rating to a “strong-buy” rating and set a $134.00 price target for the company in a research note on Tuesday, November 8th. Finally, Northcoast Research began coverage on shares of Coherent in a research note on Tuesday, October 25th. They set a “buy” rating and a $130.00 price target for the company. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $134.83.

In other news, VP Bret Dimarco sold 4,951 shares of the stock in a transaction dated Wednesday, November 9th. The shares were sold at an average price of $120.00, for a total value of $594,120.00. Following the completion of the sale, the vice president now directly owns 13,603 shares in the company, valued at $1,632,360. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Luis Spinelli sold 4,328 shares of the stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $126.02, for a total transaction of $545,414.56. Following the completion of the sale, the vice president now owns 11,221 shares of the company’s stock, valued at $1,414,070.42. The disclosure for this sale can be found here. 1.83% of the stock is currently owned by insiders.

About Coherent

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).

5 Day Chart for NASDAQ:COHR

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