Clinton Group Inc. Acquires Shares of 17,939 Coherent, Inc. (COHR)
Clinton Group Inc. acquired a new stake in Coherent, Inc. (NASDAQ:COHR) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 17,939 shares of the scientific and technical instruments company’s stock, valued at approximately $4,036,000. Clinton Group Inc. owned 0.07% of Coherent as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also recently made changes to their positions in the company. Bank of Montreal Can grew its stake in Coherent by 11.4% in the first quarter. Bank of Montreal Can now owns 812 shares of the scientific and technical instruments company’s stock valued at $167,000 after acquiring an additional 83 shares during the period. Asset Management One Co. Ltd. acquired a new stake in Coherent in the first quarter valued at approximately $170,000. Smithfield Trust Co. acquired a new stake in Coherent in the second quarter valued at approximately $199,000. Daiwa Securities Group Inc. acquired a new stake in Coherent in the second quarter valued at approximately $202,000. Finally, Symmetry Peak Management LLC acquired a new stake in Coherent in the first quarter valued at approximately $206,000. 90.21% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Stephen A. Skaggs sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $217.58, for a total value of $108,790.00. Following the sale, the director now owns 11,500 shares in the company, valued at approximately $2,502,170. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Ambroseo sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $250.00, for a total value of $6,250,000.00. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.
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Shares of Coherent, Inc. (NASDAQ:COHR) traded down 1.60% on Friday, hitting $235.17. The company had a trading volume of 735,175 shares. The stock has a market capitalization of $5.79 billion, a PE ratio of 35.41 and a beta of 0.76. Coherent, Inc. has a 52 week low of $100.01 and a 52 week high of $281.00. The firm’s 50 day moving average price is $230.30 and its 200-day moving average price is $228.71.
Coherent (NASDAQ:COHR) last posted 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). The company had revenue of $464.10 million during the quarter, compared to analysts’ expectations of $466.90 million. Coherent had a return on equity of 24.98% and a net margin of 11.08%. The business’s quarterly revenue was up 112.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.07 EPS. Analysts forecast that Coherent, Inc. will post $12.27 earnings per share for the current fiscal year.
A number of equities research analysts have commented on COHR shares. BidaskClub raised Coherent from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. Longbow Research reissued a “buy” rating and issued a $325.00 price objective on shares of Coherent in a research note on Wednesday, June 28th. Stifel Nicolaus reaffirmed a “buy” rating and set a $290.00 target price (up previously from $270.00) on shares of Coherent in a research report on Friday, June 30th. ValuEngine raised Coherent from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 target price (up previously from $265.00) on shares of Coherent in a research report on Wednesday, August 2nd. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Coherent presently has a consensus rating of “Buy” and a consensus price target of $295.00.
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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