Coherent (COHR) Stock Price Down 3.2% on Insider Selling
Coherent, Inc. (NASDAQ:COHR)’s share price was down 3.2% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $270.89 and last traded at $282.98. Approximately 213,018 shares changed hands during trading, a decline of 52% from the average daily volume of 443,240 shares. The stock had previously closed at $274.15.
Specifically, CEO John Ambroseo sold 25,000 shares of Coherent 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Stephen A. Skaggs sold 500 shares of the business’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $308.97, for a total value of $154,485.00. Following the sale, the director now owns 11,000 shares in the company, valued at $3,398,670. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,416 shares of company stock worth $11,740,028. Company insiders own 1.40% of the company’s stock.
A number of analysts have commented on the company. Northcoast Research reiterated a “buy” rating and set a $314.00 target price (up from $311.00) on shares of Coherent in a research report on Tuesday, September 12th. Needham & Company LLC boosted their price target on Coherent from $270.00 to $330.00 and gave the stock a “buy” rating in a report on Wednesday, November 8th. Stifel Nicolaus reissued a “buy” rating and issued a $290.00 price target on shares of Coherent in a report on Wednesday, September 13th. Zacks Investment Research upgraded Coherent from a “hold” rating to a “strong-buy” rating and set a $270.00 target price for the company in a research note on Tuesday, October 3rd. Finally, Summit Redstone restated a “buy” rating and set a $320.00 price target on shares of Coherent in a research note on Saturday, September 23rd. One investment 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 company. The company has a consensus rating of “Buy” and an average target price of $309.89.
The firm has a market cap of $6,998.98, a P/E ratio of 23.72 and a beta of 0.81. The company has a quick ratio of 2.14, a current ratio of 3.13 and a debt-to-equity ratio of 0.51.
Coherent (NASDAQ:COHR) last issued its earnings results on Tuesday, November 7th. The scientific and technical instruments company reported $3.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.48 by $0.24. Coherent had a return on equity of 28.53% and a net margin of 12.02%. The business had revenue of $490.00 million during the quarter, compared to analysts’ expectations of $475.24 million. During the same quarter last year, the firm posted $1.65 earnings per share. Coherent’s revenue was up 97.2% compared to the same quarter last year. analysts anticipate that Coherent, Inc. will post 15.56 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Epoch Investment Partners Inc. grew its position in shares of Coherent by 3.6% in the third quarter. Epoch Investment Partners Inc. now owns 962,918 shares of the scientific and technical instruments company’s stock valued at $226,449,000 after purchasing an additional 33,295 shares during the last quarter. Earnest Partners LLC grew its position in shares of Coherent by 1.0% in the third quarter. Earnest Partners LLC now owns 636,910 shares of the scientific and technical instruments company’s stock valued at $149,782,000 after purchasing an additional 6,066 shares during the last quarter. FMR LLC grew its position in shares of Coherent by 23.2% in the second quarter. FMR LLC now owns 494,053 shares of the scientific and technical instruments company’s stock valued at $111,157,000 after purchasing an additional 93,014 shares during the last quarter. NWQ Investment Management Company LLC grew its position in shares of Coherent by 10.9% in the third quarter. NWQ Investment Management Company LLC now owns 446,953 shares of the scientific and technical instruments company’s stock valued at $105,110,000 after purchasing an additional 43,822 shares during the last quarter. Finally, Koch Industries Inc. acquired a new stake in shares of Coherent in the second quarter valued at about $354,000. Institutional investors own 97.06% 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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