Coherent, Inc. (COHR) Sees Large Increase in Short Interest
Coherent, Inc. (NASDAQ:COHR) was the target of a significant growth in short interest during the month of August. As of August 15th, there was short interest totalling 1,490,748 shares, a growth of 65.2% from the July 31st total of 902,438 shares. Based on an average daily volume of 1,119,051 shares, the days-to-cover ratio is presently 1.3 days. Currently, 6.1% of the shares of the company are short sold.
In other 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 transaction of $108,790.00. Following the completion of the sale, the director now owns 11,500 shares in the company, valued at $2,502,170. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in shares of 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 buying an additional 2,484,041 shares during the last quarter. Epoch Investment Partners Inc. acquired a new stake in shares of Coherent during the first quarter valued at approximately $114,876,000. Alliancebernstein L.P. increased its stake in shares of Coherent by 1,420.6% in the first quarter. Alliancebernstein L.P. now owns 556,538 shares of the scientific and technical instruments company’s stock valued at $114,446,000 after buying an additional 519,939 shares during the last quarter. Koch Industries Inc. acquired a new stake in shares of Coherent during the second quarter valued at approximately $354,000. Finally, Harbour Capital Advisors LLC increased its stake in shares of Coherent by 28,934.4% in the second quarter. Harbour Capital Advisors LLC now owns 304,861 shares of the scientific and technical instruments company’s stock valued at $1,355,000 after buying an additional 303,811 shares during the last quarter. 90.23% of the stock is currently owned by institutional investors.
Several research analysts have issued reports on COHR shares. ValuEngine cut Coherent from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Benchmark Co. reiterated a “buy” rating and issued a $290.00 price objective (down previously from $295.00) on shares of Coherent in a research report on Wednesday, August 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $270.00 price objective (up previously from $265.00) on shares of Coherent in a research report on Wednesday, August 2nd. BidaskClub upgraded Coherent from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. Finally, Zacks Investment Research upgraded Coherent from a “hold” rating to a “strong-buy” rating and set a $286.00 price objective for the company in a research report on Monday, May 15th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $268.88.
Shares of Coherent (NASDAQ COHR) opened at 227.80 on Thursday. The firm has a market cap of $5.61 billion, a price-to-earnings ratio of 34.30 and a beta of 0.72. Coherent has a 12-month low of $100.01 and a 12-month high of $278.39. The firm has a 50-day moving average price of $241.26 and a 200 day moving average price of $222.09.
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 Zacks’ consensus estimate of $3.45 by $0.09. The company had revenue of $464.10 million during the quarter, compared to analyst estimates of $466.90 million. Coherent had a net margin of 11.08% and a return on equity of 24.98%. The business’s revenue for the quarter was up 112.1% compared to the same quarter last year. During the same period last year, the company earned $1.07 EPS. On average, equities research analysts anticipate that Coherent will post $12.27 earnings per share for the current fiscal year.
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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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