Coherent, Inc. (COHR) Stake Reduced by Bank of New York Mellon Corp
Bank of New York Mellon Corp reduced its position in Coherent, Inc. (NASDAQ:COHR) by 10.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 280,282 shares of the scientific and technical instruments company’s stock after selling 32,905 shares during the period. Bank of New York Mellon Corp owned approximately 1.14% of Coherent worth $63,062,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. TD Asset Management Inc. purchased a new stake in shares of Coherent during the first quarter worth about $567,000. Marshall Wace North America L.P. purchased a new stake in shares of Coherent during the first quarter worth about $1,597,000. Nationwide Fund Advisors increased its stake in shares of Coherent by 67.6% in the first quarter. Nationwide Fund Advisors now owns 68,463 shares of the scientific and technical instruments company’s stock worth $14,079,000 after buying an additional 27,602 shares during the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Coherent during the first quarter worth about $1,613,000. Finally, American Century Companies Inc. purchased a new stake in shares of Coherent during the first quarter worth about $4,661,000. 90.23% of the stock is owned by institutional investors and hedge funds.
Coherent, Inc. (COHR) opened at 233.32 on Friday. Coherent, Inc. has a 52-week low of $100.01 and a 52-week high of $278.39. The stock’s 50 day moving average is $239.38 and its 200-day moving average is $223.27. The company has a market capitalization of $5.75 billion, a P/E ratio of 35.13 and a beta of 0.72.
Coherent (NASDAQ:COHR) last announced its quarterly earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 EPS for the quarter, missing analysts’ consensus estimates of $3.45 by $0.09. Coherent had a return on equity of 24.98% and a net margin of 11.08%. The company had revenue of $464.10 million during the quarter, compared to the consensus estimate of $466.90 million. During the same quarter in the prior year, the firm earned $1.07 earnings per share. The business’s revenue was up 112.1% compared to the same quarter last year. Analysts predict that Coherent, Inc. will post $12.27 EPS for the current fiscal year.
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COHR has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 price objective (up from $265.00) on shares of Coherent in a research report on Wednesday, August 2nd. Benchmark Co. reaffirmed a “buy” rating and issued a $290.00 price objective (down from $295.00) on shares of Coherent in a research report on Tuesday, August 8th. ValuEngine raised shares of Coherent from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Zacks Investment Research downgraded shares of Coherent from a “buy” rating to a “hold” rating in a research report on Monday, August 7th. Finally, BidaskClub downgraded shares of Coherent from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $268.88.
In other news, Director Stephen A. Skaggs sold 500 shares of Coherent stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $217.58, for a total value of $108,790.00. Following the completion of the sale, the director now directly owns 11,500 shares in the company, valued at $2,502,170. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.40% of the company’s stock.
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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