Pitcairn Co. Acquires 1,592 Shares of Coherent, Inc. (NASDAQ:COHR)
Pitcairn Co. raised its stake in shares of Coherent, Inc. (NASDAQ:COHR) by 56.9% during the second quarter, Holdings Channel reports. The fund owned 4,389 shares of the scientific and technical instruments company’s stock after buying an additional 1,592 shares during the period. Pitcairn Co.’s holdings in Coherent were worth $988,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in COHR. Dubuque Bank & Trust Co. acquired a new stake in Coherent during the first quarter valued at $337,000. Moody Aldrich Partners LLC acquired a new stake in Coherent during the first quarter valued at $505,000. Independent Portfolio Consultants Inc. raised its stake in Coherent by 4.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 6,690 shares of the scientific and technical instruments company’s stock valued at $1,376,000 after buying an additional 285 shares during the last quarter. ProShare Advisors LLC raised its stake in Coherent by 8.7% in the first quarter. ProShare Advisors LLC now owns 4,819 shares of the scientific and technical instruments company’s stock valued at $991,000 after buying an additional 384 shares during the last quarter. Finally, Nationwide Fund Advisors raised its stake in 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 valued at $14,079,000 after buying an additional 27,602 shares during the last quarter. Hedge funds and other institutional investors own 92.94% of the company’s stock.
Shares of Coherent, Inc. (NASDAQ COHR) opened at 214.53 on Friday. Coherent, Inc. has a 12 month low of $100.01 and a 12 month high of $278.39. The company has a market capitalization of $5.28 billion, a PE ratio of 32.30 and a beta of 0.72. The firm has a 50-day moving average of $243.98 and a 200 day moving average of $217.57.
Coherent (NASDAQ:COHR) last issued its earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 for the quarter, compared to the consensus estimate of $466.90 million. During the same quarter last year, the business posted $1.07 EPS. Coherent’s quarterly revenue was up 112.1% on a year-over-year basis. On average, equities research analysts expect that Coherent, Inc. will post $12.27 earnings per share for the current fiscal year.
Several equities analysts have recently issued reports on the stock. ValuEngine downgraded shares of Coherent from a “buy” rating to a “hold” rating in a report on Friday, July 14th. Benchmark Co. reissued a “buy” rating and set a $290.00 price target (down previously from $295.00) on shares of Coherent in a report on Wednesday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $270.00 price target (up previously from $265.00) on shares of Coherent in a report on Wednesday, August 2nd. BidaskClub raised shares of Coherent from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. Finally, Zacks Investment Research raised shares of Coherent from a “hold” rating to a “strong-buy” rating and set a $286.00 price target for the company in a report on Monday, May 15th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Coherent currently has an average rating of “Buy” and an average price target of $268.88.
In other news, EVP Mark Stewart Sobey sold 4,904 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $243.02, for a total transaction of $1,191,770.08. Following the sale, the executive vice president now owns 12,397 shares of the company’s stock, valued at $3,012,718.94. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO John Ambroseo sold 24,970 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $248.08, for a total value of $6,194,557.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,874 shares of company stock worth $8,667,703. Company 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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