State of Wisconsin Investment Board Decreases Stake in Coherent, Inc. (COHR)
State of Wisconsin Investment Board decreased its stake in Coherent, Inc. (NASDAQ:COHR) by 16.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 166,470 shares of the scientific and technical instruments company’s stock after selling 32,001 shares during the period. State of Wisconsin Investment Board’s holdings in Coherent were worth $37,454,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of COHR. Teachers Advisors LLC raised its stake in Coherent by 13.3% in the fourth quarter. Teachers Advisors LLC now owns 44,070 shares of the scientific and technical instruments company’s stock valued at $6,055,000 after buying an additional 5,162 shares during the last quarter. Creative Planning raised its stake in Coherent by 27.6% in the first quarter. Creative Planning now owns 1,115 shares of the scientific and technical instruments company’s stock valued at $229,000 after buying an additional 241 shares during the last quarter. Bank of Montreal Can raised 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 buying an additional 83 shares during the last quarter. Affinity Wealth Management acquired a new stake in Coherent during the first quarter valued at approximately $369,000. Finally, Retirement Systems of Alabama acquired a new stake in Coherent during the first quarter valued at approximately $6,519,000. 92.40% of the stock is currently owned by institutional investors and hedge funds.
Coherent, Inc. (NASDAQ:COHR) opened at 225.48 on Wednesday. The company has a market cap of $5.55 billion, a P/E ratio of 33.95 and a beta of 0.72. The stock has a 50 day moving average of $243.04 and a 200 day moving average of $219.40. Coherent, Inc. has a 52 week low of $100.01 and a 52 week high of $278.39.
Coherent (NASDAQ:COHR) last released its quarterly earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share for the quarter, missing analysts’ consensus estimates of $3.45 by $0.09. Coherent had a net margin of 11.08% and a return on equity of 24.98%. The firm 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 business posted $1.07 earnings per share. The firm’s quarterly revenue was up 112.1% on a year-over-year basis. On average, analysts expect that Coherent, Inc. will post $12.27 earnings per share for the current year.
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Several equities research analysts recently commented on COHR shares. Benchmark Co. reissued a “buy” rating on shares of Coherent in a research note on Wednesday, May 10th. Stifel Nicolaus boosted their price objective on shares of Coherent from $220.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, May 10th. Needham & Company LLC boosted their price objective on shares of Coherent from $215.00 to $265.00 and gave the stock a “buy” rating in a research note on Wednesday, May 10th. Susquehanna Bancshares Inc reissued a “neutral” rating and set a $240.00 price objective (up previously from $225.00) on shares of Coherent in a research note on Wednesday, May 10th. Finally, Zacks Investment Research upgraded shares of Coherent from a “hold” rating to a “strong-buy” rating and set a $286.00 target price on the stock in a research note on Monday, May 15th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Coherent presently has a consensus rating of “Buy” and an average price target of $268.88.
In other news, CEO John Ambroseo sold 24,970 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $248.08, for a total value of $6,194,557.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mark Stewart Sobey sold 4,904 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $243.02, for a total transaction of $1,191,770.08. Following the completion of the sale, the executive vice president now owns 12,397 shares in the company, valued at $3,012,718.94. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.
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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