TD Asset Management Inc. Purchases 98,437 Shares of Coherent, Inc. (COHR)
TD Asset Management Inc. boosted its stake in shares of Coherent, Inc. (NASDAQ:COHR) by 3,573.0% during the second quarter, Holdings Channel reports. The institutional investor owned 101,192 shares of the scientific and technical instruments company’s stock after buying an additional 98,437 shares during the period. TD Asset Management Inc.’s holdings in Coherent were worth $22,768,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in COHR. Hanson McClain Inc. increased its stake in Coherent by 54.5% in the first quarter. Hanson McClain Inc. now owns 709 shares of the scientific and technical instruments company’s stock valued at $146,000 after buying an additional 250 shares in the last quarter. Bank of Montreal Can increased its stake in shares of 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 period. Asset Management One Co. Ltd. bought a new stake in shares of Coherent during the first quarter valued at about $170,000. Smithfield Trust Co. bought a new stake in shares of Coherent during the second quarter valued at about $199,000. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Coherent during the second quarter valued at about $202,000. 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. The company has a market cap of $5.26 billion, a P/E ratio of 32.30 and a beta of 0.72. Coherent, Inc. has a one year low of $100.01 and a one year high of $278.39. The company’s 50-day moving average price is $243.98 and its 200 day moving average price is $217.57.
Coherent (NASDAQ:COHR) last posted its quarterly earnings data 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. Coherent had a net margin of 11.08% and a return on equity of 24.98%. The company had revenue of $464.10 million for the quarter, compared to the consensus estimate of $466.90 million. During the same period last year, the business earned $1.07 EPS. The firm’s quarterly revenue was up 112.1% on a year-over-year basis. On average, equities research analysts anticipate that Coherent, Inc. will post $12.27 earnings per share for the current year.
Several brokerages recently issued reports on COHR. Benchmark Co. reiterated a “buy” rating and set a $290.00 price target (down previously from $295.00) on shares of Coherent in a report on Tuesday. Zacks Investment Research downgraded Coherent from a “buy” rating to a “hold” rating in a report on Monday, August 7th. Barclays PLC began coverage on Coherent in a report on Monday, August 7th. They set an “overweight” rating and a $285.00 price target for the company. Susquehanna Bancshares Inc upgraded Coherent from a “neutral” rating to a “positive” rating and upped their price target for the stock from $255.00 to $275.00 in a report on Thursday, August 3rd. Finally, UBS AG upgraded Coherent from a “neutral” rating to a “positive” rating in a report on Thursday, August 3rd. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $268.88.
In related news, EVP Mark Stewart Sobey sold 4,904 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 12,397 shares of the company’s stock, valued at approximately $3,012,718.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Garry W. Rogerson sold 4,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $257.03, for a total value of $1,156,635.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,874 shares of company stock valued at $8,667,703. 1.40% of the stock is owned by corporate insiders.
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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