Wells Fargo & Company MN reduced its holdings in shares of Coherent, Inc. (NASDAQ:COHR) by 38.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 280,824 shares of the scientific and technical instruments company’s stock after selling 175,438 shares during the quarter. Wells Fargo & Company MN owned 1.14% of Coherent worth $63,183,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of Montreal Can lifted its position in shares of Coherent by 11.4% during the first quarter. Bank of Montreal Can now owns 812 shares of the scientific and technical instruments company’s stock worth $167,000 after purchasing an additional 83 shares in the last quarter. Asset Management One Co. Ltd. acquired a new position in shares of Coherent during the first quarter worth $170,000. Smithfield Trust Co. acquired a new position in shares of Coherent during the second quarter worth $199,000. Daiwa Securities Group Inc. acquired a new position in shares of Coherent during the second quarter worth $202,000. Finally, Symmetry Peak Management LLC acquired a new position in shares of Coherent during the first quarter worth $206,000. Institutional investors own 90.23% of the company’s stock.
A number of research firms have recently commented on COHR. ValuEngine cut shares of Coherent from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $275.00 target price on shares of Coherent in a research report on Tuesday, September 5th. Northcoast Research reissued a “buy” rating and set a $314.00 target price (up from $311.00) on shares of Coherent in a research report on Tuesday. Longbow Research reissued a “buy” rating and set a $325.00 target price on shares of Coherent in a research report on Wednesday, June 28th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $290.00 target price on shares of Coherent in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Coherent presently has a consensus rating of “Buy” and an average target price of $291.88.
In other news, Director Stephen A. Skaggs sold 500 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was 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 of the company’s stock, valued at $2,502,170. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John Ambroseo sold 25,000 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $250.00, for a total value of $6,250,000.00. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.
Shares of Coherent, Inc. (NASDAQ COHR) opened at 253.77 on Friday. Coherent, Inc. has a 12-month low of $100.01 and a 12-month high of $278.39. The company has a 50-day moving average of $230.41 and a 200 day moving average of $226.95. The firm has a market capitalization of $6.25 billion, a PE ratio of 38.21 and a beta of 0.76.
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 the 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 analyst estimates of $466.90 million. During the same quarter last year, the business earned $1.07 EPS. The company’s revenue for the quarter was up 112.1% on a year-over-year basis. On average, analysts predict that Coherent, Inc. will post $12.27 EPS for the current year.
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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