King Luther Capital Management Corp cut its stake in shares of Coherent, Inc. (NASDAQ:COHR) by 19.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,080 shares of the scientific and technical instruments company’s stock after selling 1,435 shares during the period. King Luther Capital Management Corp’s holdings in Coherent were worth $1,368,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. TD Asset Management Inc. acquired a new position in shares of Coherent during the first quarter worth $567,000. Marshall Wace North America L.P. acquired a new position in shares of Coherent during the first quarter worth $1,597,000. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Coherent during the first quarter worth $1,613,000. SG Americas Securities LLC increased its holdings in shares of Coherent by 117.8% during the second quarter. SG Americas Securities LLC now owns 6,783 shares of the scientific and technical instruments company’s stock worth $1,526,000 after buying an additional 3,668 shares in the last quarter. Finally, American Century Companies Inc. acquired a new position in shares of Coherent during the first quarter worth $4,661,000. Institutional investors own 90.21% of the company’s stock.
Shares of Coherent, Inc. (NASDAQ:COHR) opened at 261.05 on Tuesday. Coherent, Inc. has a 52 week low of $100.01 and a 52 week high of $278.39. The company has a 50 day moving average of $230.28 and a 200 day moving average of $228.11. The company has a market cap of $6.43 billion, a PE ratio of 39.30 and a beta of 0.76.
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 Thomson Reuters’ consensus estimate of $3.45 by ($0.09). The company had revenue of $464.10 million for the quarter, compared to analysts’ expectations of $466.90 million. Coherent had a net margin of 11.08% and a return on equity of 24.98%. The business’s quarterly revenue was up 112.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.07 EPS. On average, analysts expect that Coherent, Inc. will post $12.27 EPS for the current year.
Several research 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. Susquehanna Bancshares Inc reiterated a “positive” rating and set a $275.00 price target on shares of Coherent in a report on Tuesday, September 5th. Northcoast Research reiterated a “buy” rating and set a $314.00 price target (up from $311.00) on shares of Coherent in a report on Tuesday, September 12th. Longbow Research reiterated a “buy” rating and set a $325.00 price target on shares of Coherent in a report on Wednesday, June 28th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $290.00 price target on shares of Coherent in a report on Wednesday, September 13th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $291.88.
In related news, Director Stephen A. Skaggs sold 500 shares of Coherent stock in a transaction 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 transaction, the director now owns 11,500 shares in the company, valued at approximately $2,502,170. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John Ambroseo sold 25,000 shares of Coherent stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $250.00, for a total transaction of $6,250,000.00. The disclosure for this sale can be found here. 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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