State Board of Administration of Florida Retirement System increased its position in Coherent, Inc. (NASDAQ:COHR) by 5.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,702 shares of the scientific and technical instruments company’s stock after buying an additional 1,460 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.11% of Coherent worth $6,515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. Smithfield Trust Co. bought a new stake in Coherent in the 2nd quarter worth approximately $199,000. Daiwa Securities Group Inc. bought a new stake in Coherent in the 2nd quarter worth approximately $202,000. WESPAC Advisors LLC bought a new stake in Coherent in the 2nd quarter worth approximately $211,000. Penserra Capital Management LLC lifted its position in Coherent by 4.2% in the 2nd quarter. Penserra Capital Management LLC now owns 5,791 shares of the scientific and technical instruments company’s stock worth $224,000 after buying an additional 234 shares during the last quarter. Finally, Coldstream Capital Management Inc. lifted its position in Coherent by 3.1% in the 2nd quarter. Coldstream Capital Management Inc. now owns 1,010 shares of the scientific and technical instruments company’s stock worth $227,000 after buying an additional 30 shares during the last quarter. Institutional investors own 91.57% of the company’s stock.
In other news, VP Bret Dimarco sold 5,819 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $294.75, for a total transaction of $1,715,150.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Stephen A. Skaggs sold 500 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $308.97, for a total value of $154,485.00. Following the transaction, the director now directly owns 11,000 shares in the company, valued at $3,398,670. The disclosure for this sale can be found here. Insiders have sold 35,719 shares of company stock worth $9,407,911 over the last three months. Insiders own 1.40% of the company’s stock.
A number of analysts recently weighed in on the company. Northcoast Research restated a “buy” rating and issued a $314.00 target price (up previously from $311.00) on shares of Coherent in a research report on Tuesday, September 12th. Needham & Company LLC boosted their target price on Coherent from $270.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, November 8th. Stifel Nicolaus restated a “buy” rating and issued a $290.00 target price on shares of Coherent in a research report on Wednesday, September 13th. Susquehanna Bancshares Inc upgraded Coherent from a “neutral” rating to a “positive” rating and boosted their target price for the stock from $255.00 to $275.00 in a research report on Thursday, August 3rd. Finally, Zacks Investment Research raised Coherent from a “hold” rating to a “strong-buy” rating and set a $270.00 price target on the stock in a research note on Tuesday, October 3rd. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $309.89.
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Coherent, Inc. (NASDAQ COHR) opened at $301.32 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.13 and a quick ratio of 2.14. The company has a market capitalization of $7,610.38, a P/E ratio of 25.99 and a beta of 0.79. Coherent, Inc. has a 12 month low of $124.70 and a 12 month high of $314.76.
Coherent (NASDAQ:COHR) last posted its earnings results on Tuesday, November 7th. The scientific and technical instruments company reported $3.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.48 by $0.24. Coherent had a return on equity of 28.53% and a net margin of 12.02%. The firm had revenue of $490.00 million for the quarter, compared to analysts’ expectations of $475.24 million. During the same period in the previous year, the firm earned $1.65 earnings per share. The business’s revenue was up 97.2% compared to the same quarter last year. equities analysts predict that Coherent, Inc. will post 15.15 earnings per share for the current fiscal year.
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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