Coherent, Inc. (NASDAQ:COHR) posted its quarterly earnings results on Tuesday. The scientific and technical instruments company reported $3.36 EPS for the quarter, missing the consensus estimate of $3.45 by $0.09, Bloomberg Earnings reports. The business had revenue of $464.10 million for the quarter, compared to analysts’ expectations of $466.90 million. Coherent had a return on equity of 19.66% and a net margin of 9.84%. The company’s revenue was up 112.1% compared to the same quarter last year. During the same period last year, the business posted $1.07 earnings per share.
Shares of Coherent (NASDAQ:COHR) traded up 2.26% on Tuesday, hitting $271.00. 803,487 shares of the stock traded hands. The firm has a 50 day moving average price of $250.07 and a 200 day moving average price of $215.08. The firm has a market cap of $6.67 billion, a PE ratio of 54.64 and a beta of 0.70. Coherent has a 52-week low of $100.01 and a 52-week high of $278.39.
Several research firms have commented on COHR. Longbow Research reissued a “buy” rating and set a $325.00 price target on shares of Coherent in a research note on Monday, June 12th. Benchmark Co. restated a “buy” rating and issued a $295.00 target price (up previously from $275.00) on shares of Coherent in a report on Thursday, July 20th. Susquehanna Bancshares Inc restated a “neutral” rating and issued a $240.00 target price (up previously from $225.00) on shares of Coherent in a report on Wednesday, May 10th. Stifel Nicolaus raised their target price on shares of Coherent from $220.00 to $270.00 and gave the stock a “buy” rating in a report on Wednesday, May 10th. Finally, BidaskClub cut shares of Coherent from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $263.71.
In other Coherent news, CEO John Ambroseo sold 24,970 shares of the stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $248.08, for a total value of $6,194,557.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen A. Skaggs sold 500 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $249.48, for a total value of $124,740.00. Following the completion of the sale, the director now owns 12,000 shares in the company, valued at approximately $2,993,760. The disclosure for this sale can be found here. Insiders have sold a total of 37,777 shares of company stock worth $9,320,878 in the last 90 days. 1.40% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Hanson McClain Inc. raised 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 worth $146,000 after buying an additional 250 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 worth $167,000 after buying an additional 83 shares during the last quarter. Asset Management One Co. Ltd. acquired a new stake in Coherent during the first quarter worth $170,000. Smithfield Trust Co. acquired a new stake in Coherent during the second quarter worth $199,000. Finally, Coldstream Capital Management Inc. acquired a new stake in Coherent during the first quarter worth $202,000. Institutional investors and hedge funds own 92.54% of the company’s stock.
ILLEGAL ACTIVITY WARNING: This piece was reported by StockNewsTimes and is owned by of StockNewsTimes. If you are viewing this piece on another website, it was illegally stolen and republished in violation of United States and international trademark & copyright laws. The legal version of this piece can be viewed at https://stocknewstimes.com/2017/08/02/coherent-inc-nasdaqcohr-posts-quarterly-earnings-results.html.
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).
Receive News & Ratings for Coherent Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Coherent Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
