Coherent, Inc. (NASDAQ:COHR) Posts Quarterly Earnings Results

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.

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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).