Tealwood Asset Management Inc. decreased its position in shares of Coherent, Inc. (NASDAQ:COHR) by 1.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 20,230 shares of the scientific and technical instruments company’s stock after selling 395 shares during the period. Coherent makes up approximately 1.7% of Tealwood Asset Management Inc.’s portfolio, making the stock its 16th largest position. Tealwood Asset Management Inc. owned approximately 0.08% of Coherent worth $4,552,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Hanson McClain Inc. boosted its position 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 in the last quarter. Bank of Montreal Can raised its stake in shares of 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. purchased a new stake in shares of Coherent during the first quarter worth about $170,000. Coldstream Capital Management Inc. purchased a new stake in shares of Coherent during the first quarter worth about $202,000. Finally, Symmetry Peak Management LLC purchased a new stake in shares of Coherent during the first quarter worth about $206,000. 92.54% of the stock is currently owned by hedge funds and other institutional investors.
Coherent, Inc. (NASDAQ COHR) opened at 210.99 on Friday. The firm has a market capitalization of $5.18 billion, a P/E ratio of 31.77 and a beta of 0.72. 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 price of $250.07 and a 200 day moving average price of $215.08.
Coherent (NASDAQ:COHR) last announced its quarterly earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $466.90 million. During the same period last year, the firm earned $1.07 earnings per share. Coherent’s revenue was up 112.1% on a year-over-year basis. On average, equities analysts forecast that Coherent, Inc. will post $12.44 EPS for the current fiscal year.
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A number of brokerages recently issued reports on COHR. ValuEngine lowered Coherent from a “buy” rating to a “hold” rating in a report on Friday, July 14th. Benchmark Co. reiterated a “buy” rating and issued a $290.00 price target (down previously from $295.00) on shares of Coherent in a report on Wednesday. Needham & Company LLC restated a “buy” rating and set a $270.00 target price (up previously from $265.00) on shares of Coherent in a report on Wednesday. BidaskClub upgraded Coherent from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. Finally, Zacks Investment Research upgraded Coherent from a “hold” rating to a “strong-buy” rating and set a $286.00 target price for the company in a report on Monday, May 15th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $266.57.
In other Coherent news, Director Garry W. Rogerson sold 4,500 shares of Coherent stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $257.03, for a total value of $1,156,635.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Mark Stewart Sobey sold 4,904 shares of Coherent stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $243.02, for a total transaction of $1,191,770.08. Following the completion of the transaction, the executive vice president now owns 12,397 shares in the company, valued at $3,012,718.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,874 shares of company stock worth $8,667,703. 1.40% of the stock is currently owned by company insiders.
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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