Candriam Luxembourg S.C.A. purchased a new position in shares of Coherent, Inc. (NASDAQ:COHR) during the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 12,932 shares of the scientific and technical instruments company’s stock, valued at approximately $2,910,000.
A number of other large investors also recently made changes to their positions in the stock. Miles Capital Inc. boosted its stake in shares of Coherent by 0.3% in the first quarter. Miles Capital Inc. now owns 1,599 shares of the scientific and technical instruments company’s stock worth $329,000 after buying an additional 5 shares during the period. Bank of Montreal Can boosted 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 period. Creative Planning boosted its stake in shares of Coherent by 8.3% in the second quarter. Creative Planning now owns 1,207 shares of the scientific and technical instruments company’s stock worth $272,000 after buying an additional 92 shares during the period. Municipal Employees Retirement System of Michigan boosted its stake in shares of Coherent by 1.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 6,300 shares of the scientific and technical instruments company’s stock worth $1,296,000 after buying an additional 120 shares during the period. Finally, Amalgamated Bank boosted its stake in shares of Coherent by 3.8% in the first quarter. Amalgamated Bank now owns 3,332 shares of the scientific and technical instruments company’s stock worth $685,000 after buying an additional 121 shares during the period. 92.94% of the stock is owned by hedge funds and other institutional investors.
Shares of Coherent, Inc. (NASDAQ COHR) opened at 224.27 on Wednesday. The stock has a 50 day moving average of $247.80 and a 200-day moving average of $215.04. Coherent, Inc. has a one year low of $100.01 and a one year high of $278.39. The stock has a market capitalization of $5.50 billion, a PE ratio of 33.77 and a beta of 0.72.
Coherent (NASDAQ:COHR) last posted its quarterly earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.45 by $0.09. Coherent had a net margin of 11.08% and a return on equity of 24.98%. The business had revenue of $464.10 million during the quarter, compared to analyst estimates of $466.90 million. During the same period last year, the firm posted $1.07 earnings per share. The company’s quarterly revenue was up 112.1% on a year-over-year basis. Equities analysts predict that Coherent, Inc. will post $12.39 earnings per share for the current fiscal year.
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A number of equities research analysts recently weighed in on the stock. ValuEngine cut shares of Coherent from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Benchmark Co. reissued a “buy” rating and issued a $290.00 price target (down from $295.00) on shares of Coherent in a research report on Tuesday. Longbow Research reissued a “buy” rating and issued a $325.00 price target on shares of Coherent in a research report on Wednesday, June 28th. Susquehanna Bancshares Inc raised shares of Coherent from a “neutral” rating to a “positive” rating and boosted their price target for the company from $255.00 to $275.00 in a research report on Thursday, August 3rd. Finally, Needham & Company LLC boosted their price target on shares of Coherent from $215.00 to $265.00 and gave the company a “buy” rating in a research report on Wednesday, May 10th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Coherent currently has a consensus rating of “Buy” and a consensus price target of $268.88.
In other news, EVP Mark Stewart Sobey sold 4,904 shares of Coherent stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $243.02, for a total value of $1,191,770.08. Following the completion of the transaction, the executive vice president now directly owns 12,397 shares of the company’s stock, valued at approximately $3,012,718.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen A. Skaggs sold 500 shares of Coherent stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $249.48, for a total transaction of $124,740.00. Following the completion of the transaction, the director now directly owns 12,000 shares of the company’s stock, valued at $2,993,760. The disclosure for this sale can be found here. Insiders sold a total of 34,874 shares of company stock valued at $8,667,703 over the last ninety days. Company insiders own 1.40% of the company’s stock.
About Coherent
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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