Zacks Investment Research upgraded shares of Coherent (NASDAQ:COHR) from a hold rating to a buy rating in a report issued on Wednesday morning. Zacks Investment Research currently has $337.00 target price on the scientific and technical instruments company’s stock.
According to Zacks, “Coherent, Inc. is an American company, designs, manufactures and markets laser systems and components, laser measurement and control products, optics, and laser accessories, which are used both in industry and scientific research. Their markets are the microelectronics industry (e.g., flat panel display manufacturing, integrated circuit packaging, and integrated circuit inspection), scientific research, OEM components, and materials processing (e.g., CO2 lasers for cutting metals). “
Other equities analysts also recently issued reports about the company. Northcoast Research restated a buy rating and issued a $314.00 price target (up from $311.00) on shares of Coherent in a research note on Tuesday, September 12th. Stifel Nicolaus restated a buy rating and issued a $290.00 price target on shares of Coherent in a research note on Wednesday, September 13th. Needham & Company LLC lifted their target price on Coherent from $270.00 to $330.00 and gave the company a buy rating in a research report on Wednesday, November 8th. Summit Redstone reiterated a buy rating and set a $320.00 target price on shares of Coherent in a research report on Saturday, September 23rd. Finally, Benchmark lifted their target price on Coherent from $290.00 to $310.00 and gave the company a buy rating in a research report on Wednesday, November 8th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $319.22.
Coherent (NASDAQ:COHR) last released its quarterly earnings results on Tuesday, November 7th. The scientific and technical instruments company reported $3.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.48 by $0.24. The firm had revenue of $490.00 million for the quarter, compared to the consensus estimate of $475.24 million. Coherent had a return on equity of 28.53% and a net margin of 12.02%. The company’s revenue for the quarter was up 97.2% on a year-over-year basis. During the same period last year, the business posted $1.65 EPS. research analysts predict that Coherent will post 15.56 earnings per share for the current year.
In other news, Director Sandeep Vij sold 4,400 shares of the business’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $292.79, for a total value of $1,288,276.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Stephen A. Skaggs sold 500 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $308.97, for a total value of $154,485.00. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at $3,398,670. The disclosure for this sale can be found here. Insiders have sold 19,788 shares of company stock worth $5,901,628 over the last quarter. 1.40% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the company. Epoch Investment Partners Inc. lifted its position in shares of Coherent by 3.6% in the third quarter. Epoch Investment Partners Inc. now owns 962,918 shares of the scientific and technical instruments company’s stock valued at $226,449,000 after acquiring an additional 33,295 shares in the last quarter. Earnest Partners LLC lifted its position in shares of Coherent by 1.0% in the third quarter. Earnest Partners LLC now owns 636,910 shares of the scientific and technical instruments company’s stock valued at $149,782,000 after acquiring an additional 6,066 shares in the last quarter. FMR LLC lifted its position in shares of Coherent by 23.2% in the second quarter. FMR LLC now owns 494,053 shares of the scientific and technical instruments company’s stock valued at $111,157,000 after acquiring an additional 93,014 shares in the last quarter. NWQ Investment Management Company LLC lifted its position in shares of Coherent by 10.9% in the third quarter. NWQ Investment Management Company LLC now owns 446,953 shares of the scientific and technical instruments company’s stock valued at $105,110,000 after acquiring an additional 43,822 shares in the last quarter. Finally, Koch Industries Inc. purchased a new position in shares of Coherent in the second quarter valued at about $354,000. Institutional investors and hedge funds own 96.90% of the company’s stock.
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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