Coherent (NASDAQ:COHR) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Coherent (NASDAQ:COHR) from a strong-buy rating to a hold rating in a research report report published on Tuesday, January 9th.

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). “

COHR has been the topic of several other reports. Stifel Nicolaus raised their target price on shares of Coherent from $290.00 to $330.00 and gave the stock a buy rating in a report on Wednesday, November 8th. Benchmark raised their target price on shares of Coherent from $290.00 to $310.00 and gave the stock a buy rating in a report on Wednesday, November 8th. Barclays lifted their price objective on shares of Coherent from $285.00 to $315.00 and gave the company an overweight rating in a report on Wednesday, November 8th. Summit Redstone reiterated a buy rating and issued a $320.00 price objective on shares of Coherent in a report on Saturday, September 23rd. Finally, Northcoast Research reiterated a buy rating and issued a $314.00 price objective (up from $311.00) on shares of Coherent in a report on Tuesday, September 12th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Coherent has an average rating of Buy and an average price target of $319.22.

Shares of Coherent (NASDAQ:COHR) traded up $4.70 during midday trading on Tuesday, hitting $306.27. 410,900 shares of the stock traded hands, compared to its average volume of 352,820. The company has a market cap of $7,990.00, a price-to-earnings ratio of 36.42 and a beta of 0.82. The company has a quick ratio of 2.14, a current ratio of 3.13 and a debt-to-equity ratio of 0.51. Coherent has a one year low of $143.74 and a one year high of $320.73.

Coherent (NASDAQ:COHR) last released its quarterly earnings data on Tuesday, November 7th. The scientific and technical instruments company reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.48 by $0.24. Coherent had a net margin of 12.02% and a return on equity of 28.53%. The business had revenue of $490.00 million for the quarter, compared to analyst estimates of $475.24 million. During the same quarter last year, the firm earned $1.65 EPS. Coherent’s quarterly revenue was up 97.2% compared to the same quarter last year. equities research analysts expect that Coherent will post 15.56 EPS for the current year.

In related news, Director Stephen A. Skaggs sold 500 shares of the firm’s stock in a transaction on 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 directly owns 11,000 shares of the company’s stock, valued at $3,398,670. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Paul F. Sechrist sold 1,002 shares of the firm’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $288.88, for a total transaction of $289,457.76. The disclosure for this sale can be found here. Insiders sold 19,788 shares of company stock valued at $5,901,628 over the last three months. 1.40% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. Tygh Capital Management Inc. boosted its position in Coherent by 36.4% during the third quarter. Tygh Capital Management Inc. now owns 35,672 shares of the scientific and technical instruments company’s stock worth $8,389,000 after purchasing an additional 9,529 shares during the period. Stevens Capital Management LP bought a new position in Coherent during the second quarter worth $4,051,000. Flinton Capital Management LLC boosted its position in Coherent by 73.8% during the second quarter. Flinton Capital Management LLC now owns 1,168 shares of the scientific and technical instruments company’s stock worth $263,000 after purchasing an additional 496 shares during the period. Gotham Asset Management LLC bought a new position in Coherent during the second quarter worth $458,000. Finally, Affinity Wealth Management boosted its position in Coherent by 39.5% during the third quarter. Affinity Wealth Management now owns 2,505 shares of the scientific and technical instruments company’s stock worth $589,000 after purchasing an additional 709 shares during the period. 96.90% of the stock is owned by hedge funds and other institutional investors.

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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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