Kennedy Capital Management Inc. raised its stake in Coherent, Inc. (NASDAQ:COHR) by 2.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,579 shares of the scientific and technical instruments company’s stock after purchasing an additional 784 shares during the quarter. Kennedy Capital Management Inc. owned approximately 0.12% of Coherent worth $8,066,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. grew its position in Coherent by 3.3% during the 4th quarter. BlackRock Inc. now owns 2,061,486 shares of the scientific and technical instruments company’s stock worth $581,791,000 after acquiring an additional 66,248 shares during the last quarter. Epoch Investment Partners Inc. lifted its stake in shares of Coherent by 3.6% in the 3rd 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 purchasing an additional 33,295 shares during the period. OppenheimerFunds Inc. lifted its stake in shares of Coherent by 0.7% in the 4th quarter. OppenheimerFunds Inc. now owns 860,200 shares of the scientific and technical instruments company’s stock valued at $242,766,000 after purchasing an additional 5,787 shares during the period. Carillon Tower Advisers Inc. acquired a new position in shares of Coherent in the 4th quarter valued at about $213,124,000. Finally, Earnest Partners LLC lifted its stake in shares of Coherent by 1.0% in the 3rd quarter. Earnest Partners LLC now owns 636,910 shares of the scientific and technical instruments company’s stock valued at $149,782,000 after purchasing an additional 6,066 shares during the period. Hedge funds and other institutional investors own 98.43% of the company’s stock.
Coherent, Inc. (COHR) traded down $2.51 during midday trading on Wednesday, hitting $220.55. The company had a trading volume of 337,211 shares, compared to its average volume of 738,232. The company has a quick ratio of 2.08, a current ratio of 3.18 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $5,470.00, a PE ratio of 30.76 and a beta of 0.84. Coherent, Inc. has a 12 month low of $183.02 and a 12 month high of $329.00.
Coherent (NASDAQ:COHR) last released its earnings results on Wednesday, February 7th. The scientific and technical instruments company reported $3.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.52 by $0.02. Coherent had a net margin of 11.79% and a return on equity of 29.82%. The firm had revenue of $477.60 million during the quarter, compared to analyst estimates of $474.21 million. During the same period last year, the business earned $2.57 earnings per share. The business’s revenue was up 38.0% on a year-over-year basis. equities analysts anticipate that Coherent, Inc. will post 14.62 EPS for the current year.
Coherent announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 7th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the scientific and technical instruments company to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
COHR has been the topic of a number of research reports. Zacks Investment Research downgraded Coherent from a “hold” rating to a “sell” rating in a research note on Monday, February 12th. Northcoast Research reissued a “buy” rating and set a $314.00 price objective on shares of Coherent in a report on Monday, February 12th. Barclays set a $325.00 target price on Coherent and gave the company an “overweight” rating in a report on Thursday, February 8th. Stifel Nicolaus reduced their price objective on Coherent from $330.00 to $310.00 and set a “buy” rating for the company in a report on Thursday, February 8th. Finally, Needham & Company LLC reissued a “buy” rating and set a $294.00 price objective (down from $330.00) on shares of Coherent in a report on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $312.22.
In other news, Director Stephen A. Skaggs sold 500 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $212.27, for a total transaction of $106,135.00. Following the completion of the sale, the director now owns 10,500 shares of the company’s stock, valued at approximately $2,228,835. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Paul F. Sechrist sold 1,372 shares of the business’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $300.00, for a total transaction of $411,600.00. Following the sale, the executive vice president now directly owns 2,497 shares of the company’s stock, valued at approximately $749,100. The disclosure for this sale can be found here. Insiders own 0.97% of the company’s stock.
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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