Coherent, Inc. (NASDAQ:COHR) Short Interest Update
Coherent, Inc. (NASDAQ:COHR) was the recipient of a significant decline in short interest during the month of June. As of June 30th, there was short interest totalling 611,331 shares, a decline of 35.1% from the June 15th total of 942,124 shares. Based on an average daily volume of 641,166 shares, the days-to-cover ratio is currently 1.0 days. Currently, 2.5% of the company’s stock are short sold.
Several research firms have recently weighed in on COHR. Longbow Research restated a “buy” rating and issued a $325.00 price target on shares of Coherent in a research note on Monday, June 12th. Susquehanna Bancshares Inc restated a “neutral” rating and issued a $240.00 price target (up previously from $225.00) on shares of Coherent in a research note on Wednesday, May 10th. Stifel Nicolaus boosted their price target on Coherent from $220.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, May 10th. Zacks Investment Research upgraded Coherent from a “hold” rating to a “strong-buy” rating and set a $222.00 price target for the company in a research note on Friday, March 24th. Finally, BidaskClub cut Coherent from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 14th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $244.43.
Shares of Coherent (NASDAQ COHR) opened at 271.96 on Monday. Coherent has a 52-week low of $92.93 and a 52-week high of $277.90. The stock has a market cap of $6.70 billion, a PE ratio of 55.11 and a beta of 0.69. The company’s 50-day moving average price is $246.16 and its 200-day moving average price is $195.56.
Coherent (NASDAQ:COHR) last issued its quarterly earnings results on Tuesday, May 9th. The scientific and technical instruments company reported $2.71 EPS for the quarter, topping the Zacks’ consensus estimate of $2.55 by $0.16. Coherent had a return on equity of 19.66% and a net margin of 9.84%. The company had revenue of $422.80 million during the quarter, compared to analysts’ expectations of $404.36 million. During the same quarter in the previous year, the firm posted $1.04 EPS. The firm’s revenue was up 111.5% compared to the same quarter last year. On average, equities research analysts forecast that Coherent will post $12.46 earnings per share for the current fiscal year.
In other news, Director Stephen A. Skaggs sold 500 shares of the business’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $249.48, for a total value of $124,740.00. Following the completion of the transaction, the director now owns 12,000 shares in the company, valued at $2,993,760. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Stewart Sobey sold 4,904 shares of the business’s stock in a transaction on Wednesday, May 24th. The stock was 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 owns 12,397 shares of the company’s stock, valued at approximately $3,012,718.94. The disclosure for this sale can be found here. Insiders sold 37,777 shares of company stock valued at $9,320,878 in the last 90 days. Company insiders own 1.40% of the company’s stock.
A number of hedge funds have recently modified their holdings of COHR. Winslow Evans & Crocker Inc. purchased a new stake in shares of Coherent during the second quarter worth approximately $394,000. 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 in the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in shares of Coherent during the second quarter worth approximately $246,000. Bank of Montreal Can boosted its stake in shares of Coherent by 330.5% in the second quarter. Bank of Montreal Can now owns 3,496 shares of the scientific and technical instruments company’s stock worth $788,000 after buying an additional 2,684 shares in the last quarter. Finally, Capstone Asset Management Co. boosted its stake in shares of Coherent by 21.4% in the second quarter. Capstone Asset Management Co. now owns 3,152 shares of the scientific and technical instruments company’s stock worth $709,000 after buying an additional 556 shares in the last quarter. 93.17% of the stock is owned by institutional investors.
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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