Zacks Investment Research Downgrades Coherent, Inc. (COHR) to Hold
Coherent, Inc. (NASDAQ:COHR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “COHERENT INC. designs, manufactures, and supplies electro-optical systems and medical instruments utilizing laser, precision optic and microelectronic technologies. Co. integrates these technologies into a wide variety of products and systems designed to meet the productivity and performance needs of customers. Major markets include the scientific research community; medical institutions, clinics and private practices; lasers also support commercial applications, ranging from semiconductors and disk mastering to light shows and entertainment. “
Other equities research analysts also recently issued research reports about the stock. ValuEngine downgraded shares of Coherent from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Barclays PLC assumed coverage on shares of Coherent in a research report on Monday. They issued an “overweight” rating and a $285.00 target price for the company. Benchmark Co. reiterated a “buy” rating on shares of Coherent in a research report on Wednesday, May 10th. Longbow Research reiterated a “buy” rating and issued a $325.00 target price on shares of Coherent in a research report on Monday, June 12th. Finally, Susquehanna Bancshares Inc upgraded shares of Coherent from a “neutral” rating to a “positive” rating and increased their target price for the stock from $255.00 to $275.00 in a research report on Thursday. 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 an average price target of $268.88.
Shares of Coherent (COHR) traded up 4.07% during mid-day trading on Monday, hitting $219.58. 666,850 shares of the stock traded hands. Coherent has a 52 week low of $100.01 and a 52 week high of $278.39. The company has a market cap of $5.39 billion, a price-to-earnings ratio of 33.06 and a beta of 0.72. The stock has a 50-day moving average of $250.07 and a 200-day moving average of $215.08.
Coherent (NASDAQ:COHR) last released its earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.45 by $0.09. Coherent had a return on equity of 24.98% and a net margin of 11.08%. The company had revenue of $464.10 million during the quarter, compared to analysts’ expectations of $466.90 million. During the same quarter in the previous year, the company earned $1.07 EPS. The firm’s quarterly revenue was up 112.1% compared to the same quarter last year. Analysts anticipate that Coherent will post $12.44 EPS for the current year.
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In other news, EVP Mark Stewart Sobey sold 4,904 shares of the firm’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $243.02, for a total transaction of $1,191,770.08. Following the transaction, the executive vice president now owns 12,397 shares in the company, valued at approximately $3,012,718.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John Ambroseo sold 24,970 shares of the firm’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $248.08, for a total transaction of $6,194,557.60. The disclosure for this sale can be found here. Insiders have sold a total of 34,874 shares of company stock worth $8,667,703 in the last 90 days. 1.40% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Eagle Asset Management increased its position in Coherent by 79.4% in the third quarter. Eagle Asset Management now owns 2,724,028 shares of the scientific and technical instruments company’s stock worth $149,004,000 after buying an additional 1,205,969 shares in the last quarter. Nationwide Fund Advisors increased its position in Coherent by 0.9% in the fourth quarter. Nationwide Fund Advisors now owns 18,112 shares of the scientific and technical instruments company’s stock worth $1,179,000 after buying an additional 169 shares in the last quarter. TFS Capital LLC acquired a new position in Coherent during the fourth quarter worth $1,809,000. California State Teachers Retirement System increased its position in Coherent by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 44,181 shares of the scientific and technical instruments company’s stock worth $2,877,000 after buying an additional 757 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Coherent by 36.6% in the fourth quarter. American Century Companies Inc. now owns 103,522 shares of the scientific and technical instruments company’s stock worth $6,740,000 after buying an additional 27,764 shares in the last quarter. Institutional investors and hedge funds own 92.94% 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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