Coherent (NASDAQ:COHR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.
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). “
A number of other research firms also recently commented on COHR. Needham & Company LLC reiterated a “buy” rating and issued a $294.00 price objective (down previously from $330.00) on shares of Coherent in a report on Thursday. BidaskClub cut shares of Coherent from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. Barclays set a $325.00 price target on shares of Coherent and gave the company an “overweight” rating in a research note on Thursday. Northcoast Research reissued a “buy” rating and issued a $314.00 price target on shares of Coherent in a research note on Monday. Finally, Stifel Nicolaus dropped their price target on shares of Coherent from $330.00 to $310.00 and set a “buy” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. Coherent has a consensus rating of “Buy” and an average price target of $312.22.
Coherent (NASDAQ:COHR) last released its quarterly earnings data on Wednesday, February 7th. The scientific and technical instruments company reported $3.54 EPS for the quarter, beating the Zacks’ consensus estimate of $3.52 by $0.02. The company had revenue of $477.60 million during the quarter, compared to the consensus estimate of $474.21 million. Coherent had a net margin of 11.79% and a return on equity of 29.82%. Coherent’s quarterly revenue was up 38.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.57 EPS. analysts anticipate that Coherent will post 15.56 earnings per share for the current year.
Coherent announced that its board has authorized a stock repurchase plan on Wednesday, February 7th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the scientific and technical instruments company to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In related news, VP Bret Dimarco sold 1,195 shares of the stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $301.89, for a total transaction of $360,758.55. Following the completion of the transaction, the vice president now owns 2,198 shares of the company’s stock, valued at approximately $663,554.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Paul F. Sechrist sold 1,002 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was 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. In the last three months, insiders sold 9,069 shares of company stock valued at $2,743,716. Corporate insiders own 0.97% of the company’s stock.
Several large investors have recently bought and sold shares of COHR. Carillon Tower Advisers Inc. purchased a new position in shares of Coherent during the 4th quarter worth approximately $213,124,000. Koch Industries Inc. purchased a new position in shares of Coherent during the 2nd quarter worth approximately $354,000. Janus Henderson Group PLC purchased a new position in shares of Coherent during the 3rd quarter worth approximately $48,672,000. Pictet Asset Management Ltd. purchased a new position in shares of Coherent during the 3rd quarter worth approximately $25,361,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Coherent by 110.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 191,500 shares of the scientific and technical instruments company’s stock worth $54,045,000 after purchasing an additional 100,400 shares during the period. 95.70% of the stock is owned by hedge funds and other 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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