Coherent (COHR) Receives “Buy” Rating from Northcoast Research

Coherent (NASDAQ:COHR)‘s stock had its “buy” rating restated by equities research analysts at Northcoast Research in a research note issued on Monday. They currently have a $314.00 price objective on the scientific and technical instruments company’s stock. Northcoast Research’s price objective points to a potential upside of 51.95% from the company’s previous close.

Other research analysts have also recently issued reports about the company. BidaskClub raised Coherent from a “hold” rating to a “buy” rating in a research note on Thursday, January 18th. Barclays set a $332.00 target price on Coherent and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Zacks Investment Research raised Coherent from a “hold” rating to a “buy” rating and set a $337.00 target price for the company in a research note on Wednesday, January 10th. Stifel Nicolaus boosted their target price on Coherent from $290.00 to $330.00 and gave the stock a “buy” rating in a research note on Wednesday, November 8th. Finally, Benchmark boosted their target price on Coherent from $290.00 to $310.00 and gave the stock a “buy” rating in a research note on Wednesday, November 8th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Coherent has an average rating of “Buy” and an average target price of $312.22.

Coherent (COHR) traded down $2.96 during mid-day trading on Monday, hitting $206.65. The company had a trading volume of 374,418 shares, compared to its average volume of 654,099. Coherent has a 52-week low of $179.60 and a 52-week high of $329.00. The stock has a market cap of $5,130.00, a P/E ratio of 23.38 and a beta of 0.65. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.18 and a quick ratio of 2.08.

Coherent (NASDAQ:COHR) last released its earnings results on Wednesday, February 7th. The scientific and technical instruments company reported $3.54 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.52 by $0.02. Coherent had a return on equity of 29.82% and a net margin of 11.79%. The firm had revenue of $477.60 million during the quarter, compared to analysts’ expectations of $474.21 million. During the same period in the previous year, the firm posted $2.57 EPS. Coherent’s revenue for the quarter was up 38.0% on a year-over-year basis. sell-side analysts expect that Coherent will post 15.56 EPS for the current fiscal year.

Coherent declared that its board has initiated a stock buyback program on Wednesday, February 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the scientific and technical instruments company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

In other news, Director Jay T. Flatley sold 5,500 shares of the company’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $305.80, for a total transaction of $1,681,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Bret Dimarco sold 1,195 shares of the company’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $301.89, for a total value of $360,758.55. Following the transaction, the vice president now directly owns 2,198 shares of the company’s stock, valued at $663,554.22. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,069 shares of company stock valued at $2,743,716. Insiders own 0.97% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Koch Industries Inc. acquired a new stake in shares of Coherent in the 2nd quarter valued at about $354,000. Janus Henderson Group PLC acquired a new position in shares of Coherent during the 3rd quarter valued at $48,672,000. Pictet Asset Management Ltd. acquired a new position in shares of Coherent during the 3rd quarter valued at $25,361,000. Arrowstreet Capital Limited Partnership lifted 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 valued at $54,045,000 after acquiring an additional 100,400 shares during the period. Finally, Victory Capital Management Inc. acquired a new position in shares of Coherent during the 3rd quarter valued at $21,595,000. 95.70% of the stock is owned by institutional investors and hedge funds.

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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).

Analyst Recommendations for Coherent (NASDAQ:COHR)

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