Coherent, Inc. (NASDAQ:COHR) – Equities researchers at Northcoast Research decreased their Q2 2018 earnings estimates for Coherent in a report released on Monday. Northcoast Research analyst T. Hayes now expects that the scientific and technical instruments company will earn $3.52 per share for the quarter, down from their prior forecast of $3.56. Northcoast Research currently has a “Buy” rating and a $314.00 target price on the stock. Northcoast Research also issued estimates for Coherent’s Q3 2018 earnings at $3.79 EPS, Q4 2018 earnings at $4.15 EPS and FY2018 earnings at $14.84 EPS.
COHR has been the subject of a number of other research reports. Barclays set a $325.00 price objective on Coherent and gave the stock an “overweight” rating in a research report on Thursday, February 8th. Stifel Nicolaus dropped their price objective on Coherent from $330.00 to $310.00 and set a “buy” rating for the company in a research report on Thursday, February 8th. Benchmark lifted their price target on Coherent from $290.00 to $310.00 and gave the company a “buy” rating in a report on Wednesday, November 8th. Zacks Investment Research cut Coherent from a “hold” rating to a “sell” rating in a report on Monday. Finally, Needham & Company LLC restated a “buy” rating and issued a $294.00 price target (down previously 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 assigned a hold rating and nine have given a buy rating to the stock. Coherent has a consensus rating of “Buy” and an average price target of $312.22.
Coherent (NASDAQ:COHR) last released its quarterly earnings results on Wednesday, February 7th. The scientific and technical instruments company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.52 by $0.02. The business had revenue of $477.60 million during the quarter, compared to the consensus estimate of $474.21 million. Coherent had a return on equity of 29.82% and a net margin of 11.79%. The business’s revenue was up 38.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.57 EPS.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Republic Investment Management Inc. acquired a new position in shares of Coherent in the 4th quarter valued at about $208,000. Commerce Bank acquired a new position in shares of Coherent in the 4th quarter valued at about $226,000. Moors & Cabot Inc. acquired a new position in shares of Coherent in the 4th quarter valued at about $236,000. CIBC Asset Management Inc acquired a new position in shares of Coherent in the 4th quarter valued at about $236,000. Finally, Groesbeck Investment Management Corp NJ acquired a new position in shares of Coherent in the 4th quarter valued at about $262,000. 95.70% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Stephen A. Skaggs sold 500 shares of Coherent stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $212.27, for a total value of $106,135.00. Following the transaction, the director now directly owns 10,500 shares of the company’s stock, valued at approximately $2,228,835. 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 Coherent stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $288.88, for a total value of $289,457.76. The disclosure for this sale can be found here. Insiders sold a total of 8,374 shares of company stock valued at $2,489,093 in the last 90 days. 0.97% of the stock is owned by company insiders.
Coherent declared that its board has approved a stock repurchase program on Wednesday, February 7th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the scientific and technical instruments company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
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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