Earnest Partners LLC trimmed its position in shares of Coherent, Inc. (NASDAQ:COHR) by 30.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 444,005 shares of the scientific and technical instruments company’s stock after selling 192,905 shares during the period. Coherent comprises 1.2% of Earnest Partners LLC’s portfolio, making the stock its 17th largest position. Earnest Partners LLC owned 1.79% of Coherent worth $125,307,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Coherent by 3.3% during the fourth quarter. BlackRock Inc. now owns 2,061,486 shares of the scientific and technical instruments company’s stock valued at $581,791,000 after acquiring an additional 66,248 shares during the last quarter. Epoch Investment Partners Inc. raised its stake in shares of Coherent by 3.6% during the third quarter. Epoch Investment Partners Inc. now owns 962,918 shares of the scientific and technical instruments company’s stock valued at $226,449,000 after acquiring an additional 33,295 shares during the last quarter. OppenheimerFunds Inc. raised its stake in shares of Coherent by 0.7% during the fourth quarter. OppenheimerFunds Inc. now owns 860,200 shares of the scientific and technical instruments company’s stock valued at $242,766,000 after acquiring an additional 5,787 shares during the last quarter. Carillon Tower Advisers Inc. bought a new position in shares of Coherent during the fourth quarter valued at about $213,124,000. Finally, NWQ Investment Management Company LLC raised its stake in shares of Coherent by 10.9% during the third quarter. NWQ Investment Management Company LLC now owns 446,953 shares of the scientific and technical instruments company’s stock valued at $105,110,000 after acquiring an additional 43,822 shares during the last quarter. 98.43% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently commented on COHR. BidaskClub raised shares of Coherent from a “hold” rating to a “buy” rating in a research note on Thursday, January 18th. Barclays set a $325.00 price objective on shares of Coherent and gave the company an “overweight” rating in a research note on Thursday, February 8th. Stifel Nicolaus decreased 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, February 8th. Northcoast Research reissued a “buy” rating and issued a $314.00 price target on shares of Coherent in a research note on Monday, February 12th. Finally, Zacks Investment Research raised shares of Coherent from a “hold” rating to a “buy” rating and set a $337.00 price target for the company in a research note on Wednesday, January 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price 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 Zacks’ consensus estimate of $3.52 by $0.02. Coherent had a net margin of 11.79% and a return on equity of 29.82%. The company had revenue of $477.60 million during the quarter, compared to the consensus estimate of $474.21 million. During the same period in the prior year, the firm earned $2.57 earnings per share. Coherent’s revenue was up 38.0% on a year-over-year basis. analysts anticipate that Coherent, Inc. will post 14.62 EPS for the current year.
Coherent announced that its Board of Directors has authorized a share buyback program on Wednesday, February 7th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the scientific and technical instruments company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.
In other Coherent news, EVP Paul F. Sechrist sold 1,372 shares of the company’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $300.00, for a total value of $411,600.00. Following the sale, the executive vice president now owns 2,497 shares in the company, valued at $749,100. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Stephen A. Skaggs sold 500 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $212.27, for a total transaction of $106,135.00. Following the completion of the sale, the director now owns 10,500 shares in the company, valued at approximately $2,228,835. The disclosure for this sale can be found here. 0.97% of the stock is owned by corporate insiders.
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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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