Alliancebernstein L.P. reduced its position in Coherent, Inc. (NASDAQ:COHR) by 44.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 227,227 shares of the scientific and technical instruments company’s stock after selling 181,350 shares during the quarter. Alliancebernstein L.P. owned about 0.92% of Coherent worth $64,128,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of COHR. Carillon Tower Advisers Inc. acquired a new position in Coherent in the 4th quarter valued at $213,124,000. Janus Henderson Group PLC acquired a new position in Coherent in the 3rd quarter valued at $48,672,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Coherent by 110.2% in 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 acquiring an additional 100,400 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Coherent in the 3rd quarter worth $21,459,000. Finally, Ameriprise Financial Inc. increased its stake in shares of Coherent by 63.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 221,485 shares of the scientific and technical instruments company’s stock worth $52,086,000 after acquiring an additional 85,576 shares during the last quarter. 98.43% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have issued reports on COHR shares. Zacks Investment Research downgraded Coherent from a “hold” rating to a “sell” rating in a research note on Monday, February 12th. BidaskClub downgraded Coherent from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. Barclays set a $332.00 target price on Coherent and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Stifel Nicolaus cut their target price on Coherent from $330.00 to $310.00 and set a “buy” rating for the company in a research note on Thursday, February 8th. Finally, Northcoast Research reaffirmed a “buy” rating and issued a $314.00 target price on shares of Coherent in a research note on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus 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 for the quarter, topping analysts’ consensus estimates of $3.52 by $0.02. The business had revenue of $477.60 million during the quarter, compared to analysts’ expectations of $474.21 million. Coherent had a return on equity of 29.82% and a net margin of 11.79%. The company’s revenue was up 38.0% compared to the same quarter last year. During the same period in the prior year, the business posted $2.57 EPS. sell-side analysts anticipate that Coherent, Inc. will post 14.62 earnings per share for the current fiscal year.
Coherent declared that its board has authorized a share repurchase 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. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
In other news, Director Stephen A. Skaggs sold 500 shares of the stock in a transaction on 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 transaction, the director now directly owns 10,500 shares in the company, valued at approximately $2,228,835. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Paul F. Sechrist sold 1,372 shares of the stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $300.00, for a total value of $411,600.00. Following the transaction, the executive vice president now owns 2,497 shares of the company’s stock, valued at $749,100. The disclosure for this sale can be found here. Corporate insiders own 0.97% of the company’s stock.
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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).
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