Zacks Investment Research Downgrades Coherent Inc. (COHR) to Hold
Coherent Inc. (NASDAQ:COHR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “COHERENT INC. designs, manufactures, and supplies electro-optical systems and medical instruments utilizing laser, precision optic and microelectronic technologies. Co. integrates these technologies into a wide variety of products and systems designed to meet the productivity and performance needs of customers. Major markets include the scientific research community; medical institutions, clinics and private practices; lasers also support commercial applications, ranging from semiconductors and disk mastering to light shows and entertainment. “
COHR has been the subject of a number of other reports. Stifel Nicolaus upped their price objective on shares of Coherent from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, July 28th. Benchmark Co. decreased their price target on shares of Coherent from $115.00 to $112.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $104.00.
Coherent (NASDAQ:COHR) opened at 110.69 on Tuesday. The stock’s 50 day moving average is $107.69 and its 200-day moving average is $96.86. Coherent has a 12 month low of $52.15 and a 12 month high of $112.40. The company has a market capitalization of $2.69 billion, a PE ratio of 32.21 and a beta of 0.81.
Coherent (NASDAQ:COHR) last released its quarterly earnings data on Wednesday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.11 by $0.04. The company had revenue of $218.80 million for the quarter, compared to analyst estimates of $211.94 million. Coherent had a return on equity of 11.06% and a net margin of 10.26%. Coherent’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.82 earnings per share. On average, analysts expect that Coherent will post $4.62 EPS for the current year.
In other news, Director Susan M. James sold 5,000 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $106.75, for a total value of $533,750.00. Following the sale, the director now directly owns 5,220 shares of the company’s stock, valued at approximately $557,235. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Bret Dimarco sold 1,039 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $106.70, for a total transaction of $110,861.30. Following the completion of the sale, the vice president now directly owns 14,297 shares in the company, valued at $1,525,489.90. The disclosure for this sale can be found here. 1.83% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of COHR. ProShare Advisors LLC raised its stake in Coherent by 1.0% in the second quarter. ProShare Advisors LLC now owns 3,506 shares of the company’s stock worth $322,000 after buying an additional 34 shares in the last quarter. Profund Advisors LLC raised its stake in Coherent by 1.1% in the second quarter. Profund Advisors LLC now owns 5,314 shares of the company’s stock worth $488,000 after buying an additional 56 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in Coherent by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the company’s stock worth $991,000 after buying an additional 100 shares in the last quarter. Barclays PLC raised its stake in Coherent by 0.3% in the first quarter. Barclays PLC now owns 44,114 shares of the company’s stock worth $4,014,000 after buying an additional 114 shares in the last quarter. Finally, PineBridge Investments L.P. raised its stake in Coherent by 4.2% in the second quarter. PineBridge Investments L.P. now owns 3,081 shares of the company’s stock worth $283,000 after buying an additional 124 shares in the last quarter. 92.86% of the stock is currently owned by institutional investors.
Coherent, Inc is a supplier of photonics-based solutions in a range of commercial and scientific research applications. The Company designs, manufactures, services and markets lasers, laser tools and related accessories for a diverse group of customers. It operates through two operating segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).
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