Coherent, Inc. (COHR) Shares Sold by Eagle Asset Management Inc.
Eagle Asset Management Inc. reduced its stake in shares of Coherent, Inc. (NASDAQ:COHR) by 6.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,414,675 shares of the scientific and technical instruments company’s stock after selling 98,466 shares during the period. Coherent accounts for 1.9% of Eagle Asset Management Inc.’s investment portfolio, making the stock its largest position. Eagle Asset Management Inc. owned about 5.77% of Coherent worth $318,287,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Capital Fund Management S.A. purchased a new position in Coherent during the first quarter valued at $1,254,000. American Century Companies Inc. purchased a new position in Coherent during the first quarter valued at $4,661,000. First Trust Advisors LP increased its position in Coherent by 3.1% in the first quarter. First Trust Advisors LP now owns 25,658 shares of the scientific and technical instruments company’s stock valued at $5,276,000 after buying an additional 765 shares during the period. State Treasurer State of Michigan purchased a new position in Coherent during the first quarter valued at $2,056,000. Finally, Kornitzer Capital Management Inc. KS increased its position in Coherent by 125.5% in the first quarter. Kornitzer Capital Management Inc. KS now owns 33,765 shares of the scientific and technical instruments company’s stock valued at $6,943,000 after buying an additional 18,790 shares during the period. Institutional investors and hedge funds own 90.23% of the company’s stock.
Shares of Coherent, Inc. (NASDAQ COHR) traded up 0.98% during trading on Thursday, reaching $230.03. The company had a trading volume of 100,070 shares. The firm’s 50 day moving average price is $241.26 and its 200 day moving average price is $222.09. Coherent, Inc. has a 12 month low of $100.01 and a 12 month high of $278.39. The firm has a market capitalization of $5.67 billion, a P/E ratio of 34.63 and a beta of 0.72.
Coherent (NASDAQ:COHR) last posted its quarterly earnings data on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share for the quarter, missing the consensus estimate of $3.45 by $0.09. Coherent had a return on equity of 24.98% and a net margin of 11.08%. The firm had revenue of $464.10 million for the quarter, compared to analysts’ expectations of $466.90 million. During the same quarter in the previous year, the firm posted $1.07 earnings per share. The company’s revenue for the quarter was up 112.1% on a year-over-year basis. Equities analysts predict that Coherent, Inc. will post $12.27 EPS for the current year.
Several equities analysts have recently weighed in on the company. ValuEngine downgraded Coherent from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Benchmark Co. restated a “buy” rating and issued a $290.00 target price (down previously from $295.00) on shares of Coherent in a research report on Wednesday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $270.00 target price (up previously from $265.00) on shares of Coherent in a research report on Wednesday, August 2nd. BidaskClub upgraded Coherent from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. Finally, Zacks Investment Research upgraded Coherent from a “hold” rating to a “strong-buy” rating and set a $286.00 target price on the stock in a research report on Monday, May 15th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $268.88.
In other Coherent news, Director Stephen A. Skaggs sold 500 shares of Coherent stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $217.58, for a total transaction of $108,790.00. Following the transaction, the director now directly owns 11,500 shares in the company, valued at approximately $2,502,170. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.40% of the company’s stock.
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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