Utah Retirement Systems Invests $1.01 Million in Coherent, Inc. (COHR)
Utah Retirement Systems acquired a new position in shares of Coherent, Inc. (NASDAQ:COHR) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,469 shares of the scientific and technical instruments company’s stock, valued at approximately $1,006,000.
Several other hedge funds also recently added to or reduced their stakes in COHR. Hanson McClain Inc. increased its stake in Coherent by 54.5% in the 1st quarter. Hanson McClain Inc. now owns 709 shares of the scientific and technical instruments company’s stock valued at $146,000 after buying an additional 250 shares during the last quarter. Bank of Montreal Can increased its stake in Coherent by 11.4% in the 1st quarter. Bank of Montreal Can now owns 812 shares of the scientific and technical instruments company’s stock valued at $167,000 after buying an additional 83 shares during the last quarter. Asset Management One Co. Ltd. purchased a new stake in Coherent in the 1st quarter valued at about $170,000. Smithfield Trust Co. purchased a new stake in Coherent in the 2nd quarter valued at about $199,000. Finally, Daiwa Securities Group Inc. purchased a new stake in Coherent in the 2nd quarter valued at about $202,000. 90.23% of the stock is currently owned by institutional investors.
Coherent, Inc. (NASDAQ:COHR) opened at 235.43 on Friday. The company has a 50-day moving average of $233.36 and a 200 day moving average of $224.69. The company has a market capitalization of $5.80 billion, a P/E ratio of 35.45 and a beta of 0.76. Coherent, Inc. has a 12-month low of $100.01 and a 12-month high of $278.39.
Coherent (NASDAQ:COHR) last announced its earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 EPS for the quarter, missing the Zacks’ consensus estimate of $3.45 by $0.09. The business had revenue of $464.10 million for the quarter, compared to analysts’ expectations of $466.90 million. Coherent had a net margin of 11.08% and a return on equity of 24.98%. The firm’s quarterly revenue was up 112.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.07 earnings per share. Equities research analysts forecast that Coherent, Inc. will post $12.27 earnings per share for the current fiscal year.
In other news, Director Stephen A. Skaggs sold 500 shares of the stock in a transaction on Monday, August 14th. The shares were sold at an average price of $217.58, for a total value of $108,790.00. Following the completion of the sale, the director now directly owns 11,500 shares of the company’s stock, valued at $2,502,170. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.40% of the company’s stock.
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Several equities research analysts have commented on the stock. ValuEngine lowered shares of Coherent from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Needham & Company LLC reiterated a “buy” rating and issued a $270.00 price objective (up previously from $265.00) on shares of Coherent in a research note on Wednesday, August 2nd. Benchmark Co. reiterated a “buy” rating and issued a $290.00 price objective (down previously from $295.00) on shares of Coherent in a research note on Wednesday, August 2nd. BidaskClub upgraded shares of Coherent from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. Finally, Zacks Investment Research upgraded shares of Coherent from a “hold” rating to a “strong-buy” rating and set a $286.00 price objective for the company in a research note on Monday, May 15th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Coherent currently has a consensus rating of “Buy” and an average target price of $268.88.
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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