Coherent, Inc. (COHR) Shares Sold by Castleark Management LLC
Castleark Management LLC trimmed its position in Coherent, Inc. (NASDAQ:COHR) by 29.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,192 shares of the scientific and technical instruments company’s stock after selling 16,158 shares during the quarter. Castleark Management LLC owned about 0.16% of Coherent worth $8,818,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Marshall Wace North America L.P. purchased a new position in shares of Coherent in the first quarter worth about $1,597,000. SG Americas Securities LLC raised its stake in shares of Coherent by 117.8% in the second quarter. SG Americas Securities LLC now owns 6,783 shares of the scientific and technical instruments company’s stock worth $1,526,000 after purchasing an additional 3,668 shares during the last quarter. Stevens Capital Management LP purchased a new position in shares of Coherent in the second quarter worth about $4,051,000. Cornerstone Capital Management Holdings LLC. purchased a new position in shares of Coherent in the first quarter worth about $1,613,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Coherent by 24.9% in the second quarter. Russell Investments Group Ltd. now owns 83,119 shares of the scientific and technical instruments company’s stock worth $18,701,000 after purchasing an additional 16,577 shares during the last quarter. Hedge funds and other institutional investors own 90.21% of the company’s stock.
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In related news, CEO John Ambroseo sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $250.00, for a total value of $6,250,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Stephen A. Skaggs sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was 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 owns 11,500 shares in the company, valued at approximately $2,502,170. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.
Coherent (NASDAQ:COHR) last issued its earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 24.98% and a net margin of 11.08%. The business’s quarterly revenue was up 112.1% on a year-over-year basis. During the same period last year, the company posted $1.07 earnings per share.
Several research analysts have recently issued reports on the company. ValuEngine cut Coherent from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Northcoast Research reaffirmed a “buy” rating and set a $314.00 target price (up from $311.00) on shares of Coherent in a report on Tuesday, September 12th. Zacks Investment Research raised Coherent from a “hold” rating to a “strong-buy” rating and set a $270.00 target price on the stock in a report on Tuesday, October 3rd. Benchmark Co. reaffirmed a “buy” rating and set a $290.00 target price on shares of Coherent in a report on Thursday. Finally, Susquehanna Bancshares Inc raised Coherent from a “neutral” rating to a “positive” rating and raised their target price for the stock from $255.00 to $275.00 in a report on Thursday, August 3rd. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $293.22.
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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