Coherent (COHR) Board of Directors Initiates Share Repurchase Plan
Coherent (NASDAQ:COHR) declared that its Board of Directors has approved a stock repurchase program, which permits the company to repurchase $100.00 million in shares on Wednesday, February 7th, EventVestor reports. This repurchase authorization permits the scientific and technical instruments company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Coherent (NASDAQ COHR) traded down $47.93 during midday trading on Thursday, hitting $201.21. 1,308,558 shares of the stock were exchanged, compared to its average volume of 582,109. The company has a quick ratio of 2.14, a current ratio of 3.13 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $6,280.63, a price-to-earnings ratio of 25.47 and a beta of 0.65. Coherent has a 1-year low of $179.60 and a 1-year high of $329.00.
Coherent (NASDAQ:COHR) last posted its quarterly earnings results on Wednesday, February 7th. The scientific and technical instruments company reported $3.54 earnings per share (EPS) 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 analyst estimates of $474.21 million. Coherent had a net margin of 12.02% and a return on equity of 28.53%. The firm’s revenue was up 38.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.57 earnings per share. equities research analysts predict that Coherent will post 15.56 EPS for the current fiscal year.
In other news, Director Stephen A. Skaggs sold 500 shares of the stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $308.97, for a total value of $154,485.00. Following the completion of the sale, the director now directly owns 11,000 shares of the company’s stock, valued at $3,398,670. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sandeep Vij sold 4,400 shares of the stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $292.79, for a total transaction of $1,288,276.00. The disclosure for this sale can be found here. Insiders sold 13,969 shares of company stock valued at $4,186,477 over the last three months. 1.40% of the stock is owned by insiders.
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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