Coherent (COHR) Shares Down 6.1%

Coherent, Inc. (NASDAQ:COHR) dropped 6.1% on Monday . The stock traded as low as $297.07 and last traded at $298.83. Approximately 581,288 shares traded hands during mid-day trading, an increase of 37% from the average daily volume of 424,079 shares. The stock had previously closed at $318.35.

COHR has been the subject of several analyst reports. Zacks Investment Research raised Coherent from a “hold” rating to a “strong-buy” rating and set a $270.00 target price for the company in a research report on Tuesday, October 3rd. Benchmark reaffirmed a “buy” rating and issued a $290.00 target price on shares of Coherent in a research report on Thursday, October 12th. Needham & Company LLC upped their target price on Coherent from $270.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, November 8th. Stifel Nicolaus upped their target price on Coherent from $290.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, November 8th. Finally, Barclays upped their target price on Coherent from $285.00 to $315.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 8th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $319.22.

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 cap of $7,000.00, a P/E ratio of 33.60 and a beta of 0.82.

Coherent (NASDAQ:COHR) last released its quarterly earnings results on Tuesday, November 7th. The scientific and technical instruments company reported $3.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.48 by $0.24. Coherent had a return on equity of 28.53% and a net margin of 12.02%. The business had revenue of $490.00 million for the quarter, compared to analysts’ expectations of $475.24 million. During the same quarter in the previous year, the firm posted $1.65 earnings per share. The company’s revenue was up 97.2% compared to the same quarter last year. sell-side analysts forecast that Coherent, Inc. will post 15.56 earnings per share for the current year.

In related news, EVP Paul F. Sechrist sold 1,372 shares of the business’s stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $300.00, for a total value of $411,600.00. Following the transaction, the executive vice president now owns 2,497 shares in the company, valued at $749,100. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Stephen A. Skaggs sold 500 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $308.97, for a total value of $154,485.00. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at approximately $3,398,670. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,788 shares of company stock worth $5,901,628. Insiders own 1.40% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Coldstream Capital Management Inc. raised its stake in Coherent by 3.1% during the second quarter. Coldstream Capital Management Inc. now owns 1,010 shares of the scientific and technical instruments company’s stock valued at $227,000 after buying an additional 30 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in Coherent by 97.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 1,064 shares of the scientific and technical instruments company’s stock valued at $238,000 after buying an additional 524 shares in the last quarter. Flinton Capital Management LLC raised its stake in Coherent by 73.8% during the second quarter. Flinton Capital Management LLC now owns 1,168 shares of the scientific and technical instruments company’s stock valued at $263,000 after buying an additional 496 shares in the last quarter. Balyasny Asset Management LLC acquired a new stake in Coherent during the second quarter valued at approximately $271,000. Finally, Petrus Trust Company LTA acquired a new stake in Coherent during the second quarter valued at approximately $292,000. Hedge funds and other institutional investors own 96.46% of the company’s stock.

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About Coherent

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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