Coherent Inc. (COHR) Sees Large Volume Increase
Coherent Inc. (NASDAQ:COHR) shares saw unusually-high trading volume on Monday . Approximately 149,242 shares traded hands during trading, an increase of 5% from the previous session’s volume of 142,013 shares.The stock last traded at $106.67 and had previously closed at $104.70.
COHR has been the topic of several research reports. Benchmark Co. upped their price objective on shares of Coherent from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, May 23rd. Stifel Nicolaus increased their target price on shares of Coherent from $115.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Finally, Zacks Investment Research downgraded shares of Coherent from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 28th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Coherent has an average rating of “Buy” and an average target price of $104.00.
The company’s 50 day moving average is $106.88 and its 200 day moving average is $95.71. The stock has a market capitalization of $2.59 billion, a P/E ratio of 30.95 and a beta of 0.81.
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Coherent (NASDAQ:COHR) last released its quarterly earnings results on Wednesday, July 27th. The company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.11 by $0.04. The company earned $218.80 million during the quarter, compared to the consensus estimate of $211.94 million. Coherent had a net margin of 10.26% and a return on equity of 11.06%. The business’s revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.82 EPS. Analysts expect that Coherent Inc. will post $4.62 EPS for the current year.
In related news, Director Susan M. James sold 5,000 shares of Coherent stock in a transaction on Monday, August 1st. The shares were sold at an average price of $106.75, for a total value of $533,750.00. Following the sale, the director now owns 5,220 shares in the company, valued at $557,235. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director L William Krause sold 22,785 shares of Coherent stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $106.10, for a total transaction of $2,417,488.50. Following the completion of the sale, the director now owns 4,811 shares in the company, valued at approximately $510,447.10. The disclosure for this sale can be found here. 1.83% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in shares of Coherent by 165.2% in the first quarter. BlackRock Inc. now owns 1,745 shares of the company’s stock worth $161,000 after buying an additional 1,087 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Coherent by 69.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,767 shares of the company’s stock worth $162,000 after buying an additional 725 shares during the period. Marshall Wace LLP acquired a new stake in shares of Coherent during the second quarter worth approximately $225,000. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Coherent during the first quarter worth approximately $229,000. Finally, AHL Partners LLP acquired a new stake in shares of Coherent during the second quarter worth approximately $229,000. Institutional investors and hedge funds own 92.74% of the company’s stock.
Coherent, Inc is a supplier of photonics-based solutions in a range of commercial and scientific research applications. The Company designs, manufactures, services and markets lasers, laser tools and related accessories for a diverse group of customers. It operates through two operating segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).
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