Parametric Portfolio Associates LLC trimmed its position in Coherent, Inc. (NASDAQ:COHR) by 9.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,086 shares of the scientific and technical instruments company’s stock after selling 6,994 shares during the quarter. Parametric Portfolio Associates LLC owned approximately 0.27% of Coherent worth $14,869,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in COHR. Asset Management One Co. Ltd. acquired a new stake in shares of Coherent in the 1st quarter valued at $170,000. Smithfield Trust Co. acquired a new stake in shares of Coherent in the 2nd quarter valued at $199,000. Daiwa Securities Group Inc. acquired a new stake in shares of Coherent in the 2nd quarter valued at $202,000. Symmetry Peak Management LLC acquired a new stake in shares of Coherent in the 1st quarter valued at $206,000. Finally, WESPAC Advisors LLC acquired a new stake in shares of Coherent in the 2nd quarter valued at $211,000. Institutional investors and hedge funds own 90.21% of the company’s stock.
Shares of Coherent, Inc. (NASDAQ COHR) opened at 253.88 on Tuesday. Coherent, Inc. has a one year low of $100.01 and a one year high of $281.00. The stock has a 50 day moving average of $243.88 and a 200 day moving average of $235.78. The stock has a market cap of $6.25 billion, a P/E ratio of 38.22 and a beta of 0.78.
Coherent (NASDAQ:COHR) last issued its earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.45 by ($0.09). Coherent had a return on equity of 24.98% and a net margin of 11.08%. The business had revenue of $464.10 million for the quarter, compared to analyst estimates of $466.90 million. During the same period last year, the company posted $1.07 earnings per share. The firm’s revenue for the quarter was up 112.1% on a year-over-year basis. Equities analysts expect that Coherent, Inc. will post $12.28 EPS for the current fiscal year.
In related news, CEO John Ambroseo sold 25,000 shares of the stock in a transaction dated Tuesday, September 12th. The shares were 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 the SEC website. Also, Director Stephen A. Skaggs sold 500 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $217.58, for a total transaction of $108,790.00. Following the completion of the sale, the director now directly owns 11,500 shares in the company, valued at approximately $2,502,170. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.
A number of equities research analysts have recently weighed in on COHR shares. Needham & Company LLC restated a “buy” rating and issued a $270.00 price objective (up from $265.00) on shares of Coherent in a report on Wednesday, August 2nd. Benchmark Co. reiterated a “buy” rating and set a $290.00 price target (down from $295.00) on shares of Coherent in a research note on Tuesday, August 8th. ValuEngine upgraded shares of Coherent from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Zacks Investment Research lowered shares of Coherent from a “buy” rating to a “hold” rating in a research note on Monday, August 7th. Finally, UBS AG upgraded shares of Coherent from a “neutral” rating to a “positive” rating in a research note on Thursday, August 3rd. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $293.22.
Coherent Company Profile
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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