PNC Financial Services Group Inc. raised its stake in Coherent Inc. (NASDAQ:COHR) by 49.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,291 shares of the company’s stock after buying an additional 1,750 shares during the period. PNC Financial Services Group Inc.’s holdings in Coherent were worth $485,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Louisiana State Employees Retirement System boosted its stake in Coherent by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the company’s stock worth $991,000 after buying an additional 100 shares during the last quarter. Barclays PLC boosted its stake in Coherent by 0.3% in the first quarter. Barclays PLC now owns 44,114 shares of the company’s stock worth $4,014,000 after buying an additional 114 shares during the last quarter. Aperio Group LLC boosted its stake in Coherent by 4.8% in the first quarter. Aperio Group LLC now owns 5,072 shares of the company’s stock worth $466,000 after buying an additional 233 shares during the last quarter. California State Teachers Retirement System boosted its stake in Coherent by 0.5% in the second quarter. California State Teachers Retirement System now owns 50,863 shares of the company’s stock worth $4,668,000 after buying an additional 250 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in Coherent by 5.4% in the first quarter. Legal & General Group Plc now owns 5,400 shares of the company’s stock worth $494,000 after buying an additional 278 shares during the last quarter. 92.86% of the stock is owned by hedge funds and other institutional investors.
Coherent Inc. (NASDAQ:COHR) traded down 0.59% during mid-day trading on Friday, hitting $110.97. 252,224 shares of the stock were exchanged. The company has a 50 day moving average price of $107.33 and a 200 day moving average price of $96.26. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of 32.29 and a beta of 0.81. Coherent Inc. has a 52-week low of $52.15 and a 52-week high of $112.09.
Coherent (NASDAQ:COHR) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by $0.04. The business earned $218.80 million during the quarter, compared to analyst estimates of $211.94 million. Coherent had a net margin of 10.26% and a return on equity of 11.06%. The company’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.82 EPS. On average, analysts anticipate that Coherent Inc. will post $4.62 EPS for the current year.
A number of equities research analysts recently commented on the stock. 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 research report on Thursday, July 28th. Zacks Investment Research upgraded shares of Coherent from a “hold” rating to a “strong-buy” rating and set a $123.00 price target on the stock in a research note on Monday, August 1st. Finally, Benchmark Co. cut their price target on shares of Coherent from $115.00 to $112.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Coherent has an average rating of “Buy” and a consensus price target of $104.00.
In related news, Director L William Krause sold 22,785 shares of Coherent stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $106.10, for a total value of $2,417,488.50. Following the completion of the transaction, the director now owns 4,811 shares in the company, valued at $510,447.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John Ambroseo sold 25,979 shares of Coherent stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $110.00, for a total transaction of $2,857,690.00. The disclosure for this sale can be found here. 1.83% of the stock is currently owned by corporate insiders.
Coherent Company Profile
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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