First Mercantile Trust Co. reduced its stake in shares of Coherent Inc. (NASDAQ:COHR) by 11.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,300 shares of the company’s stock after selling 447 shares during the period. First Mercantile Trust Co.’s holdings in Coherent were worth $303,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Systematic Financial Management LP increased its position in Coherent by 79.8% in the second quarter. Systematic Financial Management LP now owns 663,537 shares of the company’s stock valued at $60,899,000 after buying an additional 294,427 shares in the last quarter. Neumeier Poma Investment Counsel LLC increased its position in Coherent by 32.4% in the first quarter. Neumeier Poma Investment Counsel LLC now owns 398,525 shares of the company’s stock valued at $36,624,000 after buying an additional 97,625 shares in the last quarter. Vanguard Group Inc. increased its position in Coherent by 4.5% in the second quarter. Vanguard Group Inc. now owns 1,953,077 shares of the company’s stock valued at $179,254,000 after buying an additional 83,276 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Coherent by 55.0% in the first quarter. Renaissance Technologies LLC now owns 165,204 shares of the company’s stock valued at $15,182,000 after buying an additional 58,613 shares during the last quarter. Finally, Cupps Capital Management LLC bought a new position in shares of Coherent during the first quarter valued at about $4,006,000. 92.86% of the stock is owned by institutional investors.
Shares of Coherent Inc. (NASDAQ:COHR) opened at 110.54 on Friday. The stock has a market cap of $2.69 billion, a PE ratio of 32.16 and a beta of 0.81. The company’s 50-day moving average price is $107.75 and its 200 day moving average price is $97.13. Coherent Inc. has a 1-year low of $52.17 and a 1-year high of $112.40.
Coherent (NASDAQ:COHR) last released its earnings results on Wednesday, July 27th. The company reported $1.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.11 by $0.04. Coherent had a return on equity of 11.06% and a net margin of 10.26%. The business had revenue of $218.80 million for the quarter, compared to analysts’ expectations of $211.94 million. During the same quarter last year, the company posted $0.82 earnings per share. The business’s quarterly revenue was up 16.1% compared to the same quarter last year. Equities analysts forecast that Coherent Inc. will post $4.62 EPS for the current fiscal year.
Several equities analysts have recently issued reports on COHR shares. Zacks Investment Research cut Coherent from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 27th. Stifel Nicolaus lifted their price objective on Coherent from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Finally, Benchmark Co. decreased their price objective on Coherent from $115.00 to $112.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Coherent currently has a consensus rating of “Buy” and a consensus price target of $104.00.
In related news, Director Susan M. James sold 5,000 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $106.75, for a total transaction of $533,750.00. Following the transaction, the director now directly owns 5,220 shares in the company, valued at $557,235. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Ambroseo sold 25,979 shares of the stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $110.00, for a total value of $2,857,690.00. The disclosure for this sale can be found here. Corporate insiders own 1.83% of the company’s stock.
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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