UBS Asset Management Americas Inc. cut its stake in shares of Coherent Inc. (NASDAQ:COHR) by 9.2% during the second quarter, Holdings Channel reports. The fund owned 17,647 shares of the company’s stock after selling 1,778 shares during the period. UBS Asset Management Americas Inc. owned approximately 0.07% of Coherent worth $1,619,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in COHR. BlackRock Inc. increased its stake in Coherent by 165.2% in the first quarter. BlackRock Inc. now owns 1,745 shares of the company’s stock valued at $161,000 after buying an additional 1,087 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in Coherent during the first quarter valued at $229,000. M&T Bank Corp purchased a new stake in Coherent during the first quarter valued at $246,000. Shelton Capital Management purchased a new stake in Coherent during the second quarter valued at $246,000. Finally, Pacad Investment Ltd. purchased a new stake in Coherent during the first quarter valued at $248,000. Hedge funds and other institutional investors own 92.86% of the company’s stock.
Shares of Coherent Inc. (NASDAQ:COHR) traded down 0.66% during trading on Wednesday, reaching $109.83. 6,516 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $107.93 and a 200 day moving average price of $98.34. The company has a market capitalization of $2.67 billion, a P/E ratio of 31.96 and a beta of 0.83. Coherent Inc. has a 12-month low of $52.17 and a 12-month high of $113.83.
Coherent (NASDAQ:COHR) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.11 by $0.04. Coherent had a net margin of 10.26% and a return on equity of 11.06%. The business earned $218.80 million during the quarter, compared to analysts’ expectations of $211.94 million. During the same quarter last year, the firm earned $0.82 earnings per share. The firm’s quarterly revenue was up 16.1% compared to the same quarter last year. Equities analysts expect that Coherent Inc. will post $4.62 EPS for the current fiscal year.
COHR has been the subject of several recent research reports. Benchmark Co. decreased their price objective on Coherent from $115.00 to $112.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Stifel Nicolaus lifted their price objective on 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 Coherent from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 28th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Coherent currently has a consensus rating of “Buy” and an average target price of $104.00.
In other Coherent news, Director Susan M. James sold 5,000 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $106.75, for a total transaction of $533,750.00. Following the sale, 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 SEC, which can be accessed through the SEC website. Also, CEO John Ambroseo sold 25,979 shares of the business’s stock in a transaction on 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. 1.83% of the stock is owned by corporate insiders.
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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