Strs Ohio increased its position in Coherent Inc. (NASDAQ:COHR) by 2.9% during the second quarter, Holdings Channel reports. The institutional investor owned 14,000 shares of the company’s stock after buying an additional 400 shares during the period. Strs Ohio’s holdings in Coherent were worth $1,284,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. BlackRock Inc. boosted its position 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 in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of Coherent during the first quarter worth $229,000. M&T Bank Corp bought a new position in shares of Coherent during the first quarter worth $246,000. Pacad Investment Ltd. bought a new position in shares of Coherent during the first quarter worth $248,000. Finally, Reynolds Capital Management LLC bought a new position in shares of Coherent during the first quarter worth $276,000. 92.86% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Coherent Inc. (NASDAQ:COHR) traded down 1.44% during midday trading on Wednesday, reaching $108.97. The company’s stock had a trading volume of 124,008 shares. Coherent Inc. has a 12 month low of $52.17 and a 12 month high of $113.83. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 31.70 and a beta of 0.83. The stock has a 50-day moving average of $107.93 and a 200 day moving average of $98.34.
Coherent (NASDAQ:COHR) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, missing the 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 firm had revenue of $218.80 million for the quarter, compared to analyst estimates of $211.94 million. During the same period last year, the company earned $0.82 EPS. The company’s revenue was up 16.1% compared to the same quarter last year. On average, analysts predict that Coherent Inc. will post $4.62 earnings per share for the current fiscal year.
COHR has been the topic of a number of analyst reports. Benchmark Co. dropped their price target on Coherent from $115.00 to $112.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Stifel Nicolaus lifted their price target on Coherent from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Finally, Zacks Investment Research cut Coherent from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 28th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Coherent currently has a consensus rating of “Buy” and an average price target of $104.00.
In other news, CEO John Ambroseo sold 25,979 shares of the company’s stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $110.00, for a total transaction of $2,857,690.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Bret Dimarco sold 1,039 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $106.70, for a total value of $110,861.30. Following the transaction, the vice president now directly owns 14,297 shares in the company, valued at approximately $1,525,489.90. The disclosure for this sale can be found here. 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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