Coherent, Inc. (NASDAQ:COHR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, August 7th.
According to Zacks, “COHERENT INC. designs, manufactures, and supplies electro-optical systems and medical instruments utilizing laser, precision optic and microelectronic technologies. Co. integrates these technologies into a wide variety of products and systems designed to meet the productivity and performance needs of customers. Major markets include the scientific research community; medical institutions, clinics and private practices; lasers also support commercial applications, ranging from semiconductors and disk mastering to light shows and entertainment. “
Several other brokerages have also commented on COHR. Benchmark Co. reissued a “buy” rating on shares of Coherent in a report on Wednesday, May 10th. Stifel Nicolaus boosted their price target on shares of Coherent from $220.00 to $270.00 and gave the stock a “buy” rating in a report on Wednesday, May 10th. Needham & Company LLC boosted their price target on shares of Coherent from $215.00 to $265.00 and gave the stock a “buy” rating in a report on Wednesday, May 10th. Susquehanna Bancshares Inc reaffirmed a “neutral” rating and set a $240.00 target price (up previously from $225.00) on shares of Coherent in a report on Wednesday, May 10th. Finally, Longbow Research reaffirmed a “buy” rating and set a $325.00 target price on shares of Coherent in a report on Monday, June 12th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $268.88.
Shares of Coherent (COHR) traded up 1.52% during trading on Monday, reaching $218.36. 488,742 shares of the company traded hands. The firm’s 50 day moving average is $242.38 and its 200-day moving average is $219.85. Coherent has a 12-month low of $100.01 and a 12-month high of $278.39. The stock has a market capitalization of $5.38 billion, a P/E ratio of 32.88 and a beta of 0.72.
Coherent (NASDAQ:COHR) last posted its earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.45 by $0.09. Coherent had a net margin of 11.08% and a return on equity of 24.98%. The firm had revenue of $464.10 million during the quarter, compared to analyst estimates of $466.90 million. During the same quarter in the prior year, the firm earned $1.07 earnings per share. The business’s revenue for the quarter was up 112.1% on a year-over-year basis. On average, equities research analysts anticipate that Coherent will post $12.27 earnings per share for the current fiscal year.
In related news, CEO John Ambroseo sold 24,970 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $248.08, for a total transaction of $6,194,557.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Stewart Sobey sold 4,904 shares of the stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $243.02, for a total transaction of $1,191,770.08. Following the completion of the transaction, the executive vice president now owns 12,397 shares in the company, valued at $3,012,718.94. The disclosure for this sale can be found here. Insiders have sold 30,374 shares of company stock worth $7,495,118 in the last three months. Corporate insiders own 1.40% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Coherent by 124,951.8% in the first quarter. BlackRock Inc. now owns 2,486,029 shares of the scientific and technical instruments company’s stock worth $511,226,000 after buying an additional 2,484,041 shares during the period. Epoch Investment Partners Inc. acquired a new position in shares of Coherent during the first quarter worth about $114,876,000. Alliancebernstein L.P. raised its position in shares of Coherent by 1,420.6% in the first quarter. Alliancebernstein L.P. now owns 556,538 shares of the scientific and technical instruments company’s stock worth $114,446,000 after buying an additional 519,939 shares during the period. Koch Industries Inc. acquired a new position in shares of Coherent during the second quarter worth about $354,000. Finally, Harbour Capital Advisors LLC raised its position in shares of Coherent by 28,934.4% in the second quarter. Harbour Capital Advisors LLC now owns 304,861 shares of the scientific and technical instruments company’s stock worth $1,355,000 after buying an additional 303,811 shares during the period. Institutional investors and hedge funds own 92.40% of the company’s stock.
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Coherent Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Coherent Inc. and related companies with MarketBeat.com's FREE daily email newsletter.