ValuEngine downgraded shares of Coherent (NASDAQ:COHR) from a hold rating to a sell rating in a research note released on Tuesday.
A number of other equities research analysts have also recently commented on the company. Longbow Research cut Coherent from a buy rating to a neutral rating in a research note on Tuesday. Northcoast Research cut Coherent from a buy rating to a hold rating in a research note on Monday, October 8th. Zacks Investment Research upgraded Coherent from a strong sell rating to a hold rating in a research note on Tuesday, September 25th. Benchmark reiterated a buy rating and issued a $216.00 price target on shares of Coherent in a research note on Thursday, September 13th. Finally, Needham & Company LLC decreased their price target on Coherent from $205.00 to $190.00 and set a buy rating for the company in a research note on Wednesday, August 1st. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The company currently has an average rating of Hold and an average price target of $229.57.
Coherent stock traded up $0.82 during midday trading on Tuesday, reaching $132.57. The company’s stock had a trading volume of 720,871 shares, compared to its average volume of 535,189. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.87 and a current ratio of 3.28. Coherent has a 52-week low of $130.57 and a 52-week high of $329.00. The stock has a market cap of $4.18 billion, a PE ratio of 10.55 and a beta of 1.04.
Coherent (NASDAQ:COHR) last released its quarterly earnings results on Tuesday, July 31st. The scientific and technical instruments company reported $3.51 EPS for the quarter, missing analysts’ consensus estimates of $3.54 by ($0.03). Coherent had a net margin of 12.84% and a return on equity of 28.01%. The business had revenue of $482.00 million during the quarter, compared to analysts’ expectations of $491.31 million. During the same quarter last year, the business posted $3.36 earnings per share. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. As a group, sell-side analysts predict that Coherent will post 13.14 EPS for the current fiscal year.
In other news, EVP Mark Stewart Sobey sold 13,000 shares of the stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $181.86, for a total value of $2,364,180.00. Following the transaction, the executive vice president now directly owns 17,887 shares of the company’s stock, valued at $3,252,929.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.97% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund increased its holdings in shares of Coherent by 3.0% in the second quarter. Oregon Public Employees Retirement Fund now owns 9,718 shares of the scientific and technical instruments company’s stock valued at $1,520,000 after purchasing an additional 279 shares during the period. Amalgamated Bank increased its holdings in shares of Coherent by 6.6% in the first quarter. Amalgamated Bank now owns 5,482 shares of the scientific and technical instruments company’s stock valued at $1,027,000 after purchasing an additional 341 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Coherent by 6.1% in the second quarter. Victory Capital Management Inc. now owns 6,316 shares of the scientific and technical instruments company’s stock valued at $988,000 after purchasing an additional 365 shares during the period. Arizona State Retirement System increased its holdings in shares of Coherent by 2.6% in the second quarter. Arizona State Retirement System now owns 17,269 shares of the scientific and technical instruments company’s stock valued at $2,701,000 after purchasing an additional 441 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in shares of Coherent by 57.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 1,332 shares of the scientific and technical instruments company’s stock valued at $250,000 after purchasing an additional 487 shares during the period. 98.58% of the stock is currently owned by institutional investors and hedge funds.
Coherent, Inc provides lasers and laser-based technology in a range of scientific, commercial, and industrial applications worldwide. It operates through two segments, Specialty Lasers and Systems, and Commercial Lasers and Components. The company designs, manufactures, services, and markets lasers, laser tools, precision optics, and related accessories.
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