Millennium Management LLC trimmed its position in shares of Coherent, Inc. (NASDAQ:COHR) by 22.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 282,579 shares of the scientific and technical instruments company’s stock after selling 82,824 shares during the period. Millennium Management LLC owned about 1.14% of Coherent worth $79,749,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also bought and sold shares of COHR. First Republic Investment Management Inc. bought a new stake in shares of Coherent in the fourth quarter valued at about $208,000. Commerce Bank bought a new position in Coherent during the fourth quarter worth about $226,000. CIBC Asset Management Inc bought a new position in Coherent during the fourth quarter worth about $236,000. Moors & Cabot Inc. bought a new position in Coherent during the fourth quarter worth about $236,000. Finally, DekaBank Deutsche Girozentrale lifted its stake in Coherent by 97.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 1,064 shares of the scientific and technical instruments company’s stock worth $238,000 after purchasing an additional 524 shares during the period. 98.38% of the stock is currently owned by hedge funds and other institutional investors.
COHR has been the subject of a number of research analyst reports. Zacks Investment Research cut shares of Coherent from a “hold” rating to a “sell” rating in a research note on Monday, February 12th. BidaskClub cut shares of Coherent from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. Barclays set a $332.00 price target on shares of Coherent and gave the company a “buy” rating in a report on Wednesday, January 10th. Stifel Nicolaus lowered their price target on shares of Coherent from $330.00 to $310.00 and set a “buy” rating for the company in a report on Thursday, February 8th. Finally, Northcoast Research reissued a “buy” rating and issued a $314.00 price target on shares of Coherent in a report on Monday, February 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $312.22.
In other news, Director Stephen A. Skaggs sold 500 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $212.27, for a total transaction of $106,135.00. Following the completion of the sale, the director now owns 10,500 shares of the company’s stock, valued at approximately $2,228,835. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Paul F. Sechrist sold 1,372 shares of the stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $300.00, for a total transaction of $411,600.00. Following the completion of the transaction, the executive vice president now directly owns 2,497 shares of the company’s stock, valued at approximately $749,100. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.
Shares of COHR stock opened at $192.04 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.18 and a quick ratio of 2.08. Coherent, Inc. has a 52-week low of $191.01 and a 52-week high of $329.00. The company has a market cap of $5,013.98, a price-to-earnings ratio of 21.87 and a beta of 0.84.
Coherent (NASDAQ:COHR) last released its quarterly earnings data on Wednesday, February 7th. The scientific and technical instruments company reported $3.54 earnings per share for the quarter, topping the consensus estimate of $3.52 by $0.02. Coherent had a net margin of 11.79% and a return on equity of 29.82%. The company had revenue of $477.60 million for the quarter, compared to analyst estimates of $474.21 million. During the same period in the previous year, the business earned $2.57 EPS. Coherent’s revenue for the quarter was up 38.0% compared to the same quarter last year. equities analysts predict that Coherent, Inc. will post 14.62 earnings per share for the current fiscal year.
Coherent declared that its board has initiated a stock buyback plan on Wednesday, February 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the scientific and technical instruments company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
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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).
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