Amundi Pioneer Asset Management Inc. acquired a new position in Coherent, Inc. (NASDAQ:COHR) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 47,767 shares of the scientific and technical instruments company’s stock, valued at approximately $13,481,000. Amundi Pioneer Asset Management Inc. owned approximately 0.19% of Coherent at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of COHR. Bank of Montreal Can grew its position in Coherent by 91.9% during the 4th quarter. Bank of Montreal Can now owns 3,351 shares of the scientific and technical instruments company’s stock valued at $945,000 after purchasing an additional 1,605 shares during the last quarter. Affinity Wealth Management grew its position in Coherent by 39.5% during the 3rd quarter. Affinity Wealth Management now owns 2,505 shares of the scientific and technical instruments company’s stock valued at $589,000 after purchasing an additional 709 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in Coherent during the 4th quarter valued at about $507,000. Jag Capital Management LLC purchased a new stake in Coherent during the 4th quarter valued at about $13,008,000. Finally, BlackRock Inc. boosted its holdings in shares of Coherent by 3.3% during the 4th quarter. BlackRock Inc. now owns 2,061,486 shares of the scientific and technical instruments company’s stock valued at $581,791,000 after acquiring an additional 66,248 shares during the last quarter. Institutional investors and hedge funds own 98.38% of the company’s stock.
A number of analysts have recently issued reports on the stock. BidaskClub raised shares of Coherent from a “hold” rating to a “buy” rating in a report on Thursday, January 18th. Zacks Investment Research downgraded shares of Coherent from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 9th. 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 objective on shares of Coherent from $330.00 to $310.00 and set a “buy” rating on the stock in a research note on Thursday, February 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $294.00 price objective (down previously from $330.00) on shares of Coherent in a research note on Thursday, February 8th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $312.22.
NASDAQ COHR traded down $2.62 on Friday, reaching $175.04. 441,768 shares of the stock were exchanged, compared to its average volume of 601,768. Coherent, Inc. has a one year low of $172.81 and a one year high of $329.00. The stock has a market cap of $4,409.82, a price-to-earnings ratio of 13.93 and a beta of 0.96. The company has a current ratio of 3.18, a quick ratio of 2.08 and a debt-to-equity ratio of 0.42.
Coherent (NASDAQ:COHR) last released its earnings results on Wednesday, February 7th. The scientific and technical instruments company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $3.52 by $0.02. The company had revenue of $477.60 million for the quarter, compared to analysts’ expectations of $474.21 million. Coherent had a net margin of 11.79% and a return on equity of 29.82%. The firm’s revenue was up 38.0% compared to the same quarter last year. During the same quarter last year, the business earned $2.57 EPS. sell-side analysts forecast that Coherent, Inc. will post 14.84 EPS for the current year.
Coherent announced that its board has initiated a stock repurchase plan on Wednesday, February 7th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the scientific and technical instruments company to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other news, Director Stephen A. Skaggs sold 500 shares of Coherent 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 sale, the director now owns 10,500 shares in the company, valued at $2,228,835. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.40% of the company’s stock.
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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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