Coherent, Inc. (NASDAQ:COHR) was the recipient of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 1,196,108 shares, a decline of 30.7% from the February 15th total of 1,726,572 shares. Currently, 5.0% of the company’s shares are sold short. Based on an average trading volume of 640,407 shares, the days-to-cover ratio is presently 1.9 days.
Shares of COHR stock traded down $2.62 during trading hours on Friday, reaching $175.04. 441,768 shares of the stock were exchanged, compared to its average volume of 601,768. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.08 and a current ratio of 3.18. Coherent has a 12-month low of $172.81 and a 12-month high of $329.00. The firm has a market capitalization of $4,409.82, a price-to-earnings ratio of 13.93 and a beta of 0.96.
Coherent (NASDAQ:COHR) last released its earnings results on Wednesday, February 7th. The scientific and technical instruments company reported $3.54 earnings per share for the quarter, topping the Zacks’ 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 firm had revenue of $477.60 million for the quarter, compared to analyst estimates of $474.21 million. During the same period in the prior year, the firm earned $2.57 earnings per share. The business’s quarterly revenue was up 38.0% compared to the same quarter last year. equities analysts forecast that Coherent will post 14.84 EPS for the current fiscal year.
Coherent announced that its board has authorized a share buyback program on Wednesday, February 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the scientific and technical instruments company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
In other news, Director Stephen A. Skaggs sold 500 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $212.27, for a total transaction of $106,135.00. Following the transaction, the director now owns 10,500 shares of the company’s stock, valued at approximately $2,228,835. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.40% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. First Republic Investment Management Inc. purchased a new stake in shares of Coherent during the fourth quarter worth approximately $208,000. Commerce Bank acquired a new position in Coherent in the fourth quarter valued at approximately $226,000. CIBC Asset Management Inc acquired a new position in Coherent in the fourth quarter valued at approximately $236,000. Moors & Cabot Inc. acquired a new position in Coherent in the fourth quarter valued at approximately $236,000. Finally, DekaBank Deutsche Girozentrale boosted its holdings in Coherent by 97.0% in the third quarter. DekaBank Deutsche Girozentrale now owns 1,064 shares of the scientific and technical instruments company’s stock valued at $238,000 after purchasing an additional 524 shares in the last quarter. Hedge funds and other institutional investors own 98.38% of the company’s stock.
COHR has been the topic of several research analyst reports. Zacks Investment Research lowered 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 objective on shares of Coherent and gave the company a “buy” rating in a report on Wednesday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $294.00 price objective (down from $330.00) on shares of Coherent in a report on Thursday, February 8th. BidaskClub lowered shares of Coherent from a “buy” rating to a “hold” rating in a report on Friday, January 26th. Finally, Northcoast Research restated a “buy” rating and issued a $314.00 price objective on shares of Coherent in a report on Monday, February 12th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $312.22.
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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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