Millennium Management LLC reduced its position in Coherent, Inc. (NASDAQ:COHR) by 22.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 282,579 shares of the scientific and technical instruments company’s stock after selling 82,824 shares during the quarter. Millennium Management LLC owned approximately 1.14% of Coherent worth $79,749,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of COHR. First Republic Investment Management Inc. bought a new position in Coherent during the fourth quarter worth $208,000. Commerce Bank bought a new position in Coherent during the fourth quarter worth $226,000. CIBC Asset Management Inc bought a new position in Coherent during the fourth quarter worth $236,000. Moors & Cabot Inc. bought a new position in Coherent during the fourth quarter worth $236,000. Finally, DekaBank Deutsche Girozentrale boosted 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 acquiring an additional 524 shares in the last quarter. 98.38% of the stock is currently owned by institutional investors.
COHR has been the topic of several research reports. 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 objective on shares of Coherent and gave the stock a “buy” rating in a report on Wednesday, January 10th. Needham & Company LLC restated a “buy” rating and set a $294.00 price objective (down previously from $330.00) on shares of Coherent in a report on Thursday, February 8th. BidaskClub downgraded 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 set a $314.00 price objective on shares of Coherent in a report on Monday, February 12th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. Coherent has a consensus rating of “Buy” and an average target price of $312.22.
Shares of COHR stock traded down $2.62 on Friday, hitting $175.04. The stock had a trading volume of 447,976 shares, compared to its average volume of 601,768. The company has a market cap of $4,344.84, a P/E ratio of 13.93 and a beta of 0.96. 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 12-month low of $172.81 and a 12-month high of $329.00.
Coherent (NASDAQ:COHR) last announced its earnings results on Wednesday, February 7th. The scientific and technical instruments company reported $3.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.52 by $0.02. The company had revenue of $477.60 million during the quarter, compared to the consensus estimate of $474.21 million. Coherent had a net margin of 11.79% and a return on equity of 29.82%. The firm’s revenue for the quarter was up 38.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.57 earnings per share. research analysts expect that Coherent, Inc. will post 14.84 earnings per share for the current fiscal year.
Coherent announced that its Board of Directors has approved a stock buyback plan on Wednesday, February 7th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the scientific and technical instruments company to buy shares of its stock through open market purchases. Stock repurchase 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 the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $212.27, for a total value of $106,135.00. Following the completion of the sale, the director now owns 10,500 shares in the company, valued at $2,228,835. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.40% of the company’s stock.
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Coherent Company Profile
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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