American International Group Inc. decreased its position in shares of Coherent, Inc. (NASDAQ:COHR) by 2.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,687 shares of the scientific and technical instruments company’s stock after selling 1,340 shares during the period. American International Group Inc.’s holdings in Coherent were worth $9,311,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in Coherent by 3.3% during the fourth quarter. BlackRock Inc. now owns 2,061,486 shares of the scientific and technical instruments company’s stock worth $581,791,000 after purchasing an additional 66,248 shares in the last quarter. OppenheimerFunds Inc. raised its holdings in Coherent by 0.7% during the fourth quarter. OppenheimerFunds Inc. now owns 860,200 shares of the scientific and technical instruments company’s stock worth $242,766,000 after purchasing an additional 5,787 shares in the last quarter. Carillon Tower Advisers Inc. bought a new stake in Coherent during the fourth quarter worth approximately $213,124,000. William Blair Investment Management LLC raised its holdings in Coherent by 20.8% during the fourth quarter. William Blair Investment Management LLC now owns 423,300 shares of the scientific and technical instruments company’s stock worth $119,464,000 after purchasing an additional 72,959 shares in the last quarter. Finally, TimesSquare Capital Management LLC raised its holdings in Coherent by 421.4% during the fourth quarter. TimesSquare Capital Management LLC now owns 372,300 shares of the scientific and technical instruments company’s stock worth $105,071,000 after purchasing an additional 300,900 shares in the last quarter. 99.75% of the stock is currently owned by hedge funds and other institutional investors.
Coherent stock opened at $165.91 on Monday. The company has a current ratio of 3.10, a quick ratio of 1.88 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $4.12 billion, a price-to-earnings ratio of 13.20 and a beta of 0.98. Coherent, Inc. has a 1 year low of $157.47 and a 1 year high of $329.00.
Coherent (NASDAQ:COHR) last posted its quarterly earnings results on Tuesday, May 1st. The scientific and technical instruments company reported $3.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.49 by ($0.12). Coherent had a return on equity of 29.28% and a net margin of 12.65%. The business had revenue of $481.10 million during the quarter, compared to analyst estimates of $481.82 million. During the same quarter last year, the firm posted $2.91 EPS. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. sell-side analysts predict that Coherent, Inc. will post 13.27 earnings per share for the current year.
Coherent declared that its board has authorized a stock repurchase 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 repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
Several equities research analysts recently commented on COHR shares. BidaskClub cut Coherent from a “hold” rating to a “sell” rating in a report on Thursday, March 29th. Needham & Company LLC decreased their price target on shares of Coherent to $250.00 and set a “buy” rating on the stock in a research report on Wednesday, May 2nd. ValuEngine lowered shares of Coherent from a “hold” rating to a “sell” rating in a research report on Thursday, April 19th. Stifel Nicolaus started coverage on shares of Coherent in a research report on Thursday, May 10th. They issued a “buy” rating and a $248.00 price target on the stock. Finally, Benchmark restated a “buy” rating and issued a $310.00 price target on shares of Coherent in a research report on Monday, April 9th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $284.67.
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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