Retirement Systems of Alabama reduced its stake in shares of Coherent, Inc. (NASDAQ:COHR) by 2.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,401 shares of the scientific and technical instruments company’s stock after selling 807 shares during the quarter. Retirement Systems of Alabama owned about 0.13% of Coherent worth $5,407,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently made changes to their positions in the company. OppenheimerFunds Inc. grew its holdings in shares of Coherent by 57.0% in the second quarter. OppenheimerFunds Inc. now owns 1,103,326 shares of the scientific and technical instruments company’s stock valued at $172,582,000 after purchasing an additional 400,681 shares in the last quarter. Sterling Capital Management LLC grew its holdings in shares of Coherent by 4,143.0% in the second quarter. Sterling Capital Management LLC now owns 343,175 shares of the scientific and technical instruments company’s stock valued at $53,679,000 after purchasing an additional 335,087 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Coherent by 154.0% in the second quarter. Wells Fargo & Company MN now owns 329,944 shares of the scientific and technical instruments company’s stock valued at $51,609,000 after purchasing an additional 200,049 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Coherent by 5.5% in the second quarter. BlackRock Inc. now owns 2,276,061 shares of the scientific and technical instruments company’s stock valued at $356,022,000 after purchasing an additional 119,540 shares in the last quarter. Finally, Oakview Capital Management L.P. purchased a new position in shares of Coherent in the second quarter valued at $14,173,000. 98.77% of the stock is owned by institutional investors and hedge funds.
In other Coherent news, EVP Mark Stewart Sobey sold 13,000 shares of Coherent stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $181.86, for a total transaction of $2,364,180.00. Following the completion of the transaction, the executive vice president now directly owns 17,887 shares of the company’s stock, valued at $3,252,929.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.97% of the stock is owned by insiders.
A number of research analysts recently weighed in on the stock. Northcoast Research reissued a “buy” rating and issued a $217.00 target price on shares of Coherent in a report on Thursday, August 2nd. ValuEngine raised shares of Coherent from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. Stifel Nicolaus set a $185.00 price objective on shares of Coherent and gave the stock a “buy” rating in a research note on Tuesday, October 23rd. TheStreet lowered shares of Coherent from a “b” rating to a “c+” rating in a research note on Friday, October 19th. Finally, BidaskClub raised shares of Coherent from a “sell” rating to a “hold” rating in a research note on Wednesday, July 11th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $218.57.
NASDAQ COHR opened at $132.13 on Tuesday. The company has a quick ratio of 1.87, a current ratio of 3.28 and a debt-to-equity ratio of 0.34. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of 9.86 and a beta of 1.37. Coherent, Inc. has a 52 week low of $115.53 and a 52 week high of $329.00.
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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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