PNC Financial Services Group Inc. trimmed its position in Coherent, Inc. (NASDAQ:COHR) by 3.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,936 shares of the scientific and technical instruments company’s stock after selling 137 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Coherent were worth $886,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of COHR. UBS Asset Management Americas Inc. raised its holdings in shares of Coherent by 18.2% in the 1st quarter. UBS Asset Management Americas Inc. now owns 13,362 shares of the scientific and technical instruments company’s stock valued at $2,748,000 after purchasing an additional 2,058 shares during the period. Stifel Financial Corp raised its holdings in shares of Coherent by 34.4% in the 1st quarter. Stifel Financial Corp now owns 6,398 shares of the scientific and technical instruments company’s stock valued at $1,314,000 after purchasing an additional 1,639 shares during the period. SG Americas Securities LLC raised its holdings in shares of Coherent by 262.6% in the 1st quarter. SG Americas Securities LLC now owns 3,115 shares of the scientific and technical instruments company’s stock valued at $641,000 after purchasing an additional 2,256 shares during the period. Cornerstone Capital Management Holdings LLC. bought a new stake in shares of Coherent in the 1st quarter valued at about $1,613,000. Finally, Asset Management One Co. Ltd. bought a new stake in shares of Coherent in the 1st quarter valued at about $170,000. 90.21% of the stock is currently owned by institutional investors.
In other Coherent news, CEO John Ambroseo sold 25,000 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $250.00, for a total value of $6,250,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Stephen A. Skaggs sold 500 shares of the business’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $217.58, for a total transaction of $108,790.00. Following the completion of the transaction, the director now owns 11,500 shares in the company, valued at $2,502,170. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.
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COHR has been the topic of a number of research analyst reports. BidaskClub cut shares of Coherent from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. Longbow Research reaffirmed a “buy” rating and issued a $325.00 target price on shares of Coherent in a report on Wednesday, June 28th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $290.00 target price (up from $270.00) on shares of Coherent in a report on Friday, June 30th. Susquehanna Bancshares Inc reaffirmed a “neutral” rating and issued a $255.00 target price (up from $240.00) on shares of Coherent in a report on Friday, June 30th. Finally, ValuEngine cut shares of Coherent from a “buy” rating to a “hold” rating in a report on Friday, July 14th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $293.22.
Coherent, Inc. (NASDAQ COHR) opened at 246.57 on Wednesday. The company has a market capitalization of $6.07 billion, a PE ratio of 37.12 and a beta of 0.78. Coherent, Inc. has a 12-month low of $100.01 and a 12-month high of $281.00. The firm has a 50-day moving average of $240.63 and a 200 day moving average of $234.77.
Coherent (NASDAQ:COHR) last released its earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.45 by ($0.09). The company had revenue of $464.10 million during the quarter, compared to analysts’ expectations of $466.90 million. Coherent had a net margin of 11.08% and a return on equity of 24.98%. The firm’s revenue was up 112.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.07 earnings per share. Analysts forecast that Coherent, Inc. will post $12.28 EPS for the current fiscal year.
Coherent, Inc is a photonics manufacturer. The Company is engaged in designing, manufacturing, servicing and marketing of lasers and related accessories for a range of scientific, commercial and industrial applications. It operates through two segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).
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