Share Repurchase Program Declared by Coherent (COHR)

Coherent (NASDAQ:COHR) announced that its board has authorized a share buyback program, which allows the company to repurchase $100.00 million in outstanding shares on Wednesday, February 7th, EventVestor reports. This repurchase authorization allows the scientific and technical instruments company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

COHR has been the topic of a number of analyst reports. Stifel Nicolaus lowered their target price on shares of Coherent from $330.00 to $310.00 and set a “buy” rating on the stock in a report on Thursday. Needham & Company LLC restated a “buy” rating and issued a $294.00 target price (down previously from $330.00) on shares of Coherent in a report on Thursday. Benchmark upped their target price on shares of Coherent from $290.00 to $310.00 and gave the stock a “buy” rating in a report on Wednesday, November 8th. BidaskClub upgraded shares of Coherent from a “hold” rating to a “buy” rating in a report on Thursday, January 18th. Finally, Barclays set a $332.00 target price on shares of Coherent and gave the stock a “buy” rating in a report on Wednesday, January 10th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $312.22.

Shares of Coherent (NASDAQ:COHR) opened at $205.89 on Friday. Coherent has a 52-week low of $179.60 and a 52-week high of $329.00. The company has a debt-to-equity ratio of 0.51, a current ratio of 3.13 and a quick ratio of 2.14. The stock has a market cap of $5,110.00, a PE ratio of 23.29 and a beta of 0.65.

Coherent (NASDAQ:COHR) last issued its quarterly earnings data on Wednesday, February 7th. The scientific and technical instruments company reported $3.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.52 by $0.02. Coherent had a net margin of 12.02% and a return on equity of 28.53%. The business had revenue of $477.60 million during the quarter, compared to the consensus estimate of $474.21 million. During the same period in the prior year, the firm posted $2.57 EPS. The firm’s quarterly revenue was up 38.0% compared to the same quarter last year. equities analysts predict that Coherent will post 15.56 earnings per share for the current fiscal year.

In other Coherent news, Director Stephen A. Skaggs sold 500 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $308.97, for a total value of $154,485.00. Following the completion of the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $3,398,670. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Paul F. Sechrist sold 1,372 shares of the company’s stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $300.00, for a total transaction of $411,600.00. Following the completion of the sale, the executive vice president now directly owns 2,497 shares of the company’s stock, valued at $749,100. The disclosure for this sale can be found here. Insiders sold a total of 9,569 shares of company stock valued at $2,898,201 over the last ninety days. 1.40% of the stock is currently owned by insiders.

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About Coherent

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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