Coherent (COHR) Trading Down 7.8%

Coherent, Inc. (NASDAQ:COHR)’s share price fell 7.8% during trading on Wednesday . The company traded as low as $173.74 and last traded at $174.23. 676,600 shares were traded during trading, an increase of 27% from the average session volume of 531,925 shares. The stock had previously closed at $189.00.

A number of research firms have commented on COHR. Zacks Investment Research cut shares of Coherent from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 31st. Stifel Nicolaus reduced their price objective on shares of Coherent from $218.00 to $214.00 and set a “buy” rating for the company in a research report on Friday, July 27th. ValuEngine cut shares of Coherent from a “hold” rating to a “sell” rating in a research report on Friday, September 7th. Northcoast Research reaffirmed a “buy” rating and set a $217.00 price objective on shares of Coherent in a research report on Thursday, August 2nd. Finally, Benchmark reaffirmed a “buy” rating and set a $242.00 price objective on shares of Coherent in a research report on Tuesday, June 12th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $229.57.

The company has a current ratio of 3.28, a quick ratio of 1.87 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $4.59 billion, a P/E ratio of 14.00 and a beta of 1.05.

Coherent (NASDAQ:COHR) last released its quarterly earnings data on Tuesday, July 31st. The scientific and technical instruments company reported $3.51 EPS for the quarter, missing the Zacks’ consensus estimate of $3.54 by ($0.03). Coherent had a return on equity of 28.01% and a net margin of 12.84%. The company had revenue of $482.00 million for the quarter, compared to the consensus estimate of $491.31 million. During the same period last year, the firm earned $3.36 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. equities analysts predict that Coherent, Inc. will post 13.14 EPS for the current fiscal year.

In other news, EVP Mark Stewart Sobey sold 13,000 shares of Coherent stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $181.86, for a total transaction of $2,364,180.00. Following the completion of the sale, the executive vice president now 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. Insiders own 0.97% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Toronto Dominion Bank lifted its holdings in shares of Coherent by 326.7% during the second quarter. Toronto Dominion Bank now owns 640 shares of the scientific and technical instruments company’s stock worth $100,000 after buying an additional 490 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new stake in shares of Coherent during the second quarter worth $145,000. Chicago Partners Investment Group LLC lifted its holdings in shares of Coherent by 814.4% during the second quarter. Chicago Partners Investment Group LLC now owns 1,143 shares of the scientific and technical instruments company’s stock worth $179,000 after buying an additional 1,018 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Coherent during the first quarter worth $206,000. Finally, Sciencast Management LP acquired a new stake in shares of Coherent during the first quarter worth $241,000. 98.58% of the stock is owned by institutional investors.

About Coherent (NASDAQ:COHR)

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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