Suntrust Banks Inc. purchased a new position in shares of Coherent, Inc. (NASDAQ:COHR) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 6,697 shares of the company’s stock, valued at approximately $740,000.
Several other hedge funds have also made changes to their positions in the stock. Skylands Capital LLC boosted its stake in shares of Coherent by 135.4% in the third quarter. Skylands Capital LLC now owns 116,050 shares of the company’s stock worth $12,828,000 after buying an additional 66,750 shares during the last quarter. Strs Ohio boosted its stake in shares of Coherent by 2.9% in the second quarter. Strs Ohio now owns 14,000 shares of the company’s stock worth $1,284,000 after buying an additional 400 shares during the last quarter. Insight Capital Research & Management Inc. acquired a new stake in shares of Coherent during the third quarter worth approximately $5,165,000. Westwood Management Corp IL acquired a new stake in shares of Coherent during the third quarter worth approximately $21,069,000. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Coherent by 0.3% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 609,877 shares of the company’s stock worth $67,416,000 after buying an additional 1,754 shares during the last quarter. Institutional investors own 92.75% of the company’s stock.
Coherent, Inc. (NASDAQ:COHR) traded up 1.58% during mid-day trading on Wednesday, reaching $147.50. 254,232 shares of the company were exchanged. Coherent, Inc. has a one year low of $58.61 and a one year high of $148.43. The stock has a 50 day moving average of $136.81 and a 200-day moving average of $115.10. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of 41.20 and a beta of 0.80.
Coherent (NASDAQ:COHR) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.52 by $0.13. The firm earned $248.50 million during the quarter, compared to analyst estimates of $241.76 million. Coherent had a net margin of 10.21% and a return on equity of 11.69%. The business’s revenue for the quarter was up 18.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.25 earnings per share. On average, equities analysts expect that Coherent, Inc. will post $7.84 earnings per share for the current fiscal year.
COHR has been the topic of a number of recent research reports. Needham & Company LLC restated a “buy” rating and set a $145.00 price target (up from $130.00) on shares of Coherent in a research note on Monday, November 14th. Zacks Investment Research raised shares of Coherent from a “hold” rating to a “strong-buy” rating and set a $134.00 target price on the stock in a report on Tuesday, November 8th. Northcoast Research initiated coverage on shares of Coherent in a report on Tuesday, October 25th. They set a “buy” rating and a $130.00 target price on the stock. Stifel Nicolaus upped their target price on shares of Coherent from $145.00 to $170.00 and gave the stock a “buy” rating in a report on Monday, January 9th. Finally, Benchmark Co. reaffirmed a “buy” rating and set a $125.00 target price (up previously from $112.00) on shares of Coherent in a report on Thursday, November 10th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $134.83.
In related news, VP Bret Dimarco sold 4,951 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $120.00, for a total value of $594,120.00. Following the transaction, the vice president now owns 13,603 shares of the company’s stock, valued at $1,632,360. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark Stewart Sobey sold 4,593 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The stock was sold at an average price of $119.00, for a total transaction of $546,567.00. Following the completion of the transaction, the executive vice president now directly owns 18,020 shares in the company, valued at approximately $2,144,380. The disclosure for this sale can be found here. 1.83% of the stock is currently owned by corporate insiders.
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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