Zacks Investment Research Downgrades Coherent (COHR) to Hold

Zacks Investment Research cut shares of Coherent (NASDAQ:COHR) from a strong-buy rating to a hold rating in a research report report published on Tuesday.

According to Zacks, “Coherent, Inc. is an American company, designs, manufactures and markets laser systems and components, laser measurement and control products, optics, and laser accessories, which are used both in industry and scientific research. Their markets are the microelectronics industry (e.g., flat panel display manufacturing, integrated circuit packaging, and integrated circuit inspection), scientific research, OEM components, and materials processing (e.g., CO2 lasers for cutting metals). “

COHR has been the subject of several other research reports. Stifel Nicolaus increased their price objective on Coherent from $290.00 to $330.00 and gave the stock a buy rating in a report on Wednesday, November 8th. Benchmark increased their price objective on Coherent from $290.00 to $310.00 and gave the stock a buy rating in a report on Wednesday, November 8th. Barclays increased their price objective on Coherent from $285.00 to $315.00 and gave the stock an overweight rating in a report on Wednesday, November 8th. Summit Redstone reiterated a buy rating and issued a $320.00 price objective on shares of Coherent in a report on Saturday, September 23rd. Finally, Northcoast Research reiterated a buy rating and issued a $314.00 price objective (up previously from $311.00) on shares of Coherent in a report on Tuesday, September 12th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $319.22.

Shares of Coherent (NASDAQ:COHR) opened at $301.57 on Tuesday. Coherent has a fifty-two week low of $143.74 and a fifty-two week high of $320.73. 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 firm has a market capitalization of $7,480.00, a P/E ratio of 35.86 and a beta of 0.82.

Coherent (NASDAQ:COHR) last released its quarterly earnings data on Tuesday, November 7th. The scientific and technical instruments company reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.48 by $0.24. Coherent had a return on equity of 28.53% and a net margin of 12.02%. The business had revenue of $490.00 million during the quarter, compared to analysts’ expectations of $475.24 million. During the same quarter last year, the business posted $1.65 EPS. The business’s revenue was up 97.2% on a year-over-year basis. sell-side analysts forecast that Coherent will post 15.56 earnings per share for the current year.

In other news, EVP Paul F. Sechrist sold 1,372 shares of the firm’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $300.00, for a total value of $411,600.00. Following the completion of the transaction, the executive vice president now owns 2,497 shares in the company, valued at approximately $749,100. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Stephen A. Skaggs sold 500 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 11,000 shares of the company’s stock, valued at approximately $3,398,670. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,788 shares of company stock valued at $5,901,628. 1.40% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. lifted its stake in shares of Coherent by 3.1% in the 2nd quarter. Coldstream Capital Management Inc. now owns 1,010 shares of the scientific and technical instruments company’s stock valued at $227,000 after purchasing an additional 30 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in shares of Coherent by 97.0% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,064 shares of the scientific and technical instruments company’s stock valued at $238,000 after purchasing an additional 524 shares during the period. Flinton Capital Management LLC lifted its stake in shares of Coherent by 73.8% in the 2nd quarter. Flinton Capital Management LLC now owns 1,168 shares of the scientific and technical instruments company’s stock valued at $263,000 after purchasing an additional 496 shares during the period. Balyasny Asset Management LLC purchased a new position in shares of Coherent in the 2nd quarter valued at approximately $271,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Coherent by 10.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,206 shares of the scientific and technical instruments company’s stock valued at $271,000 after purchasing an additional 117 shares during the period. Institutional investors own 96.90% of the company’s stock.

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Coherent Company Profile

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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