Todays Report: The Prudential Financial Inc. decides to keep it stake in Coherent Inc. (COHR) to the level of $5,459,000

The Prudential Financial Inc. decides to keep it stake in Coherent Inc. (COHR) to the level of $5,459,000

Prudential Financial Inc. reduced its position in Coherent Inc. (NASDAQ:COHR) by 0.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 59,478 shares of the company’s stock after selling 482 shares during the period. Prudential Financial Inc. owned about 0.25% of Coherent worth $5,459,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in COHR. Systematic Financial Management LP boosted its stake in shares of Coherent by 79.8% in the second quarter. Systematic Financial Management LP now owns 663,537 shares of the company’s stock worth $60,899,000 after buying an additional 294,427 shares in the last quarter. Neumeier Poma Investment Counsel LLC boosted its stake in shares of Coherent by 32.4% in the first quarter. Neumeier Poma Investment Counsel LLC now owns 398,525 shares of the company’s stock worth $36,624,000 after buying an additional 97,625 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Coherent by 55.0% in the first quarter. Renaissance Technologies LLC now owns 165,204 shares of the company’s stock worth $15,182,000 after buying an additional 58,613 shares in the last quarter. Cupps Capital Management LLC bought a new stake in shares of Coherent during the first quarter worth $4,006,000. Finally, Palisade Capital Management LLC NJ bought a new stake in shares of Coherent during the second quarter worth $3,700,000. 92.86% of the stock is owned by institutional investors.

Shares of Coherent Inc. (NASDAQ:COHR) traded down 2.51% during trading on Thursday, reaching $106.24. The company had a trading volume of 19,745 shares. The firm has a 50 day moving average price of $107.88 and a 200 day moving average price of $98.41. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 30.91 and a beta of 0.83. Coherent Inc. has a 12 month low of $52.17 and a 12 month high of $113.83.

Coherent (NASDAQ:COHR) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.07 EPS for the quarter, missing the Zacks’ consensus estimate of $1.11 by $0.04. Coherent had a return on equity of 11.06% and a net margin of 10.26%. The business had revenue of $218.80 million for the quarter, compared to analyst estimates of $211.94 million. During the same quarter in the prior year, the company earned $0.82 earnings per share. The company’s quarterly revenue was up 16.1% on a year-over-year basis. Analysts predict that Coherent Inc. will post $4.62 earnings per share for the current year.

COHR has been the subject of a number of analyst reports. Benchmark Co. reduced their price target on Coherent from $115.00 to $112.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Zacks Investment Research lowered Coherent from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 28th. Finally, Stifel Nicolaus lifted their price objective on Coherent from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Coherent has a consensus rating of “Buy” and a consensus target price of $104.00.

In related news, VP Bret Dimarco sold 1,039 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $106.70, for a total value of $110,861.30. Following the completion of the sale, the vice president now directly owns 14,297 shares in the company, valued at approximately $1,525,489.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John Ambroseo sold 25,979 shares of the firm’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $110.00, for a total transaction of $2,857,690.00. The disclosure for this sale can be found here. Insiders own 1.83% of the company’s stock.

About Coherent

Coherent, Inc is a supplier of photonics-based solutions in a range of commercial and scientific research applications. The Company designs, manufactures, services and markets lasers, laser tools and related accessories for a diverse group of customers. It operates through two operating segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).

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