Coherent (COHR) Earns Buy Rating from Northcoast Research
Northcoast Research reissued their buy rating on shares of Coherent (NASDAQ:COHR) in a report released on Monday. The brokerage currently has a $314.00 price target on the scientific and technical instruments company’s stock.
Several other equities research analysts also recently commented on the company. Zacks Investment Research downgraded Coherent from a strong-buy rating to a hold rating in a report on Tuesday, January 9th. Barclays set a $332.00 price objective on Coherent and gave the company a buy rating in a report on Wednesday, January 10th. Needham & Company LLC increased their price objective on Coherent from $270.00 to $330.00 and gave the company a buy rating in a report on Wednesday, November 8th. Stifel Nicolaus increased their price objective on Coherent from $290.00 to $330.00 and gave the company a buy rating in a report on Wednesday, November 8th. Finally, BidaskClub downgraded Coherent from a buy rating to a hold rating in a report on Friday, January 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. Coherent currently has a consensus rating of Buy and an average target price of $312.22.
Shares of Coherent (NASDAQ COHR) opened at $208.95 on Monday. The company has a market capitalization of $5,202.88, a P/E ratio of 23.80 and a beta of 0.65. The company has a quick ratio of 2.08, a current ratio of 3.18 and a debt-to-equity ratio of 0.42. Coherent has a twelve month low of $179.60 and a twelve month high of $329.00.
Coherent announced that its board has authorized a share repurchase plan on Wednesday, February 7th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the scientific and technical instruments company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
In related news, EVP Paul F. Sechrist sold 1,372 shares of the stock in a transaction 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 sale, 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 can be accessed through this hyperlink. Also, EVP Paul F. Sechrist sold 1,002 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $288.88, for a total value of $289,457.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,874 shares of company stock worth $2,382,958. 0.97% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. First Republic Investment Management Inc. bought a new stake in Coherent in the 4th quarter valued at $208,000. Commerce Bank bought a new stake in Coherent in the 4th quarter valued at $226,000. CIBC Asset Management Inc bought a new stake in Coherent in the 4th quarter valued at $236,000. Groesbeck Investment Management Corp NJ bought a new stake in Coherent in the 4th quarter valued at $262,000. Finally, DekaBank Deutsche Girozentrale raised its stake in 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 acquiring an additional 524 shares during the period. Institutional investors and hedge funds own 95.70% 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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