Coherent (NASDAQ:COHR) Downgraded by Zacks Investment Research to “Strong Sell”

Coherent (NASDAQ:COHRGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday, Zacks.com reports.

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). “

Separately, StockNews.com started coverage on shares of Coherent in a research note on Thursday, March 31st. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat.com, Coherent presently has a consensus rating of “Hold” and a consensus target price of $272.00.

NASDAQ COHR traded down $3.98 during mid-day trading on Tuesday, reaching $263.01. The stock had a trading volume of 318,162 shares, compared to its average volume of 242,220. Coherent has a 1 year low of $222.04 and a 1 year high of $278.34. The stock has a market cap of $6.53 billion, a PE ratio of 56.81 and a beta of 1.31. The company has a fifty day moving average price of $268.59 and a 200 day moving average price of $263.52. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.32 and a quick ratio of 2.14.

Coherent (NASDAQ:COHRGet Rating) last announced its quarterly earnings data on Wednesday, May 11th. The scientific and technical instruments company reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.78 by ($0.38). The firm had revenue of $370.20 million during the quarter, compared to analysts’ expectations of $388.40 million. Coherent had a return on equity of 15.70% and a net margin of 7.47%. As a group, equities research analysts expect that Coherent will post 7.51 earnings per share for the current year.

Hedge funds have recently modified their holdings of the company. Gabelli Funds LLC boosted its holdings in Coherent by 33.9% in the 1st quarter. Gabelli Funds LLC now owns 100,453 shares of the scientific and technical instruments company’s stock worth $27,460,000 after buying an additional 25,409 shares during the period. Gamco Investors INC. ET AL boosted its holdings in Coherent by 13.1% in the 1st quarter. Gamco Investors INC. ET AL now owns 3,460 shares of the scientific and technical instruments company’s stock worth $946,000 after buying an additional 400 shares during the period. Virtu Financial LLC bought a new position in Coherent in the 1st quarter worth $356,000. Point72 Hong Kong Ltd bought a new position in Coherent in the 1st quarter worth $242,000. Finally, Rodgers Brothers Inc. bought a new position in Coherent in the 1st quarter worth $232,000. 90.29% of the stock is owned by hedge funds and other institutional investors.

About Coherent (Get Rating)

Coherent, Inc provides lasers, laser-based technologies, and laser-based system solutions for a range of commercial, industrial, and scientific research applications. It operates in two segments, Original Equipment Manufacturers (OEM) Laser Sources and Industrial Lasers & Systems. The company designs, manufactures, markets, and services lasers, laser tools, precision optics, and related accessories; and laser measurement and control products.

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