Eagle Asset Management Inc Lowers stake in Coherent (COHR)

Coherent (COHR) : Eagle Asset Management Inc reduced its stake in Coherent by 8.3% during the most recent quarter end. The investment management company now holds a total of 1,420,709 shares of Coherent which is valued at $133,901,823 after selling 128,668 shares in Coherent , the firm said in a disclosure report filed with the SEC on Jul 19, 2016.Coherent makes up approximately 0.89% of Eagle Asset Management Inc’s portfolio.

Other Hedge Funds, Including , Acadian Asset Management reduced its stake in COHR by selling 4,316 shares or 97.21% in the most recent quarter. The Hedge Fund company now holds 124 shares of COHR which is valued at $11,687.Capstone Asset Management Co boosted its stake in COHR in the latest quarter, The investment management firm added 310 additional shares and now holds a total of 7,400 shares of Coherent which is valued at $704,480. Coherent makes up approx 0.02% of Capstone Asset Management Co’s portfolio.Bnp Paribas Arbitrage Sa boosted its stake in COHR in the latest quarter, The investment management firm added 3,940 additional shares and now holds a total of 8,233 shares of Coherent which is valued at $765,751.

Coherent opened for trading at $94.18 and hit $94.43 on the upside on Wednesday, eventually ending the session at $94.25, with a gain of 0.71% or 0.66 points. The heightened volatility saw the trading volume jump to 2,26,717 shares. Company has a market cap of $2,289 M.

On the company’s financial health, Coherent reported $1.04 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $0.99. The company had revenue of $199.90 million for the quarter, compared to analysts expectations of $197.44 million. The company’s revenue was down -1.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.94 EPS.

Many Wall Street Analysts have commented on Coherent. Company shares were Reiterated by The Benchmark Company on May 23, 2016 to “Buy”, Firm has raised the Price Target to $ 115 from a previous price target of $110 .

Coherent Inc. is a supplier of photonics-based solutions for a range of commercial and scientific research applications. The Company designs manufactures services and markets lasers and related accessories to customers. The Company operates in two segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC). The SLS segment develops and manufactures configurable products serving the microelectronics scientific research and government programs and original equipment manufacturer (OEM) components and instrumentation markets. The CLC segment’s primary markets include materials processing OEM components and instrumentation and microelectronics.

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