Coherent, Inc. (NASDAQ:COHR) hit a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report, Market Beat.com reports. The stock traded as high as $82.76 and last traded at $76.69, with a volume of 841,672 shares. The stock had previously closed at $62.54.

The company reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.10. The firm had revenue of $190.30 million for the quarter, compared to analysts’ expectations of $196.32 million. During the same quarter in the previous year, the business earned $0.87 EPS. The company’s revenue for the quarter was down 5.1% on a year-over-year basis.

COHR has been the subject of several recent analyst reports. Zacks Investment Research lowered Coherent from a “hold” rating to a “sell” rating in a research report on Wednesday, October 28th. TheStreet upgraded Coherent from a “hold” rating to a “buy” rating in a research report on Wednesday, November 18th. B. Riley restated a “neutral” rating and set a $63.50 target price on shares of Coherent in a research report on Tuesday. Needham & Company LLC boosted their target price on Coherent from $68.00 to $85.00 and gave the company a “buy” rating in a research report on Friday. Finally, Stifel Nicolaus boosted their target price on Coherent from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $77.10.

In related news, VP Luis Spinelli sold 5,500 shares of the business’s stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $63.40, for a total value of $348,700.00. Following the completion of the transaction, the vice president now owns 11,895 shares of the company’s stock, valued at $754,143. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

A number of institutional investors have modified their holdings of the company. California State Teachers Retirement System increased its position in shares of Coherent by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 44,181 shares of the company’s stock worth $2,877,000 after buying an additional 757 shares during the period. TFS Capital LLC acquired a new position in shares of Coherent during the fourth quarter worth approximately $1,809,000. Louisiana State Employees Retirement System acquired a new position in shares of Coherent during the fourth quarter worth approximately $697,000. Nationwide Fund Advisors increased its position in shares of Coherent by 0.9% in the fourth quarter. Nationwide Fund Advisors now owns 18,112 shares of the company’s stock worth $1,179,000 after buying an additional 169 shares during the period. Finally, Russell Frank Co increased its position in shares of Coherent by 1,226.2% in the fourth quarter. Russell Frank Co now owns 8,567 shares of the company’s stock worth $568,000 after buying an additional 7,921 shares during the period.

The company has a 50-day moving average price of $63.18 and a 200 day moving average price of $60.02. The firm has a market capitalization of $1.86 billion and a P/E ratio of 25.181.

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 (NASDAQ:COHR), 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.

12 Month Chart for NASDAQ:COHR

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