Coherent Corp. (NASDAQ:NYSE:COHR) President Walter Robert Bashaw II has recently sold a significant portion of his holdings in the company's stock, according to a new SEC filing. The transactions, which took place on April 1st, involved the sale of 4,375 shares of Coherent's common stock, resulting in a total of over $264,000.
The sales were executed in multiple transactions with share prices ranging from $60.3334 to $61.0917. Specifically, Bashaw sold 3,775 shares at a weighted average price of $60.3334 and 600 shares at a weighted average price of $61.0917. Following these transactions, Bashaw's remaining direct holdings in Coherent Corp. stand at 108,409 shares.
It's noteworthy that the sales were conducted under a pre-established Rule 10b5-1 trading plan, which Bashaw adopted on December 14, 2023. Such plans allow company insiders to sell a predetermined number of shares at a predetermined time, providing a defense against potential accusations of trading on nonpublic information.
Investors often keep an eye on insider transactions as they can provide insights into the executives' confidence in the company's future performance. However, the existence of a 10b5-1 trading plan indicates that these sales were planned in advance and not necessarily indicative of the executive's current or future outlook on the company's performance.
Coherent Corp., headquartered in Saxonburg, Pennsylvania, specializes in optical instruments and lenses and is known for its contributions to industrial applications and services. The company's shares are publicly traded on the NASDAQ stock exchange under the ticker symbol COHR.
InvestingPro Insights
In light of the recent insider transactions at Coherent Corp. (NASDAQ:COHR), analyzing the company's financial health and market performance can provide investors with additional context. According to InvestingPro data, Coherent Corp. has a market capitalization of $6.12 billion USD and a Price to Earnings (P/E) ratio of 56.98, which suggests a premium valuation compared to the market average. The company's revenue for the last twelve months as of Q2 2024 stands at $4.629 billion USD, with a revenue growth of 4.52% in the same period, indicating a steady increase in sales.
However, InvestingPro Tips highlight that analysts anticipate a sales decline in the current year, which could be a point of concern for potential investors. On a more positive note, the company has shown a strong return over the last three months, with a price total return of 42.45%, and over the last six months, the return has been even more impressive at 85.59%. This volatility in stock price movements, as noted by InvestingPro, can present both opportunities and risks to investors. Coherent's liquid assets also exceed its short-term obligations, which may provide some financial stability in the near term.
For those interested in a deeper analysis, there are additional InvestingPro Tips available on the platform, including insights into the company's profitability and valuation multiples. To access these insights and more, investors can visit https://www.investing.com/pro/COHR and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 11 more InvestingPro Tips listed, there's a wealth of information to help make informed decisions about Coherent Corp.'s stock.
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