In a recent transaction, Walter Bashaw II, the President of Coherent Corp. (NASDAQ:NYSE:COHR), sold a significant portion of his stock in the company. The sale amounted to over $238,000, with the share prices ranging between $53.9946 and $56.016.
The series of transactions, which occurred on May 1, 2024, involved the sale of 2,275 shares at an average price of $53.9946, 1,600 shares at an average of $54.7856, and 500 shares at an average of $56.016. These sales were executed as part of a pre-arranged Rule 10b5-1 trading plan, which was adopted by Bashaw on December 14, 2023.
Following the transactions, President Bashaw's direct holdings in Coherent Corp. decreased, but he still retains a significant number of shares. The Form 4 filing with the SEC indicates that Bashaw now owns 104,034 shares directly. Additional holdings include 80 shares owned indirectly by his children and 1,400 shares by his spouse.
Investors often monitor insider transactions as they can provide insights into an executive's view of the company's future prospects. While the reasons for Bashaw's stock sale are not disclosed, the planned nature of the transactions via the Rule 10b5-1 trading plan suggests they were not based on any immediate knowledge of upcoming corporate events or financial results.
Coherent Corp. specializes in optical instruments and lenses and is recognized for its contributions to industrial applications and services. The company, based in Saxonburg, Pennsylvania, has a history of innovation and development in the field of optics.
The SEC filing was signed by Jeffrey W. Acre, Attorney-in-Fact, indicating that he has the power to act on behalf of Walter Bashaw II for certain types of SEC filings, as detailed in a Power of Attorney document dated June 27, 2019.
InvestingPro Insights
As investors digest the news of Walter Bashaw II's recent stock sale in Coherent Corp. (NASDAQ:COHR), it's important to consider the company's financial health and market performance to understand the broader context. According to InvestingPro data, Coherent Corp. has a market capitalization of $6.12 billion, reflecting its substantial presence in the optical instruments sector. Despite analysts predicting a sales decline in the current year, the company still managed to achieve a revenue growth of 4.52% over the last twelve months as of Q2 2024. However, this growth is nuanced by a more recent quarterly revenue decline of -17.43%.
Investors should note that Coherent Corp. is currently trading at a high EBIT valuation multiple, with a price-to-earnings (P/E) ratio of 56.98, which has further stretched to 170.87 when adjusted for the last twelve months as of Q2 2024. This could indicate that the stock is priced optimistically relative to its earnings. Additionally, Coherent Corp.'s stock price movements have been quite volatile, with a significant 6-month price total return of 85.14% as of the date provided, which pairs with the InvestingPro Tip highlighting the stock's large price uptick over the last six months.
For those looking to delve deeper into Coherent Corp.'s financial metrics and stock performance, more InvestingPro Tips are available, including insights on the company's profitability and liquidity. There are 10 additional tips listed on InvestingPro, which can be accessed at https://www.investing.com/pro/COHR. Remember, by using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further valuable insights for informed investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.