In a recent transaction, Vincent D. Mattera Jr., the Chief Executive Officer of Coherent Corp. (NASDAQ:NYSE:COHR), sold 5,000 shares of the company's common stock. The sale, completed on March 15, 2024, amounted to a total of $294,569. This transaction was executed at a weighted average price of $58.9139 per share, with individual sale prices ranging from $58.52 to $59.45.
The sale was conducted under a prearranged trading plan, known as a Rule 10b5-1 plan, which Mattera had adopted on December 7, 2023. Such plans allow company insiders to sell a predetermined number of shares at a predetermined time to avoid accusations of trading on nonpublic information.
Following the sale, Mattera still retains a significant stake in the company, with 674,684 shares of Coherent Corp.'s common stock remaining in his possession. The company, which specializes in optical instruments and lenses, is incorporated in Pennsylvania and has its headquarters in Saxonburg.
Investors and shareholders of Coherent Corp. may request detailed information about the sale transactions, including the number of shares sold at each separate price, if needed. The company and its executives are required to report such sales to the Securities and Exchange Commission, providing transparency into the trading activities of its insiders.
InvestingPro Insights
As investors digest the news of CEO Vincent D. Mattera Jr.'s stock sale in Coherent Corp. (NASDAQ:COHR), it's important to consider the broader financial landscape of the company. With a market capitalization of approximately $6.12 billion and a price-to-earnings (P/E) ratio standing at a high 56.98, Coherent Corp. presents a complex investment profile.
Despite recent insider sales, Coherent Corp. has demonstrated significant stock price appreciation, with a 36.25% return over the last three months and an even more impressive 67.88% return over the last year. This performance may be of interest to investors looking for companies with strong price momentum. Moreover, the company's liquid assets surpass its short-term obligations, indicating a solid liquidity position, which is often a reassuring sign for stakeholders assessing the financial health of a business.
However, InvestingPro Tips suggest that analysts are anticipating a sales decline in the current year, which could be a point of concern for investors. Meanwhile, the company's high return over the last year and strong return over the last three months are seen as positive indicators. For those looking to delve deeper into Coherent Corp.'s financials and future prospects, there are additional InvestingPro Tips available, providing a comprehensive analysis. Interested readers can find more tips at Investing.com and can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With the next earnings date on the horizon, May 1, 2024, stakeholders will be keenly awaiting the company's financial results to assess the impact of the anticipated sales decline and to gauge the future trajectory of Coherent Corp.'s stock. The current analyst target for fair value stands at $65.5, while InvestingPro's fair value assessment is at $44.56, which may guide investors in their decision-making process.
Investors considering Coherent Corp. as part of their portfolio should weigh these insights alongside the company's recent insider trading activity to form a holistic view of its investment potential.
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