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Coherent Corp CEO sells over $265k in company stock

Published 04/15/2024, 06:48 PM

Coherent Corp. (NASDAQ:NYSE:COHR) Chief Executive Officer, Vincent D. Mattera Jr., has sold a portion of his company stock, according to a recent filing with the Securities and Exchange Commission. The transactions, which occurred on April 15, 2024, involved the sale of shares at prices ranging from $52.13 to $53.93, resulting in a total sale value of over $265,000.

The SEC filing detailed two separate transactions. In the first, Mattera sold 2,296 shares at a weighted average price of $52.4157 per share. The second transaction saw the CEO sell 2,704 shares at an average price of $53.6748 per share. Following these sales, Mattera still owns a significant number of shares in Coherent Corp., with his holdings totaling 669,684 shares after the transactions.

The sales were conducted under a Rule 10b5-1 trading plan, which Mattera had adopted on December 7, 2023. This rule allows company insiders to set up a predetermined plan to sell company stocks in a way that avoids accusations of insider trading. The plan is typically adopted when the insider does not have material non-public information and allows for trading to occur automatically on a scheduled basis.

Investors often monitor insider sales as they may provide insights into an executive’s perspective on the company's current valuation or future prospects. However, it is also not uncommon for executives to sell shares for reasons that may not necessarily indicate a lack of confidence in the company, such as diversification of assets or to finance personal matters.

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 has not yet issued any public statement regarding the CEO's stock sale. Shareholders and potential investors are encouraged to review the full details of the transactions as filed with the SEC.

InvestingPro Insights

Following the recent news of Coherent Corp. (NASDAQ:COHR) CEO Vincent D. Mattera Jr.'s stock sale, a closer look at the company's financial health and market performance through InvestingPro insights may offer investors additional context. Coherent Corp. boasts a market capitalization of $6.12 billion, reflecting its significant presence in the optical instruments sector.

Despite analysts predicting a sales decline in the current year, the company's stock has experienced a strong return over the past three months, with a 37.46% price total return. This suggests a level of investor confidence in the company's medium-term prospects. Moreover, Coherent Corp. has demonstrated resilience with liquid assets that exceed its short-term obligations, which may provide some assurance to investors regarding the company's financial stability.

While the company has not been profitable over the last twelve months, analysts are optimistic, anticipating Coherent Corp. will return to profitability this year. This forward-looking sentiment is further supported by the company's PEG ratio for the last twelve months as of Q2 2024, which stands at a low 0.08, indicating potential for growth relative to its earnings.

To gain deeper insights into Coherent Corp.'s performance and future outlook, investors can explore additional InvestingPro Tips. For instance, 14 analysts have revised their earnings upwards for the upcoming period, which could signal positive momentum. There are many more tips available on InvestingPro, including analysis on the company's volatility and valuation multiples. Interested investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to these valuable insights.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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