Coherent Corp. (NASDAQ:IIVIP – Get Rating) was the recipient of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 8,400 shares, a drop of 80.6% from the January 15th total of 43,200 shares. Based on an average daily trading volume, of 8,000 shares, the days-to-cover ratio is presently 1.1 days.
Coherent Price Performance
Shares of IIVIP stock traded down $2.13 during trading hours on Friday, reaching $186.25. The company's stock had a trading volume of 2,709 shares, compared to its average volume of 6,861. Coherent has a one year low of $141.47 and a one year high of $304.50. The firm's fifty day simple moving average is $173.73 and its 200 day simple moving average is $179.76.
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Coherent Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Sunday, January 1st. Investors of record on Thursday, December 15th were given a dividend of $3.00 per share. The ex-dividend date was Wednesday, December 14th. This represents a $12.00 annualized dividend and a dividend yield of 6.44%.
Institutional Investors Weigh In On Coherent
Several hedge funds have recently made changes to their positions in the company. Laffer Tengler Investments boosted its holdings in Coherent by 2.8% in the first quarter. Laffer Tengler Investments now owns 10,437 shares of the company's stock worth $3,093,000 after acquiring an additional 281 shares in the last quarter. Uniplan Investment Counsel Inc. raised its stake in shares of Coherent by 4.0% in the third quarter. Uniplan Investment Counsel Inc. now owns 10,240 shares of the company's stock worth $1,602,000 after purchasing an additional 396 shares during the last quarter. Two Sigma Investments LP raised its stake in shares of Coherent by 1.0% in the third quarter. Two Sigma Investments LP now owns 207,090 shares of the company's stock worth $32,401,000 after purchasing an additional 2,090 shares during the last quarter. BlueCrest Capital Management Ltd purchased a new position in shares of Coherent in the third quarter worth $1,061,000. Finally, Prelude Capital Management LLC purchased a new position in shares of Coherent in the third quarter worth $1,312,000.
Coherent Company Profile
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Coherent Corp. develops, manufactures, and markets engineered materials, optoelectronic components, and devices worldwide. It operates in two segments, Compound Semiconductors and Photonic Solutions. The Compound Semiconductors segment provides optical and electro-optical components and materials used in high-power CO2 lasers, fiber-lasers, and direct diode lasers for materials processing applications; infrared optical components and high-precision optical assemblies for aerospace and defense, medical, and commercial laser imaging applications; semiconductor lasers and detectors for optical interconnects and sensing applications; engineered materials for thermoelectric, ceramics, and silicon carbide various applications; and compound semiconductor epitaxial wafers for applications in optical and wireless communication.
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