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Is Coherent, Inc. (COHR) Going to Burn These Hedge Funds?

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Out of thousands of stocks that are currently traded on the market, it is difficult to determine those that can really generate strong returns. Hedge funds and institutional investors spend millions of dollars on analysts with MBAs and PhDs, who are industry experts and well connected to other industry and media insiders on top of that. Individual investors can piggyback the hedge funds employing these talents and can benefit from their vast resources and knowledge in that way. We analyze quarterly 13F filings of over 700 hedge funds and, by looking at the smart money sentiment that surrounds a stock, we can determine whether it has potential to beat the market over the long-term. Therefore, let’s take a closer look at what smart money thinks about Coherent, Inc. (NASDAQ:COHR).

Coherent, Inc. (NASDAQ:COHR) was in 17 hedge funds’ portfolios at the end of the third quarter of 2015. COHR has experienced a decrease in support from the world’s most elite money managers in recent months. There were 22 hedge funds in our database with COHR holdings at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity, but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Genesco Inc. (NYSE:GCO), Himax Technologies, Inc. (ADR) (NASDAQ:HIMX), and CoreSite Realty Corp (NYSE:COR) to gather more data points.

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At the moment there are a lot of tools shareholders employ to value stocks. A couple of the less utilized tools are hedge fund and insider trading moves. Our experts have shown that, historically, those who follow the top picks of the top fund managers can outpace their index-focused peers by a solid margin (see the details here).

Now, let’s go over the latest action surrounding Coherent, Inc. (NASDAQ:COHR).

What does the smart money think about Coherent, Inc. (NASDAQ:COHR)?

At the end of the third quarter, a total of 17 of the hedge funds tracked by Insider Monkey were long this stock, a drop of 23% from the second quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were boosting their stakes meaningfully (or already accumulated large positions).

Of the funds tracked by Insider Monkey, Royce & Associates, managed by Chuck Royce, holds the biggest position in Coherent, Inc. (NASDAQ:COHR). The fund reportedly holds a $38.6 million stake in the company, comprising 0.2% of its 13F portfolio. Coming in second is Lee Munder Capital Group, led by Lee Munder, holding a $10.8 million position; the fund has 0.2% of its 13F portfolio invested in the stock. Remaining hedge funds and institutional investors with similar optimism consist of Jim Simons’s Renaissance Technologies, Tim Curro’s Value Holdings LP and Charles Paquelet’s Skylands Capital.

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