5 Stock Picks of Nathaniel August’s Mangrove Partners

4. Coherent, Inc. (NASDAQ:COHR)

Mangrove Partners’ Stake Value: $19,691,000

Percentage of Mangrove Partners’ 13F Portfolio: 2.02%

Number of Hedge Fund Investors: 43

Coherent, Inc. (NASDAQ:COHR) is a producer of lasers and photonics technology. The Silicon Valley-based company agreed to be acquired by II-VI Incorporated (NASDAQ:IIVI) in March 2021.

Nathaniel August’s Mangrove Partners held 74,493 shares in Coherent, Inc. (NASDAQ:COHR) at the end of the second quarter of 2021, worth nearly $19.7 million. Overall, 43 hedge funds reported owning a stake in Coherent, Inc. (NASDAQ:COHR) at the end of Q2, up from 41 in the first quarter.

In October, Stifel resumed coverage on Coherent, Inc. (NASDAQ:COHR) with a Hold rating and a price target of $270, underlining the II-VI (IIVI) acquisition price. Analyst Patrick Ho noted “synergies in both revenue and cost from this deal.”

Carillon Tower Advisers discussed its stance on Coherent, Inc. (NASDAQ:COHR) in its Q1 2021 investor letter. Here’s what the investment management firm said:

“Coherent is an international company that designs and manufactures a variety of laser-based photonic products, and is also a key equipment supplier in the production of organic light emitting diode (OLED) screens. The firm’s shares saw a sizable gain after it was announced in mid-January that Coherent would be acquired for a notable premium. After a contentious bidding process between two rival firms drove the share price higher with each successive bid, Coherent ultimately agreed to terms in a cash and stock deal.”