Top 5 Stock Picks of Alec Litowitz and Ross Laser’s Magnetar Capital

2. Coherent, Inc. (NASDAQ:COHR)

Magnetar Capital’s Stake Value: $185,480,000
Percentage of Magnetar Capital’s 13F Portfolio: 1.97%
Number of Hedge Fund Holders: 36

Coherent, Inc. (NASDAQ:COHR) is a laser and optics company that serves optoelectronics, life sciences, industrial production, scientific and aerospace, and defense industries. Pentwater Capital Management held the most significant position in Coherent, Inc. (NASDAQ:COHR) in Q1, with stakes worth nearly $211.58 million.

Overall, 36 hedge funds in Insider Monkey’s database reported owning stakes in Coherent, Inc. (NASDAQ:COHR) at the end of March 2022, compared to 38 in the previous quarter. The total value of these stakes is roughly $1.54 billion.

II‐VI Incorporated (NASDAQ:IIVI), a Saxonburg, Pennsylvania-based maker of engineered materials and optoelectronic components, and Coherent, Inc. (NASDAQ:COHR), in close collaboration with II-VI, refiled their Premerger Notification and Report Form with the Federal Trade Commission and the US Department of Justice on May 3.

In the first quarter, Magnetar Capital decreased its stake in Coherent, Inc. (NASDAQ:COHR) by 4,510 shares, reducing its position by 1%. The hedge fund first invested in Coherent, Inc. (NASDAQ:COHR) in the second quarter of 2020. Magnetar Capital owns 678,519 shares of the company, worth more than $185.48 million as of Q1 2022.

Here is what Appleseed Fund said about Coherent, Inc. (NASDAQ:COHR) in its Q1 2021 investor letter:

“Our most significant contributors to the Fund’s equity performance during the quarter (includes) Coherent (COHR). During the quarter, Coherent announced that it was being acquired, after which several other bidders emerged. Between the takeover announcement and the bidding war among Coherent suitors, the shares rallied strongly during the quarter.”