State of Michigan Retirement System 13F: Adds $18M to COHR Stake
Key Points
- The State of Michigan Retirement System's reported value in Coherent Corp. is approximately $40.3 million after the increase, reflecting an 83.97% change in its position.
- State of Michigan Retirement System held 140,000 $COHR shares at quarter end, up 83.97% from the prior quarter.
- Coherent Corp. recently traded at $235.84, which is about equal to its closing price of $235.79 on October 27, 2026, but well below its 52-week high of $440.
- Analysts have mixed views on Coherent Corp., with a consensus buy rating and a mean price target of about $396, indicating potential upside from the current trading level.
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The State of Michigan Retirement System boosted its stake in Coherent Corp. by 63,900 shares, raising its total to 140,000 shares. This increase was reported in a filing on October 27, 2026, and the total value of this position is approximately $40.3 million.
COHR
Coherent Corp.
Where Coherent Corp. Fits in State of Michigan Retirement System's Portfolio
The new position represents about 0.37% of the State of Michigan Retirement System's total reported 13F value of around $11.02 billion. Coherent Corp. ranks 34th among the 966 positions in the fund's portfolio, reflecting a significant increase of approximately 83.97%.
Other Institutional Activity in Coherent Corp.
In the latest filings, Nvidia Corp. maintained its position with 7,788,161 shares worth about $1.84 billion, while Capital International Investors increased its stake by 1,800,280 shares, bringing its total to 3,600,561 shares valued at approximately $849 million.
Coherent Corp. Stock Up 12.7%
Coherent Corp. recently traded at $235.84, which is about equal to its closing price of $235.79 on October 27, 2026. The stock is currently trading significantly below its 200-day moving average of $295.59 and its 50-day average of $285.82, indicating potential challenges in price recovery.
Recent Earnings
Coherent Corp. reported trailing twelve-month revenue of approximately $7.12 billion with an earnings per share (EPS) of $4.12. The next earnings report is scheduled for November 4, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
3 analysts raised price targets.
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EPS & revenue
EPS missed estimates by 1.1%. Revenue missed estimates by 0.5%.
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Profit surprise
EBITDA missed by 59 percent. Operating income missed by 63 percent.
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Pre-earnings setup
Bar was high, analysts already very bullish.
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Analyst signal
3 target raises.
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Earnings quality
Gross margin up 2.4 points. Operating margin down 1.5 points. Positive free cash flow.
Earnings Call Summary
Coherent reported $1.81 billion in revenue for the first quarter, up 19 percent year over year on a pro forma basis. The company is experiencing record orders and exceptionally strong demand across its datacenter and communications businesses, driven by AI data center expansion and optical networking adoption. Management is aggressively ramping indium phosphide laser production capacity at two sites and expects to double capacity over the next year, with six-inch production yields exceeding three-inch lines.
Guidance Management expects second quarter revenue between $1.56 billion and $1.7 billion, with datacom growing 10 percent sequentially from supply improvement. Gross margin is projected between 38 and 40 percent, and EPS between $1.10 and $1.30 per share.
Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.
Insider Buying and Selling at Coherent Corp.
Several insiders have sold shares recently, including Chief Technology Officer Julie Sheridan Eng, who sold 13,077 shares on September 1, 2026, valued at about $3.58 million. Other notable sales include Director Lisa Neal-Graves, who sold 2,200 shares on September 2, 2026, for approximately $590,524.
Analysts Set New Price Targets
On October 27, 2026, Needham maintained a buy rating on Coherent Corp. with a price target of $380. Other analysts have also provided mixed ratings, with B. Riley Securities maintaining a neutral rating and a target of $297, while StoneX initiated coverage with a buy rating and a target of $425.
About Coherent Corp.
Coherent Corp. develops and manufactures lasers and other optical devices used in various industries, including telecommunications and medical technology. This recent increase in stake by the State of Michigan Retirement System reflects confidence in the company's growth potential.
Bottom Line
Investors should keep an eye on Coherent Corp.'s upcoming earnings report on November 4, 2026, and watch for any further changes in institutional holdings following the recent adjustments. The stock's performance in the coming weeks will be crucial, especially given its current trading position relative to analyst price targets.
Related Filing Alerts
Source: State of Michigan Retirement System's 13F filing on $COHR (Oct 27, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts