Coherent Insiders Sold US$1.5m Of Shares Suggesting Hesitancy
Coherent Insiders Sold US$1.5m Of Shares Suggesting Hesitancy
The fact that multiple Coherent Corp. (NYSE:COHR) insiders offloaded a considerable amount of shares over the past year could have raised some eyebrows amongst investors. When analyzing insider transactions, it is usually more valuable to know whether insiders are buying versus knowing if they are selling, as the latter sends an ambiguous message. However, when multiple insiders sell stock over a specific duration, shareholders should take notice as that could possibly be a red flag.
過去一年來，Coherent Corp.（紐交所：COHR）的多名內部人士出售了大量股份，這可能引發了投資者的關注。當分析內部人士交易時，通常更有價值的是知道內部人士是買入還是賣出，因爲後者發送的信息不明確。但是，當多名內部人士在特定期間出售股票時，股東應該注意到，因爲這可能是一個紅色信號。
Although we don't think shareholders should simply follow insider transactions, we do think it is perfectly logical to keep tabs on what insiders are doing.
雖然我們不認爲股東應該簡單地跟隨內部交易，但我們認爲監控內部人士的行動是很合理的。
Coherent Insider Transactions Over The Last Year
過去一年來的 Coherent 內部人員交易
Over the last year, we can see that the biggest insider sale was by the Independent Director, Michael Dreyer, for US$949k worth of shares, at about US$66.61 per share. That means that an insider was selling shares at slightly below the current price (US$72.74). As a general rule we consider it to be discouraging when insiders are selling below the current price, because it suggests they were happy with a lower valuation. While insider selling is not a positive sign, we can't be sure if it does mean insiders think the shares are fully valued, so it's only a weak sign. It is worth noting that this sale was 54% of Michael Dreyer's holding.
在過去的一年中，我們可以看到獨立董事邁克爾·德雷爾（Michael Dreyer）最大的內部人士出售了價值爲949,000美元的股票，每股價格約爲66.61美元。這意味着內部人士以略低於當前價格（72.74美元）的價格出售股票。作爲一個通則，當內部人員以低於當前價格出售股票時，我們認爲這是令人沮喪的，因爲它表明他們對較低的估值感到滿意。儘管內部人士的賣出不是一個積極的跡象，但我們不能確定它是否意味着內部人士認爲股票已經完全價值，所以這只是一個微弱的跡象。值得注意的是，這次出售佔邁克爾·德雷爾持有股份的54％。
Coherent insiders didn't buy any shares over the last year. You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. If you want to know exactly who sold, for how much, and when, simply click on the graph below!
過去一年中，Coherent 內部人員沒有購買任何股票。您可以在下面看到過去12個月內公司和個人的內部人員交易的視覺描繪。如果您想確切了解誰以多少的價格何時出售了股票，只需單擊下面的圖表即可！
If you are like me, then you will not want to miss this free list of small cap stocks that are not only being bought by insiders but also have attractive valuations.
如果您和我一樣，您就不會錯過這個免費的小盤股票列表，這些股票不僅被內部人士購買，而且估值也很有吸引力。
Insiders At Coherent Have Sold Stock Recently
Coherent 內部人員最近出售了股票
The last three months saw significant insider selling at Coherent. In total, insiders dumped US$1.4m worth of shares in that time, and we didn't record any purchases whatsoever. In light of this it's hard to argue that all the insiders think that the shares are a bargain.
過去三個月內，Coherent 內部人員大量出售股票。在這段時間內，內部人員總共拋售了價值1.4百萬美元的股票，而我們沒有記錄到任何購買。鑑於此，很難認爲所有內部人員都認爲該股票是便宜貨。
Insider Ownership Of Coherent
Coherent 內部所有權
Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. A high insider ownership often makes company leadership more mindful of shareholder interests. It's great to see that Coherent insiders own 1.2% of the company, worth about US$128m. This kind of significant ownership by insiders does generally increase the chance that the company is run in the interest of all shareholders.
測試公司領導和其他股東之間的一致性的另一種方法是查看他們擁有多少股份。高內部所有權通常使公司領導更加關注股東利益。很高興看到 Coherent 內部人員擁有該公司的1.2％股份，價值約爲1.28億美元。這種重要的內部所有權通常會增加該公司以所有股東的利益運行的可能性。
What Might The Insider Transactions At Coherent Tell Us?
Coherent內部交易可能會告訴我們什麼
Insiders sold stock recently, but they haven't been buying. And even if we look at the last year, we didn't see any purchases. It is good to see high insider ownership, but the insider selling leaves us cautious. So while it's helpful to know what insiders are doing in terms of buying or selling, it's also helpful to know the risks that a particular company is facing. For instance, we've identified 3 warning signs for Coherent (1 doesn't sit too well with us) you should be aware of.
內部人員最近出售了股票，但他們並沒有購買。即使我們看過去一年，也沒有看到任何購買。看到高內部所有權是好事，但內部人員的賣出讓我們保持謹慎。因此，雖然了解內部人員買入或賣出的情況很有幫助，但也了解特定公司面臨的風險也很有幫助。例如，我們已經確定了Coherent的三個警告信號（其中有一個信號不太適合我們），您應該注意。
Of course Coherent may not be the best stock to buy. So you may wish to see this free collection of high quality companies.
當然，Coherent可能不是最好的股票買入對象，因此您可能希望查看這些高質量公司的免費收藏。
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests.
對於本文而言，內部人是指向相關監管機構報告其交易的個人。我們目前僅考慮公開市場交易和直接利益的私人處置，但不包括衍生交易或間接利益。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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譯文內容由第三人軟體翻譯。