IPG Photonics Co. (NASDAQ:IPGP) Position Cut by M&G Plc

M&G Plc lowered its position in shares of IPG Photonics Co. (NASDAQ:IPGP) by 5.5% in the 2nd quarter, Holdings Channel reports. The fund owned 165,372 shares of the semiconductor company’s stock after selling 9,674 shares during the period. M&G Plc’s holdings in IPG Photonics were worth $13,891,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of IPGP. Channing Capital Management LLC acquired a new stake in IPG Photonics in the 4th quarter valued at approximately $70,719,000. Norges Bank bought a new stake in shares of IPG Photonics during the fourth quarter valued at about $36,365,000. New York State Common Retirement Fund raised its stake in shares of IPG Photonics by 636.6% during the fourth quarter. New York State Common Retirement Fund now owns 204,502 shares of the semiconductor company’s stock valued at $22,197,000 after purchasing an additional 176,739 shares in the last quarter. Artisan Partners Limited Partnership acquired a new stake in IPG Photonics in the fourth quarter worth about $16,035,000. Finally, Invenomic Capital Management LP grew its position in IPG Photonics by 123.5% in the 4th quarter. Invenomic Capital Management LP now owns 216,978 shares of the semiconductor company’s stock valued at $23,551,000 after buying an additional 119,900 shares in the last quarter. Institutional investors and hedge funds own 93.79% of the company’s stock.

IPG Photonics Price Performance

IPGP opened at $67.30 on Wednesday. The company has a market capitalization of $3.07 billion, a PE ratio of 17.35 and a beta of 1.01. IPG Photonics Co. has a fifty-two week low of $65.03 and a fifty-two week high of $111.11. The business has a 50-day moving average of $82.57 and a 200-day moving average of $86.75.

IPG Photonics (NASDAQ:IPGP) last issued its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.03). The business had revenue of $257.60 million for the quarter, compared to the consensus estimate of $259.31 million. IPG Photonics had a net margin of 12.67% and a return on equity of 5.99%. IPG Photonics’s revenue was down 24.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.31 EPS. On average, equities research analysts expect that IPG Photonics Co. will post 1.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on IPGP. Stifel Nicolaus reduced their price target on shares of IPG Photonics from $115.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Benchmark downgraded IPG Photonics from a “buy” rating to a “hold” rating in a research note on Wednesday, July 31st. Citigroup dropped their price target on shares of IPG Photonics from $74.00 to $68.00 and set a “sell” rating on the stock in a research report on Thursday, May 2nd. Raymond James reduced their price objective on shares of IPG Photonics from $127.00 to $100.00 and set a “strong-buy” rating for the company in a research report on Wednesday, July 31st. Finally, Needham & Company LLC restated a “hold” rating on shares of IPG Photonics in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $93.40.

Insider Transactions at IPG Photonics

In other IPG Photonics news, Director Jeanmarie F. Desmond sold 985 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $85.20, for a total value of $83,922.00. Following the transaction, the director now directly owns 4,319 shares in the company, valued at $367,978.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. 38.00% of the stock is owned by insiders.

IPG Photonics Profile

IPG Photonics Corporation develops, manufactures, and sells various high-performance fiber lasers, fiber amplifiers, and diode lasers used in various applications primarily in materials processing worldwide. Its laser products include hybrid fiber-solid state lasers with green and ultraviolet wavelengths; fiber pigtailed packaged diodes and fiber coupled direct diode laser systems; high-energy pulsed lasers, multi-wavelength and tunable lasers, and single-polarization and single-frequency lasers; and high-power optical fiber delivery cables, fiber couplers, beam switches, chillers, scanners, and other accessories.