IPG Photonics Corp. (NASDAQ:IPGP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “IPG PHOTONICS is the world leader in high-power fiber lasers and amplifiers. IPG pioneered the development and commercialization of optical fiber-based lasers for use in a wide range of applications such as materials processing, advanced applications, telecommunications and medical applications. Fiber lasers have revolutionized the industry by delivering superior performance, reliability and usability at a lower total cost of ownership compared with conventional lasers, allowing end users to increase productivity and decrease operating costs. IPG has its headquarters in Oxford, Massachusetts, and has additional plants and offices throughout the world. “
Other research analysts have also issued reports about the company. Summit Redstone reaffirmed a “buy” rating on shares of IPG Photonics Corp. in a report on Thursday, July 28th. Canaccord Genuity reaffirmed a “buy” rating and issued a $90.00 price objective on shares of IPG Photonics Corp. in a report on Friday, July 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $96.00 price objective (down from $98.00) on shares of IPG Photonics Corp. in a report on Monday, August 1st. Finally, Credit Agricole SA reaffirmed an “outperform” rating and issued a $92.00 price objective on shares of IPG Photonics Corp. in a report on Tuesday, September 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. IPG Photonics Corp. currently has an average rating of “Hold” and a consensus target price of $94.83.
Shares of IPG Photonics Corp. (NASDAQ:IPGP) opened at 83.03 on Wednesday. The stock has a 50 day moving average price of $84.51 and a 200-day moving average price of $86.57. The firm has a market capitalization of $4.41 billion, a price-to-earnings ratio of 18.53 and a beta of 2.28. IPG Photonics Corp. has a 52 week low of $70.21 and a 52 week high of $102.90.
IPG Photonics Corp. (NASDAQ:IPGP) last issued its quarterly earnings data on Thursday, July 28th. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.06. IPG Photonics Corp. had a return on equity of 18.29% and a net margin of 25.87%. The firm had revenue of $252.80 million for the quarter, compared to analyst estimates of $243.79 million. During the same period in the prior year, the firm posted $1.15 EPS. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, equities research analysts forecast that IPG Photonics Corp. will post $4.62 earnings per share for the current year.
In related news, major shareholder Valentin Gapontsev Trust I sold 22,000 shares of the company’s stock in a transaction on Thursday, June 30th. The stock was sold at an average price of $80.07, for a total transaction of $1,761,540.00. Following the completion of the sale, the insider now directly owns 7,621,999 shares in the company, valued at approximately $610,293,459.93. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Catherine P. Lego acquired 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were acquired at an average price of $83.12 per share, with a total value of $249,360.00. Following the completion of the transaction, the director now owns 3,012 shares in the company, valued at $250,357.44. The disclosure for this purchase can be found here. Corporate insiders own 34.20% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Advisor Group Inc. acquired a new stake in shares of IPG Photonics Corp. during the second quarter valued at $103,000. LS Investment Advisors LLC increased its position in IPG Photonics Corp. by 71.1% in the second quarter. LS Investment Advisors LLC now owns 2,212 shares of the company’s stock valued at $177,000 after buying an additional 919 shares in the last quarter. PNC Financial Services Group Inc. increased its position in IPG Photonics Corp. by 2.4% in the second quarter. PNC Financial Services Group Inc. now owns 2,407 shares of the company’s stock valued at $193,000 after buying an additional 57 shares in the last quarter. Jane Street Group LLC purchased a new position in IPG Photonics Corp. during the second quarter valued at approximately $201,000. Finally, Gardiner Nancy B purchased a new position in IPG Photonics Corp. during the first quarter valued at approximately $230,000. Institutional investors and hedge funds own 59.47% of the company’s stock.
IPG Photonics Corp. Company Profile
IPG Photonics Corporation is engaged in the design, development, production and distribution of fiber lasers, laser systems, fiber amplifiers and related optical components. The Company offers a line of lasers and amplifiers, which are used in materials processing, advanced communications and medical applications.
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