State Board of Administration of Florida Retirement System cut its position in shares of IPG Photonics Co. (NASDAQ:IPGP) by 1.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,548 shares of the semiconductor company’s stock after selling 531 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.09% of IPG Photonics worth $7,026,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. TRUE Private Wealth Advisors purchased a new stake in shares of IPG Photonics in the second quarter worth approximately $38,000. Manchester Capital Management LLC purchased a new stake in shares of IPG Photonics in the first quarter worth approximately $59,000. Stephens Inc. AR lifted its position in shares of IPG Photonics by 89.4% in the first quarter. Stephens Inc. AR now owns 498 shares of the semiconductor company’s stock worth $76,000 after purchasing an additional 235 shares in the last quarter. Signaturefd LLC lifted its position in shares of IPG Photonics by 322.5% in the second quarter. Signaturefd LLC now owns 507 shares of the semiconductor company’s stock worth $78,000 after purchasing an additional 387 shares in the last quarter. Finally, Penserra Capital Management LLC purchased a new stake in shares of IPG Photonics in the first quarter worth approximately $116,000. 64.58% of the stock is owned by institutional investors.
A number of research firms have recently issued reports on IPGP. Zacks Investment Research raised shares of IPG Photonics from a “sell” rating to a “hold” rating in a research report on Friday, May 3rd. Canaccord Genuity set a $150.00 price target on shares of IPG Photonics and gave the stock a “hold” rating in a research report on Wednesday, July 31st. BidaskClub lowered shares of IPG Photonics from a “hold” rating to a “sell” rating in a research report on Tuesday, August 6th. Raymond James reduced their price target on shares of IPG Photonics from $204.00 to $190.00 and set a “strong-buy” rating for the company in a research report on Wednesday, July 31st. Finally, Susquehanna Bancshares set a $127.00 price objective on shares of IPG Photonics and gave the company a “hold” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $171.67.
IPG Photonics (NASDAQ:IPGP) last announced its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $1.34 EPS for the quarter, missing the consensus estimate of $1.41 by ($0.07). IPG Photonics had a net margin of 22.23% and a return on equity of 13.68%. The company had revenue of $363.80 million for the quarter, compared to analyst estimates of $352.31 million. During the same quarter last year, the business earned $2.21 EPS. The company’s revenue for the quarter was down 12.0% on a year-over-year basis. Equities research analysts forecast that IPG Photonics Co. will post 4.71 EPS for the current year.
In other news, CAO Thomas J. Burgomaster sold 621 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $145.75, for a total value of $90,510.75. Following the sale, the chief accounting officer now owns 7,577 shares in the company, valued at $1,104,347.75. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Igor Samartsev sold 800 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $130.01, for a total transaction of $104,008.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,049 shares of company stock worth $1,957,905. Corporate insiders own 33.90% of the company’s stock.
IPG Photonics Company Profile
IPG Photonics Corporation develops and manufactures a range of high-performance fiber lasers, fiber amplifiers, and diode lasers used in various applications primarily in materials processing worldwide. The company's laser products include low, medium, and high power lasers; 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; laser diode chips and packaged laser diodes; and high power optical fiber delivery cables, fiber couplers, beam switches, chillers, scanners, and other accessories.
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