Citigroup Inc. grew its holdings in shares of IPG Photonics Corporation (NASDAQ:IPGP) by 33.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,036 shares of the semiconductor company’s stock after buying an additional 513 shares during the period. Citigroup Inc.’s holdings in IPG Photonics Corporation were worth $296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also made changes to their positions in IPGP. BlackRock Inc. lifted its holdings in IPG Photonics Corporation by 15,820.1% during the 1st quarter. BlackRock Inc. now owns 2,957,324 shares of the semiconductor company’s stock worth $356,949,000 after buying an additional 2,938,748 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in IPG Photonics Corporation by 50,089.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 326,735 shares of the semiconductor company’s stock worth $47,409,000 after buying an additional 326,084 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in IPG Photonics Corporation by 25.6% during the 1st quarter. Clearbridge Investments LLC now owns 934,882 shares of the semiconductor company’s stock worth $112,840,000 after buying an additional 190,514 shares during the last quarter. Prudential Financial Inc. lifted its holdings in IPG Photonics Corporation by 95.2% during the 2nd quarter. Prudential Financial Inc. now owns 281,397 shares of the semiconductor company’s stock worth $40,831,000 after buying an additional 137,210 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in IPG Photonics Corporation by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 2,808,184 shares of the semiconductor company’s stock worth $338,949,000 after buying an additional 127,317 shares during the last quarter. 59.08% of the stock is owned by institutional investors.
In other IPG Photonics Corporation news, Director William S. Hurley sold 8,167 shares of the firm’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $165.42, for a total value of $1,350,985.14. Following the transaction, the director now owns 12,672 shares of the company’s stock, valued at $2,096,202.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Alexander Ovtchinnikov sold 12,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $160.30, for a total transaction of $1,923,600.00. Following the completion of the transaction, the senior vice president now directly owns 83,595 shares in the company, valued at approximately $13,400,278.50. The disclosure for this sale can be found here. Insiders sold 53,517 shares of company stock worth $8,759,381 in the last three months. 33.80% of the stock is currently owned by corporate insiders.
Shares of IPG Photonics Corporation (IPGP) opened at 200.98 on Wednesday. The stock has a market capitalization of $10.82 billion, a P/E ratio of 33.65 and a beta of 1.68. The stock has a 50 day moving average price of $182.69 and a 200 day moving average price of $152.80. IPG Photonics Corporation has a 12-month low of $81.90 and a 12-month high of $201.22.
IPG Photonics Corporation (NASDAQ:IPGP) last posted its quarterly earnings results on Tuesday, August 1st. The semiconductor company reported $1.91 EPS for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.28. IPG Photonics Corporation had a return on equity of 19.75% and a net margin of 26.84%. The business had revenue of $369.37 million during the quarter, compared to the consensus estimate of $333.06 million. During the same period last year, the firm earned $1.25 earnings per share. The company’s revenue for the quarter was up 46.1% compared to the same quarter last year. On average, equities analysts anticipate that IPG Photonics Corporation will post $6.64 earnings per share for the current fiscal year.
A number of analysts have issued reports on IPGP shares. Needham & Company LLC lifted their price target on IPG Photonics Corporation from $146.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday, June 20th. Stifel Nicolaus boosted their target price on IPG Photonics Corporation from $135.00 to $145.00 and gave the company a “hold” rating in a report on Friday, June 30th. Canaccord Genuity downgraded IPG Photonics Corporation from a “buy” rating to a “hold” rating and set a $152.00 target price for the company. in a report on Tuesday, July 18th. Benchmark Co. reissued a “buy” rating and issued a $180.00 target price on shares of IPG Photonics Corporation in a report on Wednesday, August 2nd. Finally, ValuEngine raised IPG Photonics Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, September 6th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $158.75.
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IPG Photonics Corporation Profile
IPG Photonics Corporation is a developer and manufacturer of a line of fiber lasers, fiber amplifiers, diode lasers, laser systems and optical accessories that are used for various applications. The Company offers a line of lasers and amplifiers, which are used in materials processing, communications and medical applications.
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