Citigroup Inc. boosted its stake in shares of IPG Photonics Corporation (NASDAQ:IPGP) by 33.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,036 shares of the semiconductor company’s stock after acquiring an additional 513 shares during the quarter. Citigroup Inc.’s holdings in IPG Photonics Corporation were worth $296,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Morgan Stanley raised its stake in shares of IPG Photonics Corporation by 31.8% during the 1st quarter. Morgan Stanley now owns 247,448 shares of the semiconductor company’s stock worth $29,867,000 after buying an additional 59,731 shares in the last quarter. Eagle Asset Management Inc. increased its stake in IPG Photonics Corporation by 5.3% in the 2nd quarter. Eagle Asset Management Inc. now owns 759,708 shares of the semiconductor company’s stock valued at $110,233,000 after purchasing an additional 37,918 shares in the last quarter. Legal & General Group Plc increased its stake in IPG Photonics Corporation by 131.0% in the 1st quarter. Legal & General Group Plc now owns 22,963 shares of the semiconductor company’s stock valued at $2,772,000 after purchasing an additional 13,023 shares in the last quarter. Virginia Retirement Systems ET AL increased its stake in IPG Photonics Corporation by 81.0% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 7,600 shares of the semiconductor company’s stock valued at $1,103,000 after purchasing an additional 3,400 shares in the last quarter. Finally, HighTower Advisors LLC purchased a new position in IPG Photonics Corporation in the 1st quarter valued at approximately $549,000. 58.92% of the stock is owned by institutional investors.
In related news, Director William S. Hurley sold 8,167 shares of the company’s stock in a transaction on 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 completion of the sale, the director now directly owns 12,672 shares in the company, valued at $2,096,202.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Eugene A. Shcherbakov sold 9,500 shares of the company’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $198.79, for a total transaction of $1,888,505.00. Following the completion of the sale, the senior vice president now owns 16,957 shares of the company’s stock, valued at $3,370,882.03. The disclosure for this sale can be found here. Insiders sold 63,017 shares of company stock valued at $10,647,886 over the last quarter. 33.80% of the stock is currently owned by corporate insiders.
Several research firms recently weighed in on IPGP. Needham & Company LLC reaffirmed a “buy” rating and issued a $182.00 price objective (up from $160.00) on shares of IPG Photonics Corporation in a research note on Tuesday, August 1st. Benchmark Co. reaffirmed a “buy” rating and issued a $180.00 price objective on shares of IPG Photonics Corporation in a research note on Wednesday, August 2nd. Canaccord Genuity raised their price target on IPG Photonics Corporation from $152.00 to $162.00 and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus raised their price target on IPG Photonics Corporation from $135.00 to $145.00 and gave the stock a “hold” rating in a research report on Friday, June 30th. Finally, ValuEngine downgraded IPG Photonics Corporation from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $162.25.
IPG Photonics Corporation (NASDAQ:IPGP) opened at 208.75 on Friday. The company has a 50-day moving average price of $189.03 and a 200-day moving average price of $157.38. The firm has a market cap of $11.24 billion, a PE ratio of 34.95 and a beta of 1.68. IPG Photonics Corporation has a one year low of $89.98 and a one year high of $211.73.
IPG Photonics Corporation (NASDAQ:IPGP) last posted its quarterly earnings results on Tuesday, August 1st. The semiconductor company reported $1.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.28. IPG Photonics Corporation had a net margin of 26.84% and a return on equity of 19.75%. The business had revenue of $369.37 million for the quarter, compared to the consensus estimate of $333.06 million. During the same period in the prior year, the business posted $1.25 earnings per share. IPG Photonics Corporation’s revenue for the quarter was up 46.1% compared to the same quarter last year. Equities analysts predict that IPG Photonics Corporation will post $6.66 earnings per share for the current fiscal year.
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About IPG Photonics Corporation
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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