Texas Permanent School Fund lowered its stake in IPG Photonics Co. (NASDAQ:IPGP – Get Rating) by 9.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,615 shares of the semiconductor company’s stock after selling 2,219 shares during the period. Texas Permanent School Fund’s holdings in IPG Photonics were worth $2,046,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also made changes to their positions in the company. Inspire Investing LLC lifted its holdings in IPG Photonics by 8.6% during the 3rd quarter. Inspire Investing LLC now owns 2,438 shares of the semiconductor company’s stock worth $206,000 after buying an additional 193 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in IPG Photonics by 16.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,571 shares of the semiconductor company’s stock valued at $622,000 after purchasing an additional 916 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in IPG Photonics by 96.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 173,948 shares of the semiconductor company’s stock valued at $16,468,000 after purchasing an additional 85,515 shares during the last quarter. Greatmark Investment Partners Inc. raised its holdings in IPG Photonics by 207.2% during the third quarter. Greatmark Investment Partners Inc. now owns 12,058 shares of the semiconductor company’s stock worth $1,017,000 after purchasing an additional 8,133 shares in the last quarter. Finally, Maryland State Retirement & Pension System purchased a new stake in shares of IPG Photonics during the 4th quarter worth approximately $256,000. Hedge funds and other institutional investors own 63.50% of the company’s stock.
Analysts Set New Price Targets
IPGP has been the topic of several research analyst reports. StockNews.com upgraded shares of IPG Photonics from a “hold” rating to a “buy” rating in a research note on Thursday. Citigroup dropped their price target on IPG Photonics from $160.00 to $152.00 in a research note on Tuesday. Sanford C. Bernstein boosted their price objective on IPG Photonics from $100.00 to $124.00 and gave the company a “market perform” rating in a research note on Thursday, February 16th. Stifel Nicolaus raised their target price on shares of IPG Photonics from $110.00 to $145.00 in a research report on Wednesday, February 15th. Finally, Benchmark reduced their price target on shares of IPG Photonics from $140.00 to $134.00 in a research report on Wednesday, May 3rd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $135.00.
IPG Photonics Price Performance
IPG Photonics stock opened at $110.68 on Friday. The business has a 50 day simple moving average of $117.07 and a 200-day simple moving average of $106.95. IPG Photonics Co. has a 12 month low of $79.88 and a 12 month high of $134.81. The stock has a market capitalization of $5.24 billion, a PE ratio of 57.65, a price-to-earnings-growth ratio of 2.64 and a beta of 1.22.
IPG Photonics (NASDAQ:IPGP – Get Rating) last issued its earnings results on Tuesday, May 2nd. The semiconductor company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.26. IPG Photonics had a net margin of 7.14% and a return on equity of 4.62%. The business had revenue of $347.17 million for the quarter, compared to the consensus estimate of $330.60 million. During the same quarter in the previous year, the firm earned $1.31 earnings per share. The business’s quarterly revenue was down 6.2% compared to the same quarter last year. As a group, equities research analysts anticipate that IPG Photonics Co. will post 5.06 EPS for the current year.
IPG Photonics announced that its Board of Directors has approved a stock buyback program on Tuesday, May 2nd that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 3.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Insiders Place Their Bets
In other news, major shareholder Valentin Gapontsev Trust I sold 16,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 8th. The stock was sold at an average price of $122.20, for a total value of $2,016,300.00. Following the completion of the sale, the insider now directly owns 7,378,099 shares of the company’s stock, valued at approximately $901,603,697.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 49,500 shares of company stock worth $5,823,923. Company insiders own 33.50% of the company’s stock.
About IPG Photonics
IPG Photonics Corp. engages in the design, development, production and distribution of fiber lasers, laser systems, fiber amplifiers, and related optical components. Its products include lasers, beam delivery, medical, telecom equipment, product finder and components such as pump diodes, chillers, and mid-IR crystals.
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