Bank of New York Mellon Corp Has $54.52 Million Stock Holdings in IPG Photonics Co. (NASDAQ:IPGP)

Posted by Defense World Staff on Mar 11th, 2023

Bank of New York Mellon Corp cut its holdings in IPG Photonics Co. (NASDAQ:IPGP – Get Rating) by 1.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 646,309 shares of the semiconductor company’s stock after selling 6,458 shares during the quarter. Bank of New York Mellon Corp owned about 1.33% of IPG Photonics worth $54,515,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Wipfli Financial Advisors LLC acquired a new stake in IPG Photonics in the third quarter valued at approximately $36,000. Quadrant Capital Group LLC raised its position in shares of IPG Photonics by 195.1% in the second quarter. Quadrant Capital Group LLC now owns 478 shares of the semiconductor company’s stock valued at $45,000 after purchasing an additional 316 shares during the period. Truvestments Capital LLC bought a new position in shares of IPG Photonics in the second quarter valued at approximately $55,000. CoreCap Advisors LLC bought a new position in shares of IPG Photonics in the second quarter valued at approximately $60,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of IPG Photonics in the first quarter valued at approximately $120,000. 63.50% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other IPG Photonics news, major shareholder Valentin Gapontsev Trust I sold 16,500 shares of IPG Photonics stock in a transaction on Wednesday, March 8th. The shares were sold at an average price of $122.20, for a total transaction of $2,016,300.00. Following the sale, the insider now owns 7,378,099 shares in the company, valued at $901,603,697.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 33.50% of the company’s stock.

IPG Photonics Price Performance

IPGP opened at $118.13 on Friday. IPG Photonics Co. has a fifty-two week low of $79.88 and a fifty-two week high of $134.81. The firm’s fifty day moving average price is $114.91 and its two-hundred day moving average price is $98.46. The company has a market capitalization of $5.63 billion, a P/E ratio of 59.96, a P/E/G ratio of 5.57 and a beta of 1.23.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. DA Davidson reissued a “buy” rating on shares of IPG Photonics in a research report on Tuesday, January 3rd. Benchmark lifted their price target on shares of IPG Photonics from $130.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, February 15th. Citigroup boosted their target price on shares of IPG Photonics from $115.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday, February 16th. Stifel Nicolaus boosted their target price on shares of IPG Photonics from $110.00 to $145.00 in a research report on Wednesday, February 15th. Finally, Sanford C. Bernstein boosted their target price on shares of IPG Photonics from $100.00 to $124.00 and gave the stock a “market perform” rating in a research report on Thursday, February 16th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $137.80.

IPG Photonics Profile

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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.