Concord Wealth Partners Buys New Stake in IPG Photonics Co. (NASDAQ:IPGP)

Posted by Defense World Staff on Apr 15th, 2023

Concord Wealth Partners purchased a new position in shares of IPG Photonics Co. (NASDAQ:IPGP – Get Rating) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 280 shares of the semiconductor company’s stock, valued at approximately $27,000.

A number of other institutional investors also recently made changes to their positions in the stock. Federated Hermes Inc. purchased a new stake in IPG Photonics during the 1st quarter worth about $30,069,000. Invesco Ltd. lifted its stake in shares of IPG Photonics by 18.9% during the first quarter. Invesco Ltd. now owns 1,701,795 shares of the semiconductor company’s stock valued at $186,788,000 after buying an additional 270,190 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its position in IPG Photonics by 83.6% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 578,300 shares of the semiconductor company’s stock worth $63,474,000 after acquiring an additional 263,356 shares during the last quarter. Renaissance Technologies LLC grew its stake in IPG Photonics by 137.3% in the 1st quarter. Renaissance Technologies LLC now owns 385,300 shares of the semiconductor company’s stock worth $42,291,000 after acquiring an additional 222,900 shares during the period. Finally, Exchange Traded Concepts LLC acquired a new position in IPG Photonics in the 4th quarter valued at $20,216,000. 63.50% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at IPG Photonics

In related news, major shareholder Valentin Gapontsev Trust I sold 16,500 shares of the firm’s 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 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 document filed with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 33,000 shares of company stock valued at $3,925,103. Corporate insiders own 33.50% of the company’s stock.

IPG Photonics Trading Up 0.1 %

Shares of NASDAQ IPGP opened at $116.09 on Friday. The stock has a fifty day moving average price of $119.96 and a 200 day moving average price of $103.21. The company has a market cap of $5.49 billion, a P/E ratio of 58.93, a P/E/G ratio of 5.28 and a beta of 1.22. IPG Photonics Co. has a 12-month low of $79.88 and a 12-month high of $134.81.

IPG Photonics (NASDAQ:IPGP – Get Rating) last announced its earnings results on Tuesday, February 14th. The semiconductor company reported ($1.91) EPS for the quarter, missing the consensus estimate of $0.91 by ($2.82). The company had revenue of $333.54 million for the quarter, compared to analysts’ expectations of $315.51 million. IPG Photonics had a net margin of 7.69% and a return on equity of 4.82%. On average, sell-side analysts forecast that IPG Photonics Co. will post 4.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on IPGP. StockNews.com began coverage on IPG Photonics in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Sanford C. Bernstein raised 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. Citigroup upped their price target 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. Benchmark increased their target price on IPG Photonics from $130.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, February 15th. Finally, Stifel Nicolaus boosted their price target on IPG Photonics from $110.00 to $145.00 in a research report on Wednesday, February 15th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $137.80.

IPG Photonics Company 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.