IPG Photonics (NASDAQ:IPGP – Get Free Report) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.85-1.15 for the period, compared to the consensus earnings per share estimate of $1.32. The company issued revenue guidance of $300-330 million, compared to the consensus revenue estimate of $361.81 million.
Analyst Ratings Changes
Several research firms have recently weighed in on IPGP. Benchmark decreased their price objective on IPG Photonics from $140.00 to $134.00 in a report on Wednesday, May 3rd. Raymond James upgraded IPG Photonics from a market perform rating to an outperform rating and set a $170.00 price target for the company in a research note on Wednesday, June 14th. Citigroup cut their price target on IPG Photonics from $160.00 to $152.00 in a research note on Tuesday, May 9th. Finally, StockNews.com cut IPG Photonics from a buy rating to a hold rating in a research note on Wednesday, July 19th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $140.83.
IPG Photonics Price Performance
NASDAQ IPGP opened at $131.45 on Tuesday. The firm has a market capitalization of $6.22 billion, a P/E ratio of 68.46, a P/E/G ratio of 2.90 and a beta of 1.26. IPG Photonics has a 1-year low of $79.88 and a 1-year high of $141.85. The business’s 50-day simple moving average is $126.32 and its 200-day simple moving average is $120.03.
IPG Photonics announced that its Board of Directors has approved a stock repurchase plan on Tuesday, May 2nd that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 3.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
Insider Activity at IPG Photonics
In other IPG Photonics news, major shareholder Valentin Gapontsev Trust I sold 8,250 shares of IPG Photonics stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $116.03, for a total transaction of $957,247.50. Following the sale, the insider now directly owns 7,345,099 shares in the company, valued at approximately $852,251,836.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Valentin Gapontsev Trust I sold 8,250 shares of the business’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $116.03, for a total transaction of $957,247.50. Following the completion of the transaction, the insider now owns 7,345,099 shares in the company, valued at approximately $852,251,836.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeanmarie F. Desmond sold 1,180 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $109.70, for a total value of $129,446.00. Following the transaction, the director now owns 5,304 shares of the company’s stock, valued at approximately $581,848.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,756 shares of company stock worth $6,247,862. 33.50% of the stock is currently owned by company insiders.
Institutional Trading of IPG Photonics
A number of hedge funds and other institutional investors have recently modified their holdings of the company. LPL Financial LLC bought a new stake in shares of IPG Photonics in the 2nd quarter worth $255,000. ProShare Advisors LLC purchased a new stake in shares of IPG Photonics during the first quarter valued at $236,000. Toroso Investments LLC purchased a new stake in shares of IPG Photonics during the first quarter valued at $573,000. JPMorgan Chase & Co. lifted its stake in IPG Photonics by 36.2% in the 1st quarter. JPMorgan Chase & Co. now owns 82,121 shares of the semiconductor company’s stock worth $10,127,000 after acquiring an additional 21,848 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its stake in IPG Photonics by 969.8% in the 1st quarter. Rockefeller Capital Management L.P. now owns 138,956 shares of the semiconductor company’s stock worth $17,134,000 after acquiring an additional 125,967 shares in the last quarter. Institutional investors own 59.58% of the company’s stock.
About IPG Photonics
IPG Photonics Corporation develops, manufactures, and sells various high-performance fiber lasers, fiber amplifiers, and diode lasers used in various applications primarily in materials processing worldwide. The company's laser products include hybrid fiber-solid state lasers with green and ultraviolet wavelengths; fiber pigtailed packaged diodes and fiber coupled direct diode laser systems; high-energy pulsed lasers, multi-wavelength and tunable lasers, and single-polarization and single-frequency lasers; and high-power optical fiber delivery cables, fiber couplers, beam switches, chillers, scanners, and other accessories.
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