B. Riley Wealth Advisors Inc. acquired a new stake in shares of IPG Photonics Co. (NASDAQ:IPGP – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,521 shares of the semiconductor company’s stock, valued at approximately $207,000.
A number of other institutional investors have also recently made changes to their positions in IPGP. Norges Bank purchased a new position in shares of IPG Photonics during the fourth quarter valued at about $35,901,000. Federated Hermes Inc. bought a new position in shares of IPG Photonics in the 1st quarter valued at about $30,069,000. Invesco Ltd. lifted its holdings in shares of IPG Photonics by 18.9% in the 1st quarter. Invesco Ltd. now owns 1,701,795 shares of the semiconductor company’s stock valued at $186,788,000 after acquiring an additional 270,190 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of IPG Photonics by 83.6% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 578,300 shares of the semiconductor company’s stock valued at $63,474,000 after acquiring an additional 263,356 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of IPG Photonics by 137.3% in the 1st quarter. Renaissance Technologies LLC now owns 385,300 shares of the semiconductor company’s stock valued at $42,291,000 after acquiring an additional 222,900 shares during the last quarter. Hedge funds and other institutional investors own 59.07% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on IPGP shares. StockNews.com started coverage on shares of IPG Photonics in a report on Thursday, October 5th. They issued a “hold” rating for the company. Raymond James raised shares of IPG Photonics from an “outperform” rating to a “strong-buy” rating and set a $170.00 price target for the company in a report on Wednesday, August 2nd. Benchmark reissued a “buy” rating and issued a $134.00 price objective on shares of IPG Photonics in a research note on Monday, August 14th. Bank of America decreased their price objective on shares of IPG Photonics from $107.00 to $93.00 in a research note on Wednesday, October 11th. Finally, Citigroup downgraded shares of IPG Photonics from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $152.00 to $111.00 in a research note on Friday, August 18th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $128.14.
Insider Transactions at IPG Photonics
In other news, major shareholder Valentin Gapontsev Trust I sold 8,250 shares of IPG Photonics stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $102.62, for a total transaction of $846,615.00. Following the completion of the sale, the insider now directly owns 7,287,349 shares in the company, valued at $747,827,754.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Valentin Gapontsev Trust I sold 8,250 shares of IPG Photonics stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $102.62, for a total transaction of $846,615.00. Following the completion of the sale, the insider now directly owns 7,287,349 shares in the company, valued at $747,827,754.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Eric Meurice sold 785 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $131.66, for a total transaction of $103,353.10. Following the transaction, the director now owns 15,706 shares of the company’s stock, valued at $2,067,851.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,570 shares of company stock worth $3,484,146. Company insiders own 33.50% of the company’s stock.
IPG Photonics Trading Up 1.2 %
NASDAQ IPGP opened at $92.12 on Wednesday. The firm’s fifty day simple moving average is $99.65 and its two-hundred day simple moving average is $113.03. IPG Photonics Co. has a 12-month low of $79.88 and a 12-month high of $141.85. The firm has a market capitalization of $4.36 billion, a P/E ratio of 43.25, a P/E/G ratio of 2.80 and a beta of 1.30.
IPG Photonics (NASDAQ:IPGP – Get Free Report) last released its quarterly earnings results on Tuesday, August 1st. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.07. IPG Photonics had a net margin of 7.73% and a return on equity of 4.36%. The business had revenue of $339.97 million for the quarter, compared to analyst estimates of $346.78 million. During the same period in the previous year, the company earned $1.38 earnings per share. The business’s revenue for the quarter was down 9.8% on a year-over-year basis. As a group, sell-side analysts predict that IPG Photonics Co. will post 4.72 earnings per share for the current fiscal year.
IPG Photonics Profile
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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