IPG Photonics Co. (NASDAQ:IPGP) Shares Sold by Treasurer of the State of North Carolina

Treasurer of the State of North Carolina decreased its holdings in shares of IPG Photonics Co. (NASDAQ:IPGP – Get Rating) by 1.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 14,150 shares of the semiconductor company’s stock after selling 250 shares during the quarter. Treasurer of the State of North Carolina’s holdings in IPG Photonics were worth $1,340,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of IPGP. JPMorgan Chase & Co. lifted its position in shares of IPG Photonics by 77.4% during the first quarter. JPMorgan Chase & Co. now owns 51,443 shares of the semiconductor company’s stock worth $5,645,000 after purchasing an additional 22,446 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in IPG Photonics by 21.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,364 shares of the semiconductor company’s stock valued at $370,000 after acquiring an additional 592 shares during the period. MetLife Investment Management LLC lifted its holdings in IPG Photonics by 24.7% in the first quarter. MetLife Investment Management LLC now owns 9,842 shares of the semiconductor company’s stock valued at $1,080,000 after acquiring an additional 1,951 shares during the period. Panagora Asset Management Inc. raised its stake in shares of IPG Photonics by 309.6% during the 1st quarter. Panagora Asset Management Inc. now owns 8,876 shares of the semiconductor company’s stock worth $974,000 after buying an additional 6,709 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of IPG Photonics by 6.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,779 shares of the semiconductor company’s stock worth $525,000 after buying an additional 296 shares during the last quarter. Hedge funds and other institutional investors own 63.50% of the company’s stock.

Insider Activity at IPG Photonics

In related news, major shareholder Valentin Gapontsev Trust I sold 8,250 shares of the business’s stock in a transaction that occurred on Friday, March 24th. The stock was sold at an average price of $115.60, for a total transaction of $953,700.00. Following the sale, the insider now owns 7,369,849 shares of the company’s stock, valued at $851,954,544.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 49,500 shares of company stock worth $5,823,923 over the last ninety days. 37.10% of the stock is currently owned by corporate insiders.

IPG Photonics Trading Down 0.9 %

IPGP stock opened at $112.31 on Friday. The firm has a market cap of $5.31 billion, a P/E ratio of 58.49, a P/E/G ratio of 2.57 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. The stock’s 50 day simple moving average is $115.88 and its 200 day simple moving average is $108.18.

IPG Photonics (NASDAQ:IPGP – Get Rating) last issued its quarterly earnings data on Tuesday, May 2nd. The semiconductor company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.26. The firm had revenue of $347.17 million during the quarter, compared to the consensus estimate of $330.60 million. IPG Photonics had a return on equity of 4.62% and a net margin of 7.14%. The firm’s revenue was down 6.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.31 EPS. On average, research analysts forecast that IPG Photonics Co. will post 5.06 EPS for the current fiscal year.

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 shares. This buyback authorization authorizes the semiconductor company to repurchase up to 3.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Sanford C. Bernstein lifted their price objective on 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 decreased their target price on IPG Photonics from $160.00 to $152.00 in a report on Tuesday, May 9th. StockNews.com upgraded IPG Photonics from a “hold” rating to a “buy” rating in a report on Thursday, May 11th. Benchmark reduced their price target on IPG Photonics from $140.00 to $134.00 in a research report on Wednesday, May 3rd. Finally, Stifel Nicolaus upped their target price on IPG Photonics from $110.00 to $145.00 in a research report on Wednesday, February 15th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $135.00.

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.