Black Creek Investment Management Inc. lessened its position in shares of IPG Photonics Co. (NASDAQ:IPGP – Free Report) by 12.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 132,000 shares of the semiconductor company’s stock after selling 18,400 shares during the quarter. IPG Photonics makes up about 0.6% of Black Creek Investment Management Inc.’s investment portfolio, making the stock its 19th largest position. Black Creek Investment Management Inc. owned 0.28% of IPG Photonics worth $17,928,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Assenagon Asset Management S.A. acquired a new stake in IPG Photonics in the 2nd quarter valued at $4,210,000. Brandywine Global Investment Management LLC raised its position in IPG Photonics by 1.9% in the 1st quarter. Brandywine Global Investment Management LLC now owns 30,611 shares of the semiconductor company’s stock valued at $3,775,000 after purchasing an additional 575 shares during the last quarter. Dark Forest Capital Management LP bought a new position in IPG Photonics in the 1st quarter valued at $192,000. Brown Capital Management LLC raised its position in IPG Photonics by 40.1% in the 1st quarter. Brown Capital Management LLC now owns 3,111 shares of the semiconductor company’s stock valued at $384,000 after purchasing an additional 890 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its position in shares of IPG Photonics by 6.6% during the second quarter. State of New Jersey Common Pension Fund D now owns 21,688 shares of the semiconductor company’s stock worth $2,946,000 after acquiring an additional 1,348 shares during the last quarter. Institutional investors and hedge funds own 59.07% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on IPGP shares. StockNews.com started coverage on IPG Photonics in a research report on Thursday, October 5th. They set a “hold” rating for the company. Raymond James raised IPG Photonics from an “outperform” rating to a “strong-buy” rating and set a $170.00 price objective for the company in a research note on Wednesday, August 2nd. Benchmark reaffirmed a “buy” rating and set a $134.00 price objective on shares of IPG Photonics in a research note on Monday, August 14th. Citigroup cut 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. Finally, Stifel Nicolaus decreased their price objective on IPG Photonics from $145.00 to $120.00 and set a “buy” rating for the company in a research note on Monday, October 30th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, IPG Photonics currently has an average rating of “Moderate Buy” and an average price target of $125.33.
In related news, major shareholder Valentin Gapontsev Trust I sold 8,250 shares of the business’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $101.88, for a total transaction of $840,510.00. Following the transaction, the insider now directly owns 7,279,099 shares in the company, valued at $741,594,606.12. The sale was disclosed in a filing with the SEC, which is available through this link. In other IPG Photonics news, Director Eric Meurice sold 785 shares of IPG Photonics stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $90.00, for a total transaction of $70,650.00. Following the completion of the transaction, the director now directly owns 15,706 shares of the company’s stock, valued at $1,413,540. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Valentin Gapontsev Trust I sold 8,250 shares of IPG Photonics stock in a transaction on Friday, September 8th. The stock was sold at an average price of $101.88, for a total transaction of $840,510.00. Following the transaction, the insider now directly owns 7,279,099 shares of the company’s stock, valued at $741,594,606.12. The disclosure for this sale can be found here. Insiders have sold 51,070 shares of company stock worth $4,964,905 over the last ninety days. Insiders own 33.50% of the company’s stock.
IPG Photonics Trading Up 1.7 %
Shares of NASDAQ IPGP traded up $1.64 during mid-day trading on Wednesday, reaching $96.90. 10,997 shares of the company’s stock were exchanged, compared to its average volume of 246,732. The firm has a market capitalization of $4.55 billion, a price-to-earnings ratio of 52.34, a PEG ratio of 4.20 and a beta of 1.31. IPG Photonics Co. has a twelve month low of $83.00 and a twelve month high of $141.85. The business has a fifty day simple moving average of $95.39 and a 200 day simple moving average of $110.38.
IPG Photonics (NASDAQ:IPGP – Get Free Report) last posted its quarterly earnings data on Tuesday, October 31st. The semiconductor company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.15. IPG Photonics had a net margin of 6.40% and a return on equity of 3.56%. The company had revenue of $301.40 million for the quarter, compared to the consensus estimate of $316.13 million. During the same period last year, the company earned $1.47 earnings per share. The firm’s revenue was down 13.6% compared to the same quarter last year. Equities research analysts predict that IPG Photonics Co. will post 4.69 earnings per share for the current fiscal year.
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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