IPG Photonics Corp. (IPGP) Sees Unusually-High Trading Volume
Shares of IPG Photonics Corp. (NASDAQ:IPGP) saw unusually-high trading volume on Wednesday . Approximately 451,401 shares changed hands during trading, an increase of 39% from the previous session’s volume of 324,328 shares.The stock last traded at $81.63 and had previously closed at $81.30.
IPGP has been the topic of several recent research reports. Benchmark Co. dropped their target price on IPG Photonics Corp. from $98.00 to $93.00 and set a “buy” rating on the stock in a research report on Thursday, April 28th. Canaccord Genuity raised IPG Photonics Corp. from a “hold” rating to a “buy” rating and increased their target price for the company from $85.00 to $90.00 in a research report on Wednesday, June 29th. They noted that the move was a valuation call. Zacks Investment Research raised IPG Photonics Corp. from a “sell” rating to a “hold” rating in a research report on Friday, June 24th. Raymond James Financial Inc. began coverage on IPG Photonics Corp. in a research report on Thursday, April 14th. They set a “market perform” rating on the stock. Finally, FBR & Co began coverage on IPG Photonics Corp. in a research report on Wednesday, May 11th. They issued a “market perform” rating and a $92.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $96.50.
The stock has a 50-day moving average price of $83.18 and a 200 day moving average price of $86.14. The stock has a market capitalization of $4.31 billion and a P/E ratio of 18.57.
IPG Photonics Corp. (NASDAQ:IPGP) last announced its earnings results on Thursday, April 28th. The company reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by $0.06. The business earned $207.20 million during the quarter, compared to the consensus estimate of $209.51 million. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.08 earnings per share. Equities research analysts forecast that IPG Photonics Corp. will post $4.63 earnings per share for the current fiscal year.
In other IPG Photonics Corp. news, SVP Alexander Ovtchinnikov sold 15,416 shares of the business’s stock in a transaction that occurred on Thursday, April 21st. The stock was sold at an average price of $99.03, for a total value of $1,526,646.48. Following the sale, the senior vice president now owns 87,772 shares of the company’s stock, valued at $8,692,061.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Valentin Gapontsev Trust I sold 22,000 shares of the business’s stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $80.07, for a total value of $1,761,540.00. Following the completion of the sale, the insider now directly owns 7,621,999 shares in the company, valued at approximately $610,293,459.93. The disclosure for this sale can be found here.
Other hedge funds recently bought and sold shares of the company. Todd Asset Management LLC raised its stake in IPG Photonics Corp. by 122.7% in the fourth quarter. Todd Asset Management LLC now owns 277,089 shares of the company’s stock worth $24,706,000 after buying an additional 152,657 shares in the last quarter. American Capital Management Inc. raised its stake in IPG Photonics Corp. by 139.9% in the fourth quarter. American Capital Management Inc. now owns 143,915 shares of the company’s stock worth $12,831,000 after buying an additional 83,915 shares in the last quarter. Sei Investments Co. bought a new stake in IPG Photonics Corp. during the fourth quarter worth $4,815,000. Baker Chad R bought a new stake in IPG Photonics Corp. during the fourth quarter worth $4,644,000. Finally, Dimensional Fund Advisors LP raised its stake in IPG Photonics Corp. by 10.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 336,500 shares of the company’s stock worth $30,004,000 after buying an additional 30,906 shares in the last quarter.
IPG Photonics Corporation is a developer and manufacturer of a range of fiber lasers, fiber amplifiers and diode lasers that are used for various applications, primarily in materials processing. The Company offers a line of lasers and amplifiers, which are used in materials processing, advanced, communications and medical applications.
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