Summit Securities Group LLC Takes Position in IPG Photonics Corporation (NASDAQ:IPGP)
Summit Securities Group LLC purchased a new stake in shares of IPG Photonics Corporation (NASDAQ:IPGP) during the second quarter, Holdings Channel reports. The institutional investor purchased 3,647 shares of the semiconductor company’s stock, valued at approximately $529,000.
Several other hedge funds have also recently added to or reduced their stakes in the stock. UBS Asset Management Americas Inc. increased its stake in IPG Photonics Corporation by 12.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 153,965 shares of the semiconductor company’s stock valued at $15,197,000 after buying an additional 17,504 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of IPG Photonics Corporation by 50.8% in the fourth quarter. Macquarie Group Ltd. now owns 4,900 shares of the semiconductor company’s stock valued at $484,000 after buying an additional 1,650 shares during the last quarter. CENTRAL TRUST Co bought a new position in shares of IPG Photonics Corporation during the first quarter valued at $217,000. Capstone Asset Management Co. boosted its position in shares of IPG Photonics Corporation by 3.7% in the first quarter. Capstone Asset Management Co. now owns 3,910 shares of the semiconductor company’s stock valued at $472,000 after buying an additional 140 shares during the last quarter. Finally, Parametrica Management Ltd bought a new position in shares of IPG Photonics Corporation during the first quarter valued at $308,000. 60.23% of the stock is currently owned by hedge funds and other institutional investors.
IPG Photonics Corporation (IPGP) opened at 163.93 on Friday. The stock has a 50 day moving average price of $153.92 and a 200 day moving average price of $132.82. The company has a market cap of $8.82 billion, a PE ratio of 27.45 and a beta of 1.70. IPG Photonics Corporation has a one year low of $80.52 and a one year high of $168.93.
IPG Photonics Corporation (NASDAQ:IPGP) last posted its earnings results on Tuesday, August 1st. The semiconductor company reported $1.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.28. IPG Photonics Corporation had a net margin of 26.84% and a return on equity of 19.75%. The company had revenue of $369.37 million for the quarter, compared to analyst estimates of $333.06 million. During the same quarter in the prior year, the business posted $1.25 EPS. The firm’s revenue was up 46.1% compared to the same quarter last year. On average, equities analysts anticipate that IPG Photonics Corporation will post $6.62 EPS for the current fiscal year.
IPGP has been the subject of several analyst reports. Zacks Investment Research upgraded IPG Photonics Corporation from a “hold” rating to a “buy” rating and set a $152.00 price objective for the company in a report on Thursday, May 4th. Dougherty & Co raised their price objective on IPG Photonics Corporation from $137.00 to $157.00 and gave the company a “buy” rating in a report on Wednesday, May 3rd. Canaccord Genuity cut IPG Photonics Corporation from a “buy” rating to a “hold” rating and set a $152.00 price objective for the company. in a report on Tuesday, July 18th. Needham & Company LLC restated a “buy” rating and issued a $146.00 price objective (up previously from $130.00) on shares of IPG Photonics Corporation in a report on Wednesday, May 3rd. Finally, Benchmark Co. restated a “buy” rating and issued a $180.00 price objective on shares of IPG Photonics Corporation in a report on Wednesday, August 2nd. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $141.00.
In other IPG Photonics Corporation news, Director Thomas J. Seifert sold 2,849 shares of the stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $141.47, for a total value of $403,048.03. Following the completion of the sale, the director now owns 9,180 shares in the company, valued at approximately $1,298,694.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Alexander Ovtchinnikov sold 12,000 shares of the stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $160.30, for a total transaction of $1,923,600.00. Following the completion of the sale, the senior vice president now owns 83,595 shares of the company’s stock, valued at approximately $13,400,278.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,099 shares of company stock valued at $7,914,306. Company insiders own 34.20% of the company’s stock.
IPG Photonics Corporation Company Profile
IPG Photonics Corporation is a developer and manufacturer of a line of fiber lasers, fiber amplifiers, diode lasers, laser systems and optical accessories that are used for various applications. The Company offers a line of lasers and amplifiers, which are used in materials processing, communications and medical applications.
Want to see what other hedge funds are holding IPGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for IPG Photonics Corporation (NASDAQ:IPGP).
Receive News & Ratings for IPG Photonics Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IPG Photonics Corporation and related companies with MarketBeat.com's FREE daily email newsletter.