IPG Photonics Corporation (IPGP) Position Lifted by JPMorgan Chase & Co.
JPMorgan Chase & Co. increased its holdings in shares of IPG Photonics Corporation (NASDAQ:IPGP) by 50,089.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 326,735 shares of the semiconductor company’s stock after acquiring an additional 326,084 shares during the period. JPMorgan Chase & Co. owned approximately 0.61% of IPG Photonics Corporation worth $47,409,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Denali Advisors LLC acquired a new position in IPG Photonics Corporation during the second quarter worth $145,000. Flinton Capital Management LLC grew its holdings in IPG Photonics Corporation by 3.3% during the first quarter. Flinton Capital Management LLC now owns 1,008 shares of the semiconductor company’s stock worth $122,000 after acquiring an additional 32 shares during the period. Chicago Partners Investment Group LLC acquired a new position in IPG Photonics Corporation during the second quarter worth $152,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in IPG Photonics Corporation by 10.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,380 shares of the semiconductor company’s stock worth $200,000 after acquiring an additional 131 shares during the period. Finally, Meadow Creek Investment Management LLC grew its holdings in IPG Photonics Corporation by 3.3% during the first quarter. Meadow Creek Investment Management LLC now owns 1,386 shares of the semiconductor company’s stock worth $167,000 after acquiring an additional 44 shares during the period. 59.20% of the stock is currently owned by hedge funds and other institutional investors.
IPGP has been the topic of a number of recent analyst reports. Longbow Research raised IPG Photonics Corporation from a “neutral” rating to a “buy” rating and set a $175.00 price objective on the stock in a report on Tuesday, June 6th. Needham & Company LLC upped their price objective on IPG Photonics Corporation from $146.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday, June 20th. Canaccord Genuity reissued a “buy” rating and issued a $152.00 target price (up previously from $138.00) on shares of IPG Photonics Corporation in a report on Friday, June 16th. ValuEngine raised IPG Photonics Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, September 6th. Finally, Benchmark Co. reissued a “buy” rating and issued a $180.00 target price on shares of IPG Photonics Corporation in a report on Wednesday, August 2nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $150.25.
In other news, SVP Alexander Ovtchinnikov sold 12,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $160.30, for a total value of $1,923,600.00. Following the sale, the senior vice president now owns 83,595 shares of the company’s stock, valued at approximately $13,400,278.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William S. Hurley sold 8,167 shares of the business’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $165.42, for a total value of $1,350,985.14. Following the completion of the sale, the director now directly owns 12,672 shares in the company, valued at approximately $2,096,202.24. The disclosure for this sale can be found here. Insiders sold a total of 67,017 shares of company stock worth $10,799,211 in the last three months. Company insiders own 33.80% of the company’s stock.
Shares of IPG Photonics Corporation (NASDAQ:IPGP) opened at 179.20 on Thursday. The firm has a 50-day moving average price of $166.28 and a 200 day moving average price of $141.49. IPG Photonics Corporation has a 12-month low of $80.52 and a 12-month high of $180.50. The firm has a market cap of $9.65 billion, a price-to-earnings ratio of 30.01 and a beta of 1.64.
IPG Photonics Corporation (NASDAQ:IPGP) last posted its quarterly earnings data on Tuesday, August 1st. The semiconductor company reported $1.91 EPS for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.28. IPG Photonics Corporation had a return on equity of 19.75% and a net margin of 26.84%. The company had revenue of $369.37 million for the quarter, compared to the consensus estimate of $333.06 million. During the same quarter in the previous year, the business earned $1.25 EPS. The company’s quarterly revenue was up 46.1% compared to the same quarter last year. On average, equities research analysts anticipate that IPG Photonics Corporation will post $6.62 earnings per share for the current fiscal year.
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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.
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