Prentiss Smith & Co. Inc. raised its position in shares of IPG Photonics Corp. (NASDAQ:IPGP) by 101.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,154 shares of the company’s stock after buying an additional 2,598 shares during the period. Prentiss Smith & Co. Inc.’s holdings in IPG Photonics Corp. were worth $412,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of IPGP. IBM Retirement Fund boosted its position in IPG Photonics Corp. by 2.4% in the second quarter. IBM Retirement Fund now owns 3,568 shares of the company’s stock worth $285,000 after buying an additional 84 shares during the period. Retirement Systems of Alabama boosted its position in IPG Photonics Corp. by 0.4% in the second quarter. Retirement Systems of Alabama now owns 47,242 shares of the company’s stock worth $3,779,000 after buying an additional 185 shares during the period. Nisa Investment Advisors LLC boosted its position in IPG Photonics Corp. by 6.5% in the second quarter. Nisa Investment Advisors LLC now owns 3,300 shares of the company’s stock worth $264,000 after buying an additional 200 shares during the period. Cupps Capital Management LLC boosted its position in IPG Photonics Corp. by 3.5% in the first quarter. Cupps Capital Management LLC now owns 9,205 shares of the company’s stock worth $884,000 after buying an additional 315 shares during the period. Finally, Commonwealth Equity Services Inc boosted its position in IPG Photonics Corp. by 17.0% in the first quarter. Commonwealth Equity Services Inc now owns 3,555 shares of the company’s stock worth $342,000 after buying an additional 517 shares during the period. Hedge funds and other institutional investors own 59.47% of the company’s stock.
Shares of IPG Photonics Corp. (NASDAQ:IPGP) traded down 0.33% during midday trading on Tuesday, hitting $81.79. The stock had a trading volume of 188,008 shares. The firm has a 50-day moving average price of $84.20 and a 200-day moving average price of $86.31. The firm has a market cap of $4.35 billion, a price-to-earnings ratio of 18.26 and a beta of 2.18. IPG Photonics Corp. has a 1-year low of $70.21 and a 1-year high of $102.90.
IPG Photonics Corp. (NASDAQ:IPGP) last released its quarterly earnings data on Thursday, July 28th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.06. The business earned $252.80 million during the quarter, compared to analyst estimates of $243.79 million. IPG Photonics Corp. had a return on equity of 18.29% and a net margin of 25.87%. The company’s revenue was up 7.5% compared to the same quarter last year. During the same period last year, the company posted $1.15 EPS. On average, equities analysts anticipate that IPG Photonics Corp. will post $4.62 EPS for the current fiscal year.
Several equities analysts recently commented on the company. Zacks Investment Research lowered IPG Photonics Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, September 28th. Credit Agricole SA reiterated an “outperform” rating and issued a $92.00 target price on shares of IPG Photonics Corp. in a research note on Tuesday, September 13th. Canaccord Genuity set a $100.00 target price on IPG Photonics Corp. and gave the company a “buy” rating in a research note on Thursday, August 11th. Summit Redstone reissued a “buy” rating on shares of IPG Photonics Corp. in a research report on Thursday, July 28th. Finally, Needham & Company LLC reissued a “buy” rating and set a $96.00 price target (down previously from $98.00) on shares of IPG Photonics Corp. in a research report on Monday, August 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $94.83.
In related news, Director Catherine P. Lego acquired 3,000 shares of IPG Photonics Corp. stock in a transaction dated Wednesday, August 3rd. The stock was acquired at an average cost of $83.12 per share, with a total value of $249,360.00. Following the purchase, the director now directly owns 3,012 shares in the company, valued at approximately $250,357.44. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 34.20% of the company’s stock.
About IPG Photonics Corp.
IPG Photonics Corporation is engaged in the design, development, production and distribution of fiber lasers, laser systems, fiber amplifiers and related optical components. The Company offers a line of lasers and amplifiers, which are used in materials processing, advanced communications and medical applications.
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