Pacific Heights Asset Management LLC continued to hold its stake in shares of IPG Photonics Corp. (NASDAQ:IPGP) during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 130,000 shares of the company’s stock at the end of the second quarter. Pacific Heights Asset Management LLC’s holdings in IPG Photonics Corp. were worth $10,400,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in IPGP. LS Investment Advisors LLC increased its position in IPG Photonics Corp. by 71.1% in the second quarter. LS Investment Advisors LLC now owns 2,212 shares of the company’s stock valued at $177,000 after buying an additional 919 shares during the period. Gardiner Nancy B acquired a new position in IPG Photonics Corp. during the first quarter valued at approximately $230,000. Virginia Retirement System purchased a new position in shares of IPG Photonics Corp. during the first quarter valued at approximately $259,000. Nisa Investment Advisors LLC increased its position in shares of IPG Photonics Corp. by 6.5% in the second quarter. Nisa Investment Advisors LLC now owns 3,300 shares of the company’s stock valued at $264,000 after buying an additional 200 shares during the last quarter. Finally, IBM Retirement Fund increased its position in shares of IPG Photonics Corp. by 2.4% in the second quarter. IBM Retirement Fund now owns 3,568 shares of the company’s stock valued at $285,000 after buying an additional 84 shares during the last quarter. 59.47% of the stock is owned by institutional investors.
Shares of IPG Photonics Corp. (NASDAQ:IPGP) traded down 0.33% during trading on Tuesday, reaching $81.79. 188,008 shares of the company were exchanged. IPG Photonics Corp. has a 1-year low of $70.21 and a 1-year high of $102.90. The stock’s 50 day moving average is $84.20 and its 200 day moving average is $86.31. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of 18.26 and a beta of 2.18.
IPG Photonics Corp. (NASDAQ:IPGP) last announced its earnings results on Thursday, July 28th. The company reported $1.25 EPS for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.06. IPG Photonics Corp. had a net margin of 25.87% and a return on equity of 18.29%. The business earned $252.80 million during the quarter, compared to analysts’ expectations of $243.79 million. During the same period in the prior year, the company earned $1.15 earnings per share. The firm’s revenue was up 7.5% on a year-over-year basis. Equities analysts anticipate that IPG Photonics Corp. will post $4.62 earnings per share for the current year.
IPGP has been the subject of several analyst reports. Zacks Investment Research raised shares of IPG Photonics Corp. from a “sell” rating to a “hold” rating in a report on Friday, June 24th. Canaccord Genuity raised shares of IPG Photonics Corp. from a “hold” rating to a “buy” rating and raised their price target for the company from $85.00 to $90.00 in a report on Wednesday, June 29th. They noted that the move was a valuation call. Needham & Company LLC restated a “buy” rating and set a $96.00 price objective (down previously from $98.00) on shares of IPG Photonics Corp. in a research report on Monday, August 1st. Summit Redstone restated a “buy” rating on shares of IPG Photonics Corp. in a research report on Thursday, July 28th. Finally, Credit Agricole SA restated an “outperform” rating and set a $92.00 price objective on shares of IPG Photonics Corp. in a research report on Tuesday, September 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. IPG Photonics Corp. presently has an average rating of “Hold” and an average price target of $94.83.
In other IPG Photonics Corp. news, Director Catherine P. Lego bought 3,000 shares of IPG Photonics Corp. stock in a transaction on 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 completion of the acquisition, the director now owns 3,012 shares in the company, valued at $250,357.44. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company 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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