IPG Photonics (NASDAQ:IPGP) Trading 3.8% Higher – Here’s What Happened

IPG Photonics Co. (NASDAQ:IPGP) shares rose 3.8% during mid-day trading on Monday . The company traded as high as $77.06 and last traded at $76.64. Approximately 23,736 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 267,183 shares. The stock had previously closed at $73.84.

Wall Street Analyst Weigh In

A number of analysts have recently commented on IPGP shares. Northcoast Research lowered IPG Photonics from a “buy” rating to a “neutral” rating in a research note on Wednesday, December 4th. Benchmark reiterated a “hold” rating on shares of IPG Photonics in a report on Wednesday, October 30th. Finally, Needham & Company LLC reissued a “hold” rating on shares of IPG Photonics in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $93.50.

IPG Photonics Stock Performance

The stock has a market cap of $3.30 billion, a P/E ratio of -22.00 and a beta of 0.96. The firm’s fifty day simple moving average is $77.65 and its 200-day simple moving average is $76.73.

IPG Photonics (NASDAQ:IPGP) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. The business had revenue of $233.14 million during the quarter, compared to the consensus estimate of $227.89 million. IPG Photonics had a negative net margin of 14.20% and a positive return on equity of 4.32%. IPG Photonics’s quarterly revenue was down 22.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 earnings per share. Analysts predict that IPG Photonics Co. will post 1.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IPG Photonics

Several large investors have recently added to or reduced their stakes in IPGP. Pacer Advisors Inc. boosted its holdings in shares of IPG Photonics by 37.2% during the 3rd quarter. Pacer Advisors Inc. now owns 671,025 shares of the semiconductor company’s stock worth $49,871,000 after buying an additional 181,844 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of IPG Photonics by 14.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 996,029 shares of the semiconductor company’s stock worth $84,054,000 after purchasing an additional 125,958 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of IPG Photonics by 26.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 303,113 shares of the semiconductor company’s stock valued at $25,580,000 after buying an additional 63,369 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in IPG Photonics by 5.9% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 971,043 shares of the semiconductor company’s stock valued at $72,168,000 after buying an additional 54,166 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in IPG Photonics by 25.8% during the 2nd quarter. AQR Capital Management LLC now owns 254,578 shares of the semiconductor company’s stock worth $21,484,000 after buying an additional 52,204 shares during the period. Institutional investors and hedge funds own 93.79% of the company’s stock.

About IPG Photonics

IPG Photonics Corporation develops, manufactures, and sells various high-performance fiber lasers, fiber amplifiers, and diode lasers used in various applications primarily in materials processing worldwide. Its laser products include hybrid fiber-solid state lasers with green and ultraviolet wavelengths; fiber pigtailed packaged diodes and fiber coupled direct diode laser systems; high-energy pulsed lasers, multi-wavelength and tunable lasers, and single-polarization and single-frequency lasers; and high-power optical fiber delivery cables, fiber couplers, beam switches, chillers, scanners, and other accessories.