Benchmark Lowers IPG Photonics (NASDAQ:IPGP) to Hold

Benchmark lowered shares of IPG Photonics (NASDAQ:IPGP) from a buy rating to a hold rating in a report released on Wednesday, Marketbeat.com reports.

IPGP has been the subject of several other research reports. Citigroup cut their price target on IPG Photonics from $74.00 to $68.00 and set a sell rating for the company in a report on Thursday, May 2nd. Needham & Company LLC reiterated a hold rating on shares of IPG Photonics in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $93.40.

IPG Photonics Trading Down 7.4 %

NASDAQ IPGP opened at $71.38 on Wednesday. The company has a market cap of $3.16 billion, a PE ratio of 18.40 and a beta of 1.01. IPG Photonics has a 12 month low of $70.68 and a 12 month high of $111.53. The stock has a 50 day moving average of $85.41 and a 200-day moving average of $88.67.

IPG Photonics (NASDAQ:IPGP) last announced its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.03). IPG Photonics had a net margin of 12.67% and a return on equity of 5.99%. The business had revenue of $257.60 million for the quarter, compared to analyst estimates of $259.31 million. During the same period in the prior year, the business earned $1.31 EPS. The company’s revenue for the quarter was down 24.2% compared to the same quarter last year. As a group, sell-side analysts predict that IPG Photonics will post 1.83 EPS for the current fiscal year.

Insider Activity at IPG Photonics

In other news, Director Jeanmarie F. Desmond sold 985 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $85.20, for a total transaction of $83,922.00. Following the sale, the director now directly owns 4,319 shares in the company, valued at $367,978.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 38.00% of the stock is currently owned by insiders.

Institutional Trading of IPG Photonics

Several institutional investors have recently added to or reduced their stakes in the stock. Fiera Capital Corp boosted its holdings in IPG Photonics by 0.9% in the second quarter. Fiera Capital Corp now owns 22,541 shares of the semiconductor company’s stock valued at $1,902,000 after acquiring an additional 193 shares during the last quarter. Waterfront Wealth Inc. lifted its stake in IPG Photonics by 30.8% in the second quarter. Waterfront Wealth Inc. now owns 11,844 shares of the semiconductor company’s stock valued at $1,000,000 after buying an additional 2,791 shares during the period. Commonwealth Equity Services LLC lifted its stake in IPG Photonics by 4.2% in the second quarter. Commonwealth Equity Services LLC now owns 6,937 shares of the semiconductor company’s stock valued at $585,000 after buying an additional 278 shares during the period. Innealta Capital LLC acquired a new position in IPG Photonics in the second quarter valued at approximately $85,000. Finally, Bank of New York Mellon Corp lifted its stake in IPG Photonics by 26.4% in the second 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. 93.79% of the stock is currently owned by institutional investors.

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.