IPG Photonics (NASDAQ:IPGP) Price Target Lowered to $68.00 at Citigroup

IPG Photonics (NASDAQ:IPGP) had its price target reduced by Citigroup from $74.00 to $68.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a sell rating on the semiconductor company’s stock.

A number of other equities analysts have also issued reports on IPGP. Seaport Res Ptn reissued a buy rating on shares of IPG Photonics in a report on Thursday, January 25th. Benchmark cut their target price on shares of IPG Photonics from $116.00 to $106.00 and set a buy rating on the stock in a research note on Wednesday. StockNews.com cut shares of IPG Photonics from a buy rating to a hold rating in a report on Saturday, February 17th. Needham & Company LLC reissued a hold rating on shares of IPG Photonics in a report on Wednesday. Finally, Stifel Nicolaus cut their target price on IPG Photonics from $130.00 to $115.00 and set a buy rating for the company in a research note on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, IPG Photonics has a consensus rating of Moderate Buy and an average target price of $110.40.

IPG Photonics Trading Up 0.1 %

Shares of NASDAQ IPGP traded up $0.06 on Thursday, reaching $86.76. 253,550 shares of the company traded hands, compared to its average volume of 230,527. The stock has a market capitalization of $3.95 billion, a PE ratio of 22.36, a P/E/G ratio of 19.80 and a beta of 1.17. The company has a 50 day moving average of $87.69 and a 200 day moving average of $93.97. IPG Photonics has a fifty-two week low of $80.33 and a fifty-two week high of $141.85.

IPG Photonics (NASDAQ:IPGP) last posted its earnings results on Tuesday, April 30th. The semiconductor company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. IPG Photonics had a net margin of 15.34% and a return on equity of 7.67%. The business had revenue of $252.00 million for the quarter, compared to analysts’ expectations of $255.53 million. During the same period in the previous year, the company posted $1.26 earnings per share. The business’s revenue for the quarter was down 27.4% compared to the same quarter last year. As a group, research analysts expect that IPG Photonics will post 2.81 earnings per share for the current year.

IPG Photonics announced that its Board of Directors has initiated a share buyback program on Tuesday, February 13th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 7.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, major shareholder Valentin Gapontsev Trust I sold 10,000 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $85.68, for a total transaction of $856,800.00. Following the completion of the transaction, the insider now directly owns 7,219,599 shares in the company, valued at $618,575,242.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Valentin Gapontsev Trust I sold 10,000 shares of IPG Photonics stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $85.68, for a total transaction of $856,800.00. Following the completion of the transaction, the insider now owns 7,219,599 shares of the company’s stock, valued at $618,575,242.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eric Meurice sold 788 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $89.30, for a total transaction of $70,368.40. Following the sale, the director now directly owns 16,491 shares of the company’s stock, valued at approximately $1,472,646.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,788 shares of company stock worth $2,595,508. Company insiders own 37.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James & Associates bought a new stake in shares of IPG Photonics during the third quarter valued at about $314,000. Ardevora Asset Management LLP grew its holdings in shares of IPG Photonics by 19.6% in the third quarter. Ardevora Asset Management LLP now owns 172,038 shares of the semiconductor company’s stock worth $17,469,000 after purchasing an additional 28,238 shares during the last quarter. Verdence Capital Advisors LLC raised its stake in shares of IPG Photonics by 4.8% during the third quarter. Verdence Capital Advisors LLC now owns 3,264 shares of the semiconductor company’s stock valued at $331,000 after acquiring an additional 150 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of IPG Photonics by 7.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,417 shares of the semiconductor company’s stock worth $652,000 after buying an additional 462 shares during the last quarter. Finally, Strs Ohio increased its position in IPG Photonics by 49.6% during the 3rd quarter. Strs Ohio now owns 17,071 shares of the semiconductor company’s stock valued at $1,733,000 after purchasing an additional 5,659 shares during the period. 93.79% of the stock is currently owned by hedge funds and other institutional investors.

IPG Photonics Company Profile

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.