Olstein Capital Management L.P. Raises Stake in IPG Photonics Corp. (IPGP)
Olstein Capital Management L.P. increased its position in IPG Photonics Corp. (NASDAQ:IPGP) by 5.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,315 shares of the company’s stock after buying an additional 4,520 shares during the period. Olstein Capital Management L.P. owned 0.18% of IPG Photonics Corp. worth $7,684,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in the company. Marathon Asset Management LLP bought a new position in IPG Photonics Corp. during the third quarter worth about $15,884,000. Neuberger Berman Group LLC raised its position in IPG Photonics Corp. by 24.4% in the second quarter. Neuberger Berman Group LLC now owns 933,851 shares of the company’s stock worth $74,708,000 after buying an additional 183,310 shares in the last quarter. Black Creek Investment Management Inc. bought a new position in IPG Photonics Corp. during the second quarter worth about $14,448,000. Hennessy Advisors Inc. bought a new position in IPG Photonics Corp. during the third quarter worth about $11,974,000. Finally, Marshall Wace LLP raised its position in IPG Photonics Corp. by 630.6% in the second quarter. Marshall Wace LLP now owns 168,300 shares of the company’s stock worth $13,464,000 after buying an additional 145,265 shares in the last quarter. 60.03% of the stock is currently owned by hedge funds and other institutional investors.
Shares of IPG Photonics Corp. (NASDAQ:IPGP) traded down 0.25% on Tuesday, hitting $97.03. The company had a trading volume of 109,371 shares. IPG Photonics Corp. has a 12 month low of $73.55 and a 12 month high of $102.90. The company has a 50-day moving average of $91.13 and a 200 day moving average of $85.54. The stock has a market cap of $5.15 billion, a PE ratio of 21.19 and a beta of 2.07.
IPG Photonics Corp. (NASDAQ:IPGP) last posted its earnings results on Thursday, October 27th. The company reported $1.29 EPS for the quarter, topping the consensus estimate of $1.23 by $0.06. IPG Photonics Corp. had a net margin of 25.83% and a return on equity of 17.73%. The firm earned $266 million during the quarter, compared to analysts’ expectations of $255.27 million. During the same quarter in the prior year, the firm earned $1.18 EPS. IPG Photonics Corp.’s quarterly revenue was up 9.2% on a year-over-year basis. Analysts anticipate that IPG Photonics Corp. will post $4.71 EPS for the current fiscal year.
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IPGP has been the topic of a number of analyst reports. Zacks Investment Research lowered IPG Photonics Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, November 15th. reaffirmed an “outperform” rating and issued a $92.00 price objective on shares of IPG Photonics Corp. in a report on Tuesday, September 13th. Canaccord Genuity set a $100.00 price objective on IPG Photonics Corp. and gave the company a “buy” rating in a report on Thursday, August 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $96.00 price objective (down previously from $98.00) on shares of IPG Photonics Corp. in a report on Monday, August 1st. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $96.43.
In other news, SVP Angelo P. Lopresti sold 5,589 shares of the stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $96.30, for a total value of $538,220.70. Following the completion of the transaction, the senior vice president now directly owns 41,693 shares in the company, valued at $4,015,035.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Angelo P. Lopresti sold 1,911 shares of the stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $96.31, for a total transaction of $184,048.41. Following the completion of the transaction, the senior vice president now owns 47,282 shares of the company’s stock, valued at $4,553,729.42. The disclosure for this sale can be found here. 34.20% of the stock is currently owned by company insiders.
IPG Photonics Corp. Company Profile
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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