Hennessy Advisors Inc. Purchases Shares of 145,400 IPG Photonics Corp. (IPGP)
Hennessy Advisors Inc. purchased a new position in IPG Photonics Corp. (NASDAQ:IPGP) during the third quarter, according to its most recent disclosure with the SEC. The fund purchased 145,400 shares of the company’s stock, valued at approximately $11,974,000. Hennessy Advisors Inc. owned approximately 0.27% of IPG Photonics Corp. as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Advisor Group Inc. purchased a new position in IPG Photonics Corp. during the second quarter worth about $103,000. 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 worth $177,000 after buying an additional 919 shares during the period. PNC Financial Services Group Inc. increased its position in IPG Photonics Corp. by 2.4% in the second quarter. PNC Financial Services Group Inc. now owns 2,407 shares of the company’s stock worth $193,000 after buying an additional 57 shares during the period. Jane Street Group LLC purchased a new position in IPG Photonics Corp. during the second quarter worth about $201,000. Finally, Atria Investments LLC purchased a new position in IPG Photonics Corp. during the third quarter worth about $234,000. Hedge funds and other institutional investors own 60.03% of the company’s stock.
IPG Photonics Corp. (NASDAQ:IPGP) traded down 0.2718% during midday trading on Wednesday, reaching $95.9984. The company’s stock had a trading volume of 45,864 shares. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of 20.9604 and a beta of 2.07. The stock’s 50 day moving average price is $91.13 and its 200-day moving average price is $85.54. IPG Photonics Corp. has a one year low of $73.55 and a one year high of $102.90.
IPG Photonics Corp. (NASDAQ:IPGP) last announced its quarterly earnings data on Thursday, October 27th. The company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.23 by $0.06. The firm had revenue of $266 million for the quarter, compared to analyst estimates of $255.27 million. IPG Photonics Corp. had a return on equity of 17.73% and a net margin of 25.83%. The company’s revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.18 EPS. On average, analysts forecast that IPG Photonics Corp. will post $4.71 EPS for the current fiscal year.
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A number of research firms have recently issued reports on IPGP. Canaccord Genuity set a $100.00 price target on IPG Photonics Corp. and gave the stock a “buy” rating in a research note on Thursday, August 11th. Zacks Investment Research downgraded IPG Photonics Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, November 24th. Finally, reiterated an “outperform” rating and set a $92.00 target price on shares of IPG Photonics Corp. in a research report on Tuesday, September 13th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $96.43.
In other news, SVP Angelo P. Lopresti sold 1,911 shares of the stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $96.31, for a total transaction of $184,048.41. Following the transaction, the senior vice president now directly owns 47,282 shares in the company, valued at approximately $4,553,729.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Angelo P. Lopresti sold 5,589 shares of the stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $96.30, for a total value of $538,220.70. Following the transaction, the senior vice president now owns 41,693 shares in the company, valued at $4,015,035.90. The disclosure for this sale can be found here. Insiders own 34.20% of the company’s stock.
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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