IPG Photonics Corporation (IPGP) Releases Quarterly Earnings Results, Beats Estimates By $0.28 EPS
IPG Photonics Corporation (NASDAQ:IPGP) released its quarterly earnings results on Tuesday. The semiconductor company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.28, MarketWatch Earnings reports. The firm had revenue of $369.37 million for the quarter, compared to analysts’ expectations of $333.06 million. IPG Photonics Corporation had a return on equity of 20.46% and a net margin of 26.84%. The company’s revenue was up 46.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.25 EPS. IPG Photonics Corporation updated its Q3 guidance to $1.70-1.90 EPS.
IPG Photonics Corporation (IPGP) traded down 1.8307% during midday trading on Thursday, hitting $159.2012. The stock had a trading volume of 210,123 shares. IPG Photonics Corporation has a 52-week low of $80.52 and a 52-week high of $167.00. The firm has a market capitalization of $8.55 billion, a P/E ratio of 29.9870 and a beta of 1.70. The firm has a 50-day moving average of $149.09 and a 200 day moving average of $129.91.
In other news, SVP Angelo P. Lopresti sold 4,626 shares of IPG Photonics Corporation stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $138.00, for a total transaction of $638,388.00. Following the completion of the sale, the senior vice president now directly owns 37,765 shares in the company, valued at $5,211,570. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Valentin Gapontsev Trust I sold 23,800 shares of IPG Photonics Corporation stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $135.40, for a total transaction of $3,222,520.00. Following the sale, the insider now owns 7,614,471 shares of the company’s stock, valued at $1,030,999,373.40. The disclosure for this sale can be found here. Insiders have sold 44,775 shares of company stock valued at $6,303,786 over the last quarter. Insiders own 34.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Huntington National Bank increased its position in IPG Photonics Corporation by 3,188.5% in the first quarter. Huntington National Bank now owns 855 shares of the semiconductor company’s stock worth $103,000 after buying an additional 829 shares in the last quarter. Flinton Capital Management LLC increased its position in IPG Photonics Corporation by 3.3% in the first quarter. Flinton Capital Management LLC now owns 1,008 shares of the semiconductor company’s stock worth $122,000 after buying an additional 32 shares in the last quarter. YorkBridge Wealth Partners LLC increased its position in IPG Photonics Corporation by 13.9% in the first quarter. YorkBridge Wealth Partners LLC now owns 895 shares of the semiconductor company’s stock worth $122,000 after buying an additional 109 shares in the last quarter. Denali Advisors LLC acquired a new position in IPG Photonics Corporation during the second quarter worth about $145,000. Finally, Chicago Partners Investment Group LLC acquired a new position in IPG Photonics Corporation during the second quarter worth about $152,000. Institutional investors own 60.05% of the company’s stock.
Several equities analysts have recently weighed in on IPGP shares. Zacks Investment Research raised IPG Photonics Corporation from a “hold” rating to a “buy” rating and set a $152.00 price target on the stock in a report on Thursday, May 4th. Needham & Company LLC increased their price target on IPG Photonics Corporation from $146.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, June 20th. Macquarie cut IPG Photonics Corporation from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $28.00 to $24.00 in a report on Tuesday, June 6th. Dougherty & Co increased their price target on IPG Photonics Corporation from $137.00 to $157.00 and gave the company a “buy” rating in a report on Wednesday, May 3rd. Finally, Canaccord Genuity reissued a “buy” rating and set a $152.00 price target (up from $138.00) on shares of IPG Photonics Corporation in a report on Friday, June 16th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $141.00.
About IPG Photonics Corporation
IPG Photonics Corporation is a developer and manufacturer of a line of fiber lasers, fiber amplifiers, diode lasers, laser systems and optical accessories that are used for various applications. The Company offers a line of lasers and amplifiers, which are used in materials processing, communications and medical applications.
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