Jennison Associates LLC Sells 444,411 Shares of IPG Photonics Corporation (IPGP)
Jennison Associates LLC decreased its holdings in shares of IPG Photonics Corporation (NASDAQ:IPGP) by 73.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 163,609 shares of the semiconductor company’s stock after selling 444,411 shares during the period. Jennison Associates LLC owned about 0.31% of IPG Photonics Corporation worth $30,277,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Chicago Partners Investment Group LLC bought a new stake in IPG Photonics Corporation during the second quarter valued at $152,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in IPG Photonics Corporation by 10.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,380 shares of the semiconductor company’s stock valued at $200,000 after purchasing an additional 131 shares during the last quarter. Elefante Mark B bought a new stake in IPG Photonics Corporation during the third quarter valued at $201,000. Fulton Bank N.A. bought a new stake in IPG Photonics Corporation during the third quarter valued at $202,000. Finally, Visionary Asset Management Inc. bought a new stake in IPG Photonics Corporation during the second quarter valued at $209,000. Hedge funds and other institutional investors own 58.14% of the company’s stock.
IPGP has been the subject of several recent research reports. DA Davidson reiterated a “buy” rating and set a $220.00 target price on shares of IPG Photonics Corporation in a research note on Tuesday, October 10th. ValuEngine downgraded shares of IPG Photonics Corporation from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Zacks Investment Research downgraded shares of IPG Photonics Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. Stifel Nicolaus reissued a “hold” rating and set a $170.00 price target (up previously from $165.00) on shares of IPG Photonics Corporation in a report on Friday, September 1st. Finally, Needham & Company LLC reissued a “buy” rating and set a $210.00 price target (up previously from $182.00) on shares of IPG Photonics Corporation in a report on Friday, October 20th. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $180.33.
In other IPG Photonics Corporation news, Director William S. Hurley sold 8,167 shares of the company’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $165.42, for a total value of $1,350,985.14. Following the completion of the sale, the director now directly owns 12,672 shares of the company’s stock, valued at approximately $2,096,202.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Eugene A. Shcherbakov sold 9,500 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $198.79, for a total transaction of $1,888,505.00. Following the completion of the sale, the senior vice president now directly owns 16,957 shares of the company’s stock, valued at $3,370,882.03. The disclosure for this sale can be found here. Corporate insiders own 33.80% of the company’s stock.
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Shares of IPG Photonics Corporation (NASDAQ IPGP) opened at $227.11 on Thursday. The firm has a market cap of $12,131.66, a PE ratio of 33.32, a P/E/G ratio of 1.64 and a beta of 1.68. IPG Photonics Corporation has a 1-year low of $93.38 and a 1-year high of $229.65. The company has a debt-to-equity ratio of 0.02, a current ratio of 9.02 and a quick ratio of 7.46.
IPG Photonics Corporation (NASDAQ:IPGP) last posted its quarterly earnings data on Tuesday, October 31st. The semiconductor company reported $2.11 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.32. The business had revenue of $392.62 million during the quarter, compared to the consensus estimate of $367.27 million. IPG Photonics Corporation had a net margin of 27.85% and a return on equity of 21.17%. The company’s quarterly revenue was up 47.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.29 earnings per share. analysts forecast that IPG Photonics Corporation will post 7.01 EPS for the current fiscal year.
IPG Photonics Corporation Profile
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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