Prudential Financial Inc. Reduces Stake in IPG Photonics Co. (NASDAQ:IPGP)
Prudential Financial Inc. lessened its position in IPG Photonics Co. (NASDAQ:IPGP) by 1.1% in the second quarter, HoldingsChannel reports. The firm owned 33,253 shares of the semiconductor company’s stock after selling 370 shares during the quarter. Prudential Financial Inc.’s holdings in IPG Photonics were worth $5,129,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IPGP. DekaBank Deutsche Girozentrale raised its stake in IPG Photonics by 1,205.5% during the second quarter. DekaBank Deutsche Girozentrale now owns 253,394 shares of the semiconductor company’s stock valued at $38,166,000 after buying an additional 233,984 shares during the last quarter. FMR LLC increased its holdings in shares of IPG Photonics by 342.7% in the 1st quarter. FMR LLC now owns 235,257 shares of the semiconductor company’s stock worth $35,708,000 after purchasing an additional 182,112 shares in the last quarter. First Eagle Investment Management LLC increased its holdings in shares of IPG Photonics by 7.3% in the 1st quarter. First Eagle Investment Management LLC now owns 1,627,820 shares of the semiconductor company’s stock worth $247,071,000 after purchasing an additional 110,989 shares in the last quarter. Jackson Square Partners LLC increased its holdings in shares of IPG Photonics by 12.6% in the 1st quarter. Jackson Square Partners LLC now owns 518,014 shares of the semiconductor company’s stock worth $78,624,000 after purchasing an additional 57,957 shares in the last quarter. Finally, Fundsmith LLP increased its holdings in shares of IPG Photonics by 29.3% in the 1st quarter. Fundsmith LLP now owns 218,607 shares of the semiconductor company’s stock worth $33,180,000 after purchasing an additional 49,492 shares in the last quarter. Institutional investors own 65.32% of the company’s stock.
In other IPG Photonics news, CAO Thomas J. Burgomaster sold 621 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $145.75, for a total transaction of $90,510.75. Following the completion of the sale, the chief accounting officer now owns 7,577 shares of the company’s stock, valued at $1,104,347.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Trevor Ness sold 166 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $165.00, for a total value of $27,390.00. Following the sale, the senior vice president now directly owns 20,753 shares of the company’s stock, valued at approximately $3,424,245. The disclosure for this sale can be found here. Insiders sold 13,049 shares of company stock valued at $1,957,905 in the last ninety days. 33.90% of the stock is currently owned by corporate insiders.
IPG Photonics (NASDAQ:IPGP) last issued its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $1.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.41 by ($0.07). IPG Photonics had a return on equity of 13.68% and a net margin of 22.23%. The firm had revenue of $363.80 million during the quarter, compared to the consensus estimate of $352.31 million. During the same period in the previous year, the firm earned $2.21 EPS. The business’s revenue was down 12.0% on a year-over-year basis. As a group, analysts anticipate that IPG Photonics Co. will post 4.78 EPS for the current fiscal year.
A number of analysts have commented on IPGP shares. BidaskClub raised IPG Photonics from a “sell” rating to a “hold” rating in a report on Saturday, September 7th. Canaccord Genuity set a $150.00 target price on IPG Photonics and gave the stock a “hold” rating in a report on Wednesday, July 31st. Needham & Company LLC set a $148.00 target price on IPG Photonics and gave the stock a “buy” rating in a report on Wednesday, July 31st. DA Davidson reduced their target price on IPG Photonics to $175.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Finally, Susquehanna Bancshares set a $127.00 target price on IPG Photonics and gave the stock a “hold” rating in a report on Wednesday, July 31st. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $171.67.
IPG Photonics Profile
IPG Photonics Corporation develops and manufactures a range of high-performance fiber lasers, fiber amplifiers, and diode lasers used in various applications primarily in materials processing worldwide. The company's laser products include low, medium, and high power lasers; 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; laser diode chips and packaged laser diodes; and high power optical fiber delivery cables, fiber couplers, beam switches, chillers, scanners, and other accessories.
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