IPG Photonics Co. (NASDAQ:IPGP)’s stock price was down 7% during mid-day trading on Friday following a dissappointing earnings announcement. The stock traded as low as $139.00 and last traded at $139.49, approximately 868,341 shares were traded during mid-day trading. An increase of 87% from the average daily volume of 464,859 shares. The stock had previously closed at $149.97.
The semiconductor company reported $0.75 EPS for the quarter, missing the Zacks’ consensus estimate of $0.80 by ($0.05). The company had revenue of $306.60 million for the quarter, compared to analyst estimates of $285.77 million. IPG Photonics had a net margin of 19.45% and a return on equity of 11.50%. The firm’s quarterly revenue was down 7.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.40 EPS.
A number of research analysts have recently commented on IPGP shares. TheStreet lowered shares of IPG Photonics from a “b-” rating to a “c+” rating in a research report on Tuesday, January 7th. Piper Jaffray Companies initiated coverage on shares of IPG Photonics in a research report on Friday, December 20th. They set a “neutral” rating and a $155.00 price objective for the company. ValuEngine lowered shares of IPG Photonics from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. Piper Sandler reissued a “hold” rating and issued a $150.00 price target on shares of IPG Photonics in a research report on Thursday. Finally, Needham & Company LLC reissued a “hold” rating on shares of IPG Photonics in a research report on Tuesday, October 29th. Nine analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $160.82.
In related news, major shareholder Valentin Gapontsev Trust I sold 8,000 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $141.06, for a total value of $1,128,480.00. Following the completion of the transaction, the insider now owns 7,533,928 shares of the company’s stock, valued at $1,062,735,883.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 33.90% of the company’s stock.
A number of institutional investors have recently modified their holdings of IPGP. Pictet Asset Management Ltd. grew its stake in IPG Photonics by 31.3% during the fourth quarter. Pictet Asset Management Ltd. now owns 1,099,658 shares of the semiconductor company’s stock worth $159,362,000 after buying an additional 262,257 shares during the last quarter. FMR LLC grew its stake in IPG Photonics by 342.7% during the first quarter. FMR LLC now owns 235,257 shares of the semiconductor company’s stock worth $35,708,000 after buying an additional 182,112 shares during the last quarter. Van ECK Associates Corp bought a new stake in IPG Photonics during the fourth quarter worth about $23,939,000. Point72 Asset Management L.P. bought a new stake in IPG Photonics during the fourth quarter worth about $16,953,000. Finally, First Trust Advisors LP grew its stake in IPG Photonics by 854.9% during the third quarter. First Trust Advisors LP now owns 111,697 shares of the semiconductor company’s stock worth $15,146,000 after buying an additional 100,000 shares during the last quarter. 64.32% of the stock is currently owned by hedge funds and other institutional investors.
The company has a debt-to-equity ratio of 0.02, a current ratio of 9.08 and a quick ratio of 7.05. The stock has a market capitalization of $7.96 billion, a P/E ratio of 28.88, a PEG ratio of 11.17 and a beta of 2.23. The company’s 50 day simple moving average is $140.34 and its two-hundred day simple moving average is $136.06.
About IPG Photonics (NASDAQ:IPGP)
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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