Wedge Capital Management L L P NC Sells 13,455 Shares of IPG Photonics Co. (NASDAQ:IPGP)

Wedge Capital Management L L P NC lowered its position in shares of IPG Photonics Co. (NASDAQ:IPGP) by 17.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 64,427 shares of the semiconductor company’s stock after selling 13,455 shares during the quarter. Wedge Capital Management L L P NC’s holdings in IPG Photonics were worth $5,437,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in IPG Photonics in the fourth quarter worth about $36,365,000. Evoke Wealth LLC bought a new position in shares of IPG Photonics in the 4th quarter valued at about $1,640,000. ARGA Investment Management LP acquired a new stake in shares of IPG Photonics during the 4th quarter worth approximately $1,067,000. Swedbank AB bought a new stake in shares of IPG Photonics during the first quarter worth approximately $2,687,000. Finally, Partnership Wealth Management LLC boosted its position in shares of IPG Photonics by 382.7% in the 1st quarter. Partnership Wealth Management LLC now owns 17,561 shares of the semiconductor company’s stock worth $1,593,000 after purchasing an additional 13,923 shares during the last quarter. Institutional investors own 93.79% of the company’s stock.

Analyst Ratings Changes

IPGP has been the topic of a number of analyst reports. Stifel Nicolaus cut their price target on shares of IPG Photonics from $115.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Benchmark cut IPG Photonics from a “buy” rating to a “hold” rating in a research note on Wednesday, July 31st. Needham & Company LLC reaffirmed a “hold” rating on shares of IPG Photonics in a research report on Wednesday, May 1st. Citigroup decreased their price objective on IPG Photonics from $74.00 to $68.00 and set a “sell” rating for the company in a research report on Thursday, May 2nd. Finally, Raymond James lowered their target price on IPG Photonics from $127.00 to $100.00 and set a “strong-buy” rating for the company in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, IPG Photonics has an average rating of “Hold” and a consensus price target of $93.40.

IPG Photonics Stock Performance

IPG Photonics stock traded down $0.11 during midday trading on Friday, reaching $67.87. The stock had a trading volume of 13,978 shares, compared to its average volume of 263,250. The stock has a market capitalization of $3.09 billion, a P/E ratio of 17.55 and a beta of 1.01. The firm’s fifty day simple moving average is $82.15 and its 200-day simple moving average is $86.60. IPG Photonics Co. has a 1-year low of $65.03 and a 1-year high of $111.11.

IPG Photonics (NASDAQ:IPGP) last announced its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.03). The business had revenue of $257.60 million during the quarter, compared to the consensus estimate of $259.31 million. IPG Photonics had a return on equity of 5.99% and a net margin of 12.67%. The business’s revenue for the quarter was down 24.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.31 EPS. On average, sell-side analysts anticipate that IPG Photonics Co. will post 1.83 earnings per share for the current fiscal year.

Insider Transactions at IPG Photonics

In related news, Director Jeanmarie F. Desmond sold 985 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $85.20, for a total transaction of $83,922.00. Following the sale, the director now owns 4,319 shares in the company, valued at $367,978.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 38.00% of the company’s stock.

About IPG Photonics

IPG Photonics Corporation develops, manufactures, and sells various high-performance fiber lasers, fiber amplifiers, and diode lasers used in various applications primarily in materials processing worldwide. Its laser products include hybrid fiber-solid state lasers with green and ultraviolet wavelengths; 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; and high-power optical fiber delivery cables, fiber couplers, beam switches, chillers, scanners, and other accessories.