Sumitomo Mitsui Trust Holdings Inc. Grows Stock Holdings in IPG Photonics Co. (NASDAQ:IPGP)

Sumitomo Mitsui Trust Holdings Inc. raised its position in IPG Photonics Co. (NASDAQ:IPGP) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 916,877 shares of the semiconductor company’s stock after acquiring an additional 11,548 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 2.01% of IPG Photonics worth $77,375,000 at the end of the most recent quarter.

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

IPG Photonics Price Performance

NASDAQ:IPGP traded down $0.48 during mid-day trading on Friday, hitting $67.50. 164,803 shares of the company’s stock were exchanged, compared to its average volume of 264,246. IPG Photonics Co. has a one year low of $65.03 and a one year high of $111.11. The business has a fifty day moving average price of $81.41 and a 200 day moving average price of $86.15. The company has a market cap of $3.08 billion, a PE ratio of 17.40 and a beta of 1.01.

IPG Photonics (NASDAQ:IPGP) last issued its earnings results on Tuesday, July 30th. The semiconductor company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.03). The firm 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 company’s quarterly revenue was down 24.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.31 EPS. On average, equities analysts forecast that IPG Photonics Co. will post 1.83 EPS for the current fiscal year.

Insider Transactions at IPG Photonics

In other news, Director Jeanmarie F. Desmond sold 985 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $85.20, for a total value of $83,922.00. Following the transaction, the director now owns 4,319 shares in the company, valued at $367,978.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 38.00% of the company’s stock.

Analysts Set New Price Targets

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

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.