IPG Photonics Co. (NASDAQ:IPGP) Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lifted its position in shares of IPG Photonics Co. (NASDAQ:IPGP) by 5.9% in the third quarter, Holdings Channel reports. The firm owned 971,043 shares of the semiconductor company’s stock after purchasing an additional 54,166 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in IPG Photonics were worth $72,168,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Baillie Gifford & Co. grew its stake in shares of IPG Photonics by 0.4% in the third quarter. Baillie Gifford & Co. now owns 280,347 shares of the semiconductor company’s stock valued at $20,835,000 after buying an additional 1,053 shares in the last quarter. Chartwell Investment Partners LLC raised its holdings in IPG Photonics by 135.4% in the third quarter. Chartwell Investment Partners LLC now owns 79,363 shares of the semiconductor company’s stock valued at $5,899,000 after acquiring an additional 45,645 shares in the last quarter. State of New Jersey Common Pension Fund D raised its stake in shares of IPG Photonics by 28.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 28,418 shares of the semiconductor company’s stock valued at $2,112,000 after purchasing an additional 6,286 shares in the last quarter. Covestor Ltd raised its stake in IPG Photonics by 7.7% during the third quarter. Covestor Ltd now owns 1,869 shares of the semiconductor company’s stock valued at $139,000 after buying an additional 133 shares in the last quarter. Finally, Assetmark Inc. lifted its stake in IPG Photonics by 28.3% during the third quarter. Assetmark Inc. now owns 1,336 shares of the semiconductor company’s stock worth $99,000 after purchasing an additional 295 shares during the last quarter. 93.79% of the stock is currently owned by hedge funds and other institutional investors.

IPG Photonics Price Performance

IPGP opened at $75.06 on Friday. The company has a market capitalization of $3.25 billion, a PE ratio of -21.63 and a beta of 0.98. The business has a 50-day moving average of $74.49 and a 200-day moving average of $78.95. IPG Photonics Co. has a fifty-two week low of $61.86 and a fifty-two week high of $111.11.

IPG Photonics (NASDAQ:IPGP) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.10. The company had revenue of $233.14 million for the quarter, compared to analyst estimates of $227.89 million. IPG Photonics had a positive return on equity of 4.32% and a negative net margin of 14.20%. The business’s revenue was down 22.6% compared to the same quarter last year. During the same period last year, the company earned $1.16 earnings per share. On average, equities research analysts expect that IPG Photonics Co. will post 1.53 earnings per share for the current fiscal year.

Analysts Set New Price Targets

IPGP has been the topic of a number of recent research reports. Benchmark reissued a “hold” rating on shares of IPG Photonics in a report on Wednesday, October 30th. Stifel Nicolaus reduced their price target on IPG Photonics from $115.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Raymond James dropped their price target on 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, October 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $93.50.

IPG Photonics Company Profile

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.