Sumitomo Mitsui Trust Group Inc. Purchases 54,166 Shares of IPG Photonics Co. (NASDAQ:IPGP)

by · The Cerbat Gem

Sumitomo Mitsui Trust Group Inc. increased its position in shares of IPG Photonics Co. (NASDAQ:IPGP – Free Report) by 5.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 971,043 shares of the semiconductor company’s stock after buying an additional 54,166 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 2.25% of IPG Photonics worth $72,168,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in IPGP. Baillie Gifford & Co. raised its position in shares of IPG Photonics by 0.4% in the 3rd quarter. Baillie Gifford & Co. now owns 280,347 shares of the semiconductor company’s stock worth $20,835,000 after acquiring an additional 1,053 shares in the last quarter. Chartwell Investment Partners LLC lifted its holdings in shares of IPG Photonics by 135.4% during the third quarter. Chartwell Investment Partners LLC now owns 79,363 shares of the semiconductor company’s stock worth $5,899,000 after purchasing an additional 45,645 shares during the period. State of New Jersey Common Pension Fund D lifted its stake in IPG Photonics by 28.4% during 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 acquiring an additional 6,286 shares during the period. Covestor Ltd lifted its position 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 purchasing an additional 133 shares during the period. Finally, Assetmark Inc. boosted its stake in shares of IPG Photonics by 28.3% in the third quarter. Assetmark Inc. now owns 1,336 shares of the semiconductor company’s stock worth $99,000 after buying an additional 295 shares during the last quarter. Hedge funds and other institutional investors own 93.79% of the company’s stock.

IPG Photonics Stock Down 1.7 %

Shares of IPGP stock opened at $75.06 on Friday. IPG Photonics Co. has a fifty-two week low of $61.86 and a fifty-two week high of $111.11. The stock has a market cap of $3.25 billion, a P/E ratio of -21.63 and a beta of 0.98. The business has a fifty day simple moving average of $74.49 and a 200-day simple moving average of $78.95.

IPG Photonics (NASDAQ:IPGP – Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. The company had revenue of $233.14 million during the quarter, compared to analysts’ expectations 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 for the quarter was down 22.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.16 earnings per share. On average, sell-side analysts anticipate that IPG Photonics Co. will post 1.53 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Benchmark reissued a “hold” rating on shares of IPG Photonics in a report on Wednesday, October 30th. Needham & Company LLC reiterated a “hold” rating on shares of IPG Photonics in a report on Wednesday, October 30th. Raymond James reduced their price target on shares of IPG Photonics from $127.00 to $100.00 and set a “strong-buy” rating for the company in a research report on Wednesday, July 31st. Finally, Stifel Nicolaus cut their price target on IPG Photonics from $115.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, IPG Photonics currently has an average rating of “Hold” and a consensus price target of $93.50.

Get Our Latest Stock Analysis on IPGP

IPG Photonics Company Profile

(Free Report)

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.

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