Parametrica Management Ltd Acquires New Stake in IPG Photonics Corp. (IPGP)
Parametrica Management Ltd purchased a new position in shares of IPG Photonics Corp. (NASDAQ:IPGP) during the second quarter, Holdings Channel reports. The institutional investor purchased 4,269 shares of the company’s stock, valued at approximately $342,000.
Several other large investors have also recently modified their holdings of IPGP. BlackRock Institutional Trust Company N.A. increased its stake in shares of IPG Photonics Corp. by 0.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,029,954 shares of the company’s stock worth $98,958,000 after buying an additional 8,359 shares during the period. State Street Corp raised its position in IPG Photonics Corp. by 1.7% in the first quarter. State Street Corp now owns 953,583 shares of the company’s stock worth $91,622,000 after buying an additional 15,696 shares in the last quarter. Royce & Associates LP raised its position in IPG Photonics Corp. by 135.1% in the first quarter. Royce & Associates LP now owns 850,914 shares of the company’s stock worth $81,756,000 after buying an additional 489,030 shares in the last quarter. Geode Capital Management LLC raised its position in IPG Photonics Corp. by 5.0% in the first quarter. Geode Capital Management LLC now owns 237,334 shares of the company’s stock worth $22,803,000 after buying an additional 11,364 shares in the last quarter. Finally, Provident Investment Management Inc. raised its position in IPG Photonics Corp. by 2.2% in the first quarter. Provident Investment Management Inc. now owns 224,769 shares of the company’s stock worth $21,596,000 after buying an additional 4,750 shares in the last quarter. Institutional investors and hedge funds own 59.45% of the company’s stock.
IPG Photonics Corp. (NASDAQ:IPGP) traded down 1.60% during mid-day trading on Friday, hitting $81.11. The stock had a trading volume of 266,126 shares. The firm has a market cap of $4.31 billion, a P/E ratio of 18.10 and a beta of 2.28. IPG Photonics Corp. has a 1-year low of $70.21 and a 1-year high of $102.90. The stock has a 50 day moving average of $85.17 and a 200-day moving average of $86.96.
IPG Photonics Corp. (NASDAQ:IPGP) last posted its quarterly earnings results on Thursday, July 28th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.19 by $0.06. The firm earned $252.80 million during the quarter, compared to analysts’ expectations of $243.79 million. IPG Photonics Corp. had a return on equity of 18.29% and a net margin of 25.87%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.15 EPS. Analysts predict that IPG Photonics Corp. will post $4.62 EPS for the current fiscal year.
IPGP has been the subject of a number of analyst reports. Zacks Investment Research upgraded IPG Photonics Corp. from a “sell” rating to a “hold” rating in a research report on Friday, June 24th. Canaccord Genuity upgraded IPG Photonics Corp. from a “hold” rating to a “buy” rating and boosted their price objective for the company from $85.00 to $90.00 in a research report on Wednesday, June 29th. They noted that the move was a valuation call. Needham & Company LLC restated a “buy” rating and set a $96.00 price objective (down previously from $98.00) on shares of IPG Photonics Corp. in a research report on Monday, August 1st. Summit Redstone restated a “buy” rating on shares of IPG Photonics Corp. in a research report on Thursday, July 28th. Finally, Credit Agricole SA restated an “outperform” rating and set a $92.00 price objective on shares of IPG Photonics Corp. in a research report on Tuesday, September 13th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $97.00.
In other news, major shareholder Valentin Gapontsev Trust I sold 22,000 shares of the stock in a transaction that occurred on Thursday, June 30th. The stock was sold at an average price of $80.07, for a total value of $1,761,540.00. Following the completion of the transaction, the insider now directly owns 7,621,999 shares of the company’s stock, valued at approximately $610,293,459.93. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Catherine P. Lego bought 3,000 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The stock was bought at an average cost of $83.12 per share, with a total value of $249,360.00. Following the completion of the acquisition, the director now owns 3,012 shares in the company, valued at approximately $250,357.44. The disclosure for this purchase can be found here. 34.20% of the stock is owned by insiders.
About IPG Photonics Corp.
IPG Photonics Corporation is engaged in the design, development, production and distribution of fiber lasers, laser systems, fiber amplifiers and related optical components. The Company offers a line of lasers and amplifiers, which are used in materials processing, advanced communications and medical applications.
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