IPG Photonics (NASDAQ:IPGP) Hits New 52-Week High Following Analyst Upgrade

IPG Photonics Corporation (NASDAQ:IPGP) hit a new 52-week high during trading on Wednesday after Citigroup upgraded the stock from a sell rating to a buy rating. Citigroup now has a $105.00 price target on the stock. IPG Photonics traded as high as $90.92 and last traded at $87.4650, with a volume of 36154 shares trading hands. The stock had previously closed at $84.00.

Several other equities research analysts have also weighed in on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of IPG Photonics in a research note on Wednesday, October 8th. Stifel Nicolaus set a $92.00 price objective on IPG Photonics in a research note on Tuesday. Wall Street Zen upgraded IPG Photonics from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Roth Capital set a $96.00 price target on IPG Photonics and gave the stock a “buy” rating in a research report on Monday, October 6th. Finally, Sanford C. Bernstein upgraded IPG Photonics from a “market perform” rating to an “outperform” rating and set a $97.00 price target on the stock in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, IPG Photonics has a consensus rating of “Moderate Buy” and a consensus target price of $89.33.

Insiders Place Their Bets

In other IPG Photonics news, major shareholder Valentin Gapontsev Trust I sold 52,320 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $80.71, for a total value of $4,222,747.20. Following the transaction, the insider directly owned 7,073,279 shares in the company, valued at approximately $570,884,348.09. This trade represents a 0.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Fibre Devices Ltd Ip sold 35,000 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $82.10, for a total value of $2,873,500.00. Following the completion of the transaction, the insider owned 6,849,837 shares in the company, valued at $562,371,617.70. The trade was a 0.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 274,630 shares of company stock worth $22,881,519 over the last quarter. Corporate insiders own 39.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. True Wealth Design LLC boosted its position in IPG Photonics by 1,621.7% in the 2nd quarter. True Wealth Design LLC now owns 396 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 373 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of IPG Photonics by 51.1% in the 3rd quarter. Versant Capital Management Inc now owns 343 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 116 shares during the period. Nomura Asset Management Co. Ltd. lifted its stake in shares of IPG Photonics by 207.1% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 290 shares during the period. Larson Financial Group LLC acquired a new position in shares of IPG Photonics in the 1st quarter valued at $39,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of IPG Photonics by 348.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 744 shares of the semiconductor company’s stock valued at $51,000 after purchasing an additional 578 shares during the period. 93.79% of the stock is currently owned by institutional investors.

IPG Photonics Trading Up 4.0%

The company has a market cap of $3.69 billion, a price-to-earnings ratio of -17.85, a P/E/G ratio of 23.95 and a beta of 1.04. The stock has a 50 day moving average price of $83.36 and a two-hundred day moving average price of $74.45.

IPG Photonics (NASDAQ:IPGP) last issued its quarterly earnings data on Tuesday, August 5th. The semiconductor company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.10 by $0.20. IPG Photonics had a positive return on equity of 2.25% and a negative net margin of 22.77%.The business had revenue of $250.72 million for the quarter, compared to the consensus estimate of $228.20 million. During the same quarter last year, the business posted $0.45 EPS. The firm’s revenue was down 2.7% compared to the same quarter last year. On average, equities analysts forecast that IPG Photonics Corporation will post 1.54 EPS for the current fiscal year.

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.