Citigroup Lowers IPG Photonics (NASDAQ:IPGP) Price Target to $68.00

IPG Photonics (NASDAQ:IPGP) had its price target trimmed by Citigroup from $74.00 to $68.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a sell rating on the semiconductor company’s stock.

IPGP has been the subject of several other research reports. Seaport Res Ptn reissued a buy rating on shares of IPG Photonics in a research note on Thursday, January 25th. Needham & Company LLC restated a hold rating on shares of IPG Photonics in a report on Wednesday, May 1st. StockNews.com cut shares of IPG Photonics from a buy rating to a hold rating in a report on Saturday, February 17th. Benchmark cut their target price on IPG Photonics from $116.00 to $106.00 and set a buy rating on the stock in a report on Wednesday, May 1st. Finally, Stifel Nicolaus decreased their price target on IPG Photonics from $130.00 to $115.00 and set a buy rating for the company in a research note on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $110.40.

IPG Photonics Stock Performance

Shares of IPGP opened at $86.76 on Thursday. IPG Photonics has a 52 week low of $80.33 and a 52 week high of $141.85. The company has a market capitalization of $3.95 billion, a PE ratio of 22.36, a PEG ratio of 19.82 and a beta of 1.17. The company’s 50 day moving average price is $87.69 and its 200 day moving average price is $93.96.

IPG Photonics (NASDAQ:IPGP) last posted its quarterly earnings results on Tuesday, April 30th. The semiconductor company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. The business had revenue of $252.00 million for the quarter, compared to the consensus estimate of $255.53 million. IPG Photonics had a net margin of 15.34% and a return on equity of 7.67%. IPG Photonics’s revenue for the quarter was down 27.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.26 earnings per share. On average, equities analysts forecast that IPG Photonics will post 2.81 earnings per share for the current fiscal year.

IPG Photonics announced that its board has authorized a stock repurchase plan on Tuesday, February 13th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the semiconductor company to repurchase up to 7.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at IPG Photonics

In related news, Director Eric Meurice sold 788 shares of the company’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $89.30, for a total transaction of $70,368.40. Following the completion of the transaction, the director now directly owns 16,491 shares in the company, valued at approximately $1,472,646.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, major shareholder Valentin Gapontsev Trust I sold 10,000 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $89.56, for a total value of $895,600.00. Following the completion of the transaction, the insider now directly owns 7,209,599 shares in the company, valued at $645,691,686.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric Meurice sold 788 shares of IPG Photonics stock in a transaction on Monday, April 29th. The stock was sold at an average price of $89.30, for a total transaction of $70,368.40. Following the sale, the director now owns 16,491 shares in the company, valued at approximately $1,472,646.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,788 shares of company stock worth $2,595,508. Insiders own 37.10% of the company’s stock.

Institutional Trading of IPG Photonics

Several institutional investors have recently made changes to their positions in IPGP. Raymond James & Associates bought a new stake in shares of IPG Photonics in the 3rd quarter valued at approximately $314,000. Ardevora Asset Management LLP lifted its holdings in shares of IPG Photonics by 19.6% during the third quarter. Ardevora Asset Management LLP now owns 172,038 shares of the semiconductor company’s stock valued at $17,469,000 after acquiring an additional 28,238 shares during the period. Verdence Capital Advisors LLC boosted its stake in shares of IPG Photonics by 4.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 3,264 shares of the semiconductor company’s stock valued at $331,000 after purchasing an additional 150 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of IPG Photonics by 7.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,417 shares of the semiconductor company’s stock worth $652,000 after buying an additional 462 shares in the last quarter. Finally, Strs Ohio raised its position in IPG Photonics by 49.6% in the 3rd quarter. Strs Ohio now owns 17,071 shares of the semiconductor company’s stock valued at $1,733,000 after purchasing an additional 5,659 shares during the last quarter. 93.79% of the stock is currently owned by institutional investors and hedge funds.

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.