IPG Photonics Corporation (NASDAQ:IPGP) Holdings Cut by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management Inc. reduced its stake in IPG Photonics by 38.2% during the 1st quarter, now holding 26,663 shares valued at approximately $1.68 million.
• Wall Street analysts have mixed opinions on IPG Photonics, with a consensus rating of "Hold" and a target price averaging around $69.50.
• IPG Photonics reported earnings of $0.31 per share, exceeding expectations, but its revenue of $227.79 million marked a 9.6% decrease compared to the same period last year.

Envestnet Asset Management Inc. trimmed its stake in shares of IPG Photonics Corporation (NASDAQ:IPGP - Free Report) by 38.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,663 shares of the semiconductor company's stock after selling 16,449 shares during the quarter. Envestnet Asset Management Inc. owned about 0.06% of IPG Photonics worth $1,683,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. American Century Companies Inc. raised its stake in shares of IPG Photonics by 1,076.7% during the 4th quarter. American Century Companies Inc. now owns 93,866 shares of the semiconductor company's stock worth $6,826,000 after buying an additional 85,889 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in IPG Photonics during the 4th quarter valued at about $465,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in IPG Photonics by 17.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,172 shares of the semiconductor company's stock valued at $376,000 after acquiring an additional 776 shares in the last quarter. Norges Bank purchased a new position in shares of IPG Photonics during the 4th quarter worth approximately $5,630,000. Finally, Alliancebernstein L.P. raised its position in shares of IPG Photonics by 88.8% during the 4th quarter. Alliancebernstein L.P. now owns 70,813 shares of the semiconductor company's stock worth $5,150,000 after purchasing an additional 33,313 shares during the last quarter. 93.79% of the stock is currently owned by hedge funds and other institutional investors.

IPG Photonics Price Performance

NASDAQ IPGP traded up $0.33 during trading hours on Friday, hitting $75.22. The company had a trading volume of 216,742 shares, compared to its average volume of 189,336. The firm's 50 day moving average is $71.01 and its 200 day moving average is $65.72. The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of -16.32, a P/E/G ratio of 12.12 and a beta of 0.88. IPG Photonics Corporation has a fifty-two week low of $48.59 and a fifty-two week high of $88.50.

IPG Photonics (NASDAQ:IPGP - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.10. The firm had revenue of $227.79 million during the quarter, compared to analysts' expectations of $227.00 million. IPG Photonics had a positive return on equity of 2.56% and a negative net margin of 21.18%. IPG Photonics's quarterly revenue was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 EPS. On average, equities analysts anticipate that IPG Photonics Corporation will post 1.54 EPS for the current year.

IPG Photonics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.8%.

Analyst Upgrades and Downgrades

IPGP has been the subject of several recent analyst reports. Wall Street Zen raised shares of IPG Photonics from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Raymond James Financial lowered their price objective on IPG Photonics from $80.00 to $70.00 and set a "strong-buy" rating for the company in a research report on Wednesday, May 7th. Finally, Stifel Nicolaus set a $72.00 target price on IPG Photonics in a research report on Monday, April 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $69.50.

IPG Photonics 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.