Envestnet Asset Management Inc. Sells 16,449 Shares of IPG Photonics Corporation (NASDAQ:IPGP)

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. reduced its position in IPG Photonics Corporation (NASDAQ:IPGP - Free Report) by 38.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,663 shares of the semiconductor company's stock after selling 16,449 shares during the period. Envestnet Asset Management Inc. owned about 0.06% of IPG Photonics worth $1,683,000 at the end of the most recent quarter.

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

IPG Photonics Stock Up 0.4%

NASDAQ IPGP traded up $0.33 during trading on Friday, hitting $75.22. The company's stock had a trading volume of 216,742 shares, compared to its average volume of 189,336. IPG Photonics Corporation has a 52 week low of $48.59 and a 52 week high of $88.50. The firm has a market cap of $3.20 billion, a P/E ratio of -16.32, a price-to-earnings-growth ratio of 12.07 and a beta of 0.88. The firm has a 50 day moving average price of $71.01 and a 200 day moving average price of $65.77.

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

IPG Photonics Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Raymond James Financial reduced their price target 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. Wall Street Zen upgraded IPG Photonics from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. Finally, Stifel Nicolaus set a $72.00 price target on IPG Photonics in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $69.50.

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.