Pacific Heights Asset Management LLC Sells 239,000 Shares of IPG Photonics Corporation (NASDAQ:IPGP)

Pacific Heights Asset Management LLC reduced its position in shares of IPG Photonics Corporation (NASDAQ:IPGP - Free Report) by 78.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 65,000 shares of the semiconductor company's stock after selling 239,000 shares during the quarter. Pacific Heights Asset Management LLC owned approximately 0.15% of IPG Photonics worth $4,104,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in IPGP. Teacher Retirement System of Texas purchased a new position in shares of IPG Photonics in the first quarter valued at about $241,000. Retirement Systems of Alabama raised its holdings in shares of IPG Photonics by 20.5% during the first quarter. Retirement Systems of Alabama now owns 215,573 shares of the semiconductor company's stock valued at $13,611,000 after acquiring an additional 36,648 shares in the last quarter. Schaper Benz & Wise Investment Counsel Inc. WI lifted its stake in IPG Photonics by 3.3% in the first quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 78,501 shares of the semiconductor company's stock worth $4,957,000 after acquiring an additional 2,505 shares during the period. Exchange Traded Concepts LLC lifted its stake in IPG Photonics by 19.6% in the first quarter. Exchange Traded Concepts LLC now owns 272,454 shares of the semiconductor company's stock worth $17,203,000 after acquiring an additional 44,712 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in IPG Photonics by 194.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,568 shares of the semiconductor company's stock valued at $794,000 after acquiring an additional 8,294 shares in the last quarter. Hedge funds and other institutional investors own 93.79% of the company's stock.

IPG Photonics Stock Up 0.3%

Shares of IPGP stock traded up $0.21 during mid-day trading on Friday, reaching $73.59. 139,283 shares of the company's stock traded hands, compared to its average volume of 292,478. The company's 50-day moving average price is $66.01 and its 200-day moving average price is $65.60. The company has a market cap of $3.13 billion, a P/E ratio of -15.96, a P/E/G ratio of 11.86 and a beta of 0.90. IPG Photonics Corporation has a 12 month low of $48.59 and a 12 month high of $92.21.

IPG Photonics (NASDAQ:IPGP - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, beating 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 company had revenue of $227.79 million during the quarter, compared to analysts' expectations of $227.00 million. During the same period last year, the company posted $0.52 EPS. IPG Photonics's revenue was down 9.6% on a year-over-year basis. Equities analysts predict that IPG Photonics Corporation will post 1.54 earnings per share for the current year.

IPG Photonics Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.79%.

Analyst Upgrades and Downgrades

IPGP has been the subject of several research reports. CL King upgraded shares of IPG Photonics from a "neutral" rating to a "buy" rating and set a $76.00 price objective for the company in a report on Tuesday, March 18th. Stifel Nicolaus set a $72.00 price target on shares of IPG Photonics in a research report on Monday, April 28th. Wall Street Zen raised shares of IPG Photonics from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, Raymond James Financial cut their price objective on IPG Photonics from $80.00 to $70.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price 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.