Pinnacle Associates Ltd. Reduces Stock Position in IPG Photonics Corporation (NASDAQ:IPGP)

Key Points

• Pinnacle Associates Ltd. reduced its stake in IPG Photonics Corporation by 6.4%, now holding 98,253 shares valued at approximately $6.2 million.
• IPG Photonics reported an earnings per share (EPS) of $0.31 for the last quarter, exceeding analysts' expectations of $0.21, despite a revenue decline of 9.6% year-over-year.
• IPG Photonics declared a quarterly dividend of $0.33 per share, representing an annualized dividend yield of 1.69%.

Pinnacle Associates Ltd. decreased its holdings in shares of IPG Photonics Corporation (NASDAQ:IPGP - Free Report) by 6.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 98,253 shares of the semiconductor company's stock after selling 6,667 shares during the quarter. Pinnacle Associates Ltd. owned about 0.23% of IPG Photonics worth $6,204,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of IPGP. Dimensional Fund Advisors LP grew its holdings in IPG Photonics by 14.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,352,246 shares of the semiconductor company's stock worth $98,335,000 after acquiring an additional 173,584 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of IPG Photonics by 65.1% in the 4th quarter. Ameriprise Financial Inc. now owns 298,845 shares of the semiconductor company's stock worth $21,732,000 after purchasing an additional 117,846 shares during the period. First Trust Advisors LP boosted its stake in shares of IPG Photonics by 35.1% during the fourth quarter. First Trust Advisors LP now owns 343,208 shares of the semiconductor company's stock valued at $24,958,000 after purchasing an additional 89,237 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of IPG Photonics by 1,076.7% during the fourth quarter. American Century Companies Inc. now owns 93,866 shares of the semiconductor company's stock valued at $6,826,000 after purchasing an additional 85,889 shares in the last quarter. Finally, Sora Investors LLC boosted its stake in shares of IPG Photonics by 94.8% during the fourth quarter. Sora Investors LLC now owns 165,611 shares of the semiconductor company's stock valued at $12,043,000 after purchasing an additional 80,611 shares in the last quarter. Hedge funds and other institutional investors own 93.79% of the company's stock.

IPG Photonics Price Performance

Shares of IPGP stock traded up $2.43 during trading hours on Friday, reaching $78.03. 234,415 shares of the stock were exchanged, compared to its average volume of 189,929. The business's fifty day moving average is $69.85 and its two-hundred day moving average is $65.57. IPG Photonics Corporation has a 12-month low of $48.59 and a 12-month high of $88.78. The firm has a market capitalization of $3.32 billion, a P/E ratio of -16.93, a P/E/G ratio of 12.57 and a beta of 0.90.

IPG Photonics (NASDAQ:IPGP - Get Free Report) last announced 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. The firm had revenue of $227.79 million during the quarter, compared to the consensus estimate of $227.00 million. IPG Photonics had a positive return on equity of 2.56% and a negative net margin of 21.18%. The firm's quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.52 earnings per share. As a group, equities research analysts predict that IPG Photonics Corporation will post 1.54 earnings per share for the current fiscal year.

IPG Photonics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.69%.

Wall Street Analyst Weigh In

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