Pinnacle Associates Ltd. Sells 6,667 Shares of 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. cut its holdings in shares of IPG Photonics Corporation (NASDAQ:IPGP - Free Report) by 6.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 98,253 shares of the semiconductor company's stock after selling 6,667 shares during the period. Pinnacle Associates Ltd. owned approximately 0.23% of IPG Photonics worth $6,204,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Allianz Asset Management GmbH boosted its position in IPG Photonics by 33.3% in the first quarter. Allianz Asset Management GmbH now owns 93,649 shares of the semiconductor company's stock worth $5,913,000 after purchasing an additional 23,372 shares during the last quarter. Larson Financial Group LLC purchased a new position in IPG Photonics in the first quarter worth about $39,000. Edgestream Partners L.P. boosted its position in IPG Photonics by 92.6% in the first quarter. Edgestream Partners L.P. now owns 38,449 shares of the semiconductor company's stock worth $2,428,000 after purchasing an additional 18,490 shares during the last quarter. CWM LLC boosted its position in IPG Photonics by 495.1% in the first quarter. CWM LLC now owns 15,258 shares of the semiconductor company's stock worth $963,000 after purchasing an additional 12,694 shares during the last quarter. Finally, Cerity Partners LLC boosted its position in IPG Photonics by 173.9% in the first quarter. Cerity Partners LLC now owns 8,299 shares of the semiconductor company's stock worth $524,000 after purchasing an additional 5,269 shares during the last quarter. 93.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Stifel Nicolaus set a $72.00 target price on IPG Photonics in a research report on Monday, April 28th. Raymond James Financial lowered 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. Finally, Wall Street Zen raised IPG Photonics from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. One equities 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 assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $69.50.

IPG Photonics Trading Up 1.5%

NASDAQ:IPGP traded up $1.19 during midday trading on Monday, hitting $79.22. 30,946 shares of the company traded hands, compared to its average volume of 305,680. The firm's fifty day moving average is $69.85 and its 200-day moving average is $65.52. The firm has a market capitalization of $3.37 billion, a P/E ratio of -17.16, a P/E/G ratio of 12.57 and a beta of 0.90. IPG Photonics Corporation has a 12-month low of $48.59 and a 12-month high of $88.78.

IPG Photonics (NASDAQ:IPGP - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.21 by $0.10. The company had revenue of $227.79 million for 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%. IPG Photonics's quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.52 EPS. On average, research analysts expect that IPG Photonics Corporation will post 1.54 EPS for the current fiscal year.

IPG Photonics Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.67%.

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.