Wedge Capital Management L L P NC Sells 7,070 Shares of IPG Photonics Co. (NASDAQ:IPGP)

Wedge Capital Management L L P NC cut its holdings in shares of IPG Photonics Co. (NASDAQ:IPGP - Free Report) by 13.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,096 shares of the semiconductor company's stock after selling 7,070 shares during the period. Wedge Capital Management L L P NC owned about 0.10% of IPG Photonics worth $2,784,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Barclays PLC raised its holdings in IPG Photonics by 42.5% during the 3rd quarter. Barclays PLC now owns 38,787 shares of the semiconductor company's stock worth $2,883,000 after purchasing an additional 11,562 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in IPG Photonics by 5.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 369,620 shares of the semiconductor company's stock worth $26,879,000 after purchasing an additional 19,307 shares during the last quarter. Fisher Asset Management LLC raised its holdings in IPG Photonics by 30.1% during the 4th quarter. Fisher Asset Management LLC now owns 249,830 shares of the semiconductor company's stock worth $18,168,000 after purchasing an additional 57,780 shares during the last quarter. Pacific Heights Asset Management LLC raised its holdings in IPG Photonics by 375.0% during the 4th quarter. Pacific Heights Asset Management LLC now owns 304,000 shares of the semiconductor company's stock worth $22,107,000 after purchasing an additional 240,000 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in 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 purchasing an additional 85,889 shares during the last quarter. 93.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on IPGP. Citigroup lowered their price target on shares of IPG Photonics from $62.00 to $60.00 and set a "sell" rating for the company in a report on Tuesday, February 18th. Wall Street Zen upgraded shares of IPG Photonics from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. 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 research note on Tuesday, March 18th. Stifel Nicolaus set a $72.00 price objective on shares of IPG Photonics in a research note on Monday, April 28th. Finally, Raymond James lowered their price objective on shares of IPG Photonics from $80.00 to $70.00 and set a "strong-buy" rating for the company in a research note on Wednesday, May 7th. One 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. Based on data from MarketBeat.com, IPG Photonics has an average rating of "Hold" and an average target price of $69.50.

IPG Photonics Price Performance

Shares of NASDAQ:IPGP traded down $2.28 during mid-day trading on Friday, hitting $65.91. The company had a trading volume of 161,275 shares, compared to its average volume of 294,921. The company has a market capitalization of $2.80 billion, a PE ratio of -15.77 and a beta of 0.90. The firm has a fifty day moving average price of $61.59 and a 200 day moving average price of $66.49. IPG Photonics Co. has a one year low of $48.59 and a one year high of $92.21.

IPG Photonics (NASDAQ:IPGP - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $0.31 EPS for the quarter, beating analysts' consensus estimates of $0.21 by $0.10. The business had revenue of $227.79 million during the quarter, compared to analyst estimates of $227.00 million. IPG Photonics had a negative net margin of 18.58% and a positive return on equity of 2.98%. IPG Photonics's quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 EPS. Research analysts expect that IPG Photonics Co. will post 1.54 earnings per share for the current fiscal year.

IPG Photonics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.00%.

About IPG Photonics

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.