IPG Photonics (NASDAQ:IPGP) Posts Earnings Results, Beats Expectations By $0.04 EPS

IPG Photonics (NASDAQ:IPGP - Get Free Report) issued its earnings results on Tuesday. The semiconductor company reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.48 by $0.04, Briefing.com reports. The company had revenue of $252.00 million for the quarter, compared to analysts' expectations of $255.53 million. IPG Photonics had a net margin of 17.00% and a return on equity of 9.18%. The firm's revenue was down 27.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.26 earnings per share. IPG Photonics updated its Q2 guidance to $0.30-0.60 EPS and its Q2 2024 guidance to 0.300-0.600 EPS.

IPG Photonics Stock Performance

Shares of NASDAQ IPGP traded down $0.43 during mid-day trading on Wednesday, hitting $83.55. 322,895 shares of the stock were exchanged, compared to its average volume of 294,846. IPG Photonics has a twelve month low of $80.33 and a twelve month high of $141.85. The stock's fifty day simple moving average is $87.72 and its two-hundred day simple moving average is $94.15. The company has a market cap of $3.85 billion, a P/E ratio of 18.12, a PEG ratio of 17.53 and a beta of 1.19.

IPG Photonics declared that its board has initiated a stock buyback program on Tuesday, February 13th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the semiconductor company to buy up to 7.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on IPGP. Seaport Res Ptn reissued a "buy" rating on shares of IPG Photonics in a report on Thursday, January 25th. StockNews.com cut shares of IPG Photonics from a "buy" rating to a "hold" rating in a report on Saturday, February 17th. Benchmark dropped their target price on shares of IPG Photonics from $116.00 to $106.00 and set a "buy" rating on the stock in a report on Wednesday. Stifel Nicolaus dropped their price objective on shares of IPG Photonics from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, February 14th. Finally, Citigroup cut shares of IPG Photonics from a "neutral" rating to a "sell" rating and dropped their price objective for the stock from $111.00 to $74.00 in a report on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $111.60.

Insider Activity

In other news, major shareholder Valentin Gapontsev Trust I sold 10,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $89.56, for a total transaction of $895,600.00. Following the sale, the insider now directly owns 7,209,599 shares of the company's stock, valued at $645,691,686.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other IPG Photonics news, major shareholder Valentin Gapontsev Trust I sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $89.56, for a total value of $895,600.00. Following the transaction, the insider now directly owns 7,209,599 shares of the company's stock, valued at $645,691,686.44. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Eric Meurice sold 788 shares of the firm's stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $89.30, for a total transaction of $70,368.40. Following the completion of the transaction, the director now directly owns 16,491 shares in the company, valued at $1,472,646.30. The disclosure for this sale can be found here. Insiders have sold 29,788 shares of company stock valued at $2,595,508 over the last three months. 33.50% of the stock is owned by insiders.

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.