Victory Capital Management Inc. Trims Position in IPG Photonics Co. (NASDAQ:IPGP)

Victory Capital Management Inc. lessened its position in shares of IPG Photonics Co. (NASDAQ:IPGP) by 5.0% in the second quarter, Holdings Channel reports. The fund owned 5,820 shares of the semiconductor company’s stock after selling 309 shares during the quarter. Victory Capital Management Inc.’s holdings in IPG Photonics were worth $491,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of IPGP. Norges Bank bought a new stake in IPG Photonics during the fourth quarter valued at about $36,365,000. M&G Plc bought a new stake in IPG Photonics during the first quarter valued at about $15,929,000. Artisan Partners Limited Partnership bought a new stake in IPG Photonics during the fourth quarter valued at about $16,035,000. Invenomic Capital Management LP grew its holdings in IPG Photonics by 123.5% during the fourth quarter. Invenomic Capital Management LP now owns 216,978 shares of the semiconductor company’s stock valued at $23,551,000 after purchasing an additional 119,900 shares during the period. Finally, Motley Fool Asset Management LLC grew its holdings in IPG Photonics by 602.2% during the first quarter. Motley Fool Asset Management LLC now owns 87,928 shares of the semiconductor company’s stock valued at $7,974,000 after purchasing an additional 75,407 shares during the period. Institutional investors own 93.79% of the company’s stock.

IPG Photonics Stock Down 0.9 %

NASDAQ IPGP opened at $70.25 on Monday. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of 18.11 and a beta of 1.00. The business has a 50-day moving average price of $72.92 and a 200-day moving average price of $81.93. IPG Photonics Co. has a twelve month low of $61.86 and a twelve month high of $111.11.

IPG Photonics (NASDAQ:IPGP) last posted its earnings results on Tuesday, July 30th. The semiconductor company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.03). The firm had revenue of $257.60 million during the quarter, compared to analysts’ expectations of $259.31 million. IPG Photonics had a return on equity of 5.99% and a net margin of 12.67%. IPG Photonics’s quarterly revenue was down 24.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.31 earnings per share. Research analysts expect that IPG Photonics Co. will post 1.38 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Raymond James cut their price target on IPG Photonics from $127.00 to $100.00 and set a “strong-buy” rating for the company in a report on Wednesday, July 31st. Benchmark lowered IPG Photonics from a “buy” rating to a “hold” rating in a report on Wednesday, July 31st. Finally, Stifel Nicolaus dropped their price objective on IPG Photonics from $115.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, IPG Photonics presently has an average rating of “Hold” and a consensus target price of $93.40.

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.