Texas Permanent School Fund Corp Lowers Holdings in IPG Photonics Co. (NASDAQ:IPGP)

Texas Permanent School Fund Corp reduced its stake in shares of IPG Photonics Co. (NASDAQ:IPGP) by 14.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,124 shares of the semiconductor company’s stock after selling 3,747 shares during the period. Texas Permanent School Fund Corp’s holdings in IPG Photonics were worth $1,867,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Fiera Capital Corp raised its stake in IPG Photonics by 0.9% during the second quarter. Fiera Capital Corp now owns 22,541 shares of the semiconductor company’s stock worth $1,902,000 after purchasing an additional 193 shares during the period. Waterfront Wealth Inc. boosted its holdings in IPG Photonics by 30.8% in the second quarter. Waterfront Wealth Inc. now owns 11,844 shares of the semiconductor company’s stock valued at $1,000,000 after acquiring an additional 2,791 shares during the last quarter. Commonwealth Equity Services LLC grew its position in IPG Photonics by 4.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,937 shares of the semiconductor company’s stock valued at $585,000 after acquiring an additional 278 shares during the period. Innealta Capital LLC purchased a new stake in IPG Photonics during the second quarter valued at about $85,000. Finally, Bank of New York Mellon Corp increased its stake in IPG Photonics by 26.4% during the second quarter. Bank of New York Mellon Corp now owns 303,113 shares of the semiconductor company’s stock worth $25,580,000 after acquiring an additional 63,369 shares during the last quarter. 93.79% of the stock is currently owned by hedge funds and other institutional investors.

IPG Photonics Stock Up 0.1 %

NASDAQ IPGP opened at $68.81 on Wednesday. The stock has a market cap of $3.14 billion, a PE ratio of 17.73 and a beta of 1.00. The business has a 50 day moving average price of $74.31 and a two-hundred day moving average price of $82.44. IPG Photonics Co. has a fifty-two week low of $61.86 and a fifty-two week high of $111.11.

IPG Photonics (NASDAQ:IPGP) last announced its earnings results on Tuesday, July 30th. The semiconductor company reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.03). The business had revenue of $257.60 million for 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%. The firm’s revenue was down 24.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.31 earnings per share. Sell-side analysts anticipate that IPG Photonics Co. will post 1.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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