IPG Photonics (NASDAQ:IPGP) Shares Gap Up on Strong Earnings

IPG Photonics Co. (NASDAQ:IPGP) shares gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $79.27, but opened at $81.65. IPG Photonics shares last traded at $85.83, with a volume of 75,028 shares traded.

The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.10. IPG Photonics had a net margin of 12.67% and a return on equity of 5.99%. The business had revenue of $233.14 million for the quarter, compared to the consensus estimate of $227.89 million. During the same period in the previous year, the firm earned $1.16 EPS. The company’s quarterly revenue was down 22.6% compared to the same quarter last year.

Analyst Ratings Changes

Several analysts have commented on the stock. Stifel Nicolaus lowered their price objective on shares of IPG Photonics from $115.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Raymond James lowered their target price on IPG Photonics from $127.00 to $100.00 and set a “strong-buy” rating for the company in a research note on Wednesday, July 31st. Needham & Company LLC reaffirmed a “hold” rating on shares of IPG Photonics in a research note on Wednesday. Finally, Benchmark reissued a “hold” rating on shares of IPG Photonics in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $93.50.

Institutional Trading of IPG Photonics

Several hedge funds and other institutional investors have recently made changes to their positions in IPGP. Crewe Advisors LLC bought a new stake in IPG Photonics in the first quarter worth $52,000. Innealta Capital LLC bought a new position in IPG Photonics in the 2nd quarter worth about $85,000. Covestor Ltd grew its position in IPG Photonics by 94.2% during the 1st quarter. Covestor Ltd now owns 1,728 shares of the semiconductor company’s stock valued at $157,000 after purchasing an additional 838 shares during the last quarter. EntryPoint Capital LLC grew its position in IPG Photonics by 97.6% during the 1st quarter. EntryPoint Capital LLC now owns 1,964 shares of the semiconductor company’s stock valued at $178,000 after purchasing an additional 970 shares during the last quarter. Finally, CWM LLC increased its stake in IPG Photonics by 226.4% during the 3rd quarter. CWM LLC now owns 2,435 shares of the semiconductor company’s stock valued at $181,000 after purchasing an additional 1,689 shares in the last quarter. Hedge funds and other institutional investors own 93.79% of the company’s stock.

IPG Photonics Stock Down 2.0 %

The firm’s fifty day simple moving average is $71.44 and its 200-day simple moving average is $79.23. The firm has a market capitalization of $3.80 billion, a PE ratio of 21.47 and a beta of 1.00.

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.