Amalgamated Bank Cuts Stake in IPG Photonics Co. (NASDAQ:IPGP)

Amalgamated Bank lowered its stake in IPG Photonics Co. (NASDAQ:IPGP) by 29.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 12,604 shares of the semiconductor company’s stock after selling 5,342 shares during the quarter. Amalgamated Bank’s holdings in IPG Photonics were worth $937,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of IPGP. Crewe Advisors LLC purchased a new position in IPG Photonics in the 1st quarter worth approximately $52,000. Innealta Capital LLC acquired a new position in shares of IPG Photonics during the second quarter worth $85,000. Covestor Ltd boosted its stake in shares of IPG Photonics by 94.2% in the first 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 period. EntryPoint Capital LLC grew its holdings 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 in the last quarter. Finally, CWM LLC grew its holdings 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. 93.79% of the stock is currently owned by hedge funds and other institutional investors.

IPG Photonics Stock Down 1.7 %

Shares of NASDAQ:IPGP opened at $75.06 on Friday. The company has a market cap of $3.25 billion, a PE ratio of -21.63 and a beta of 0.98. IPG Photonics Co. has a fifty-two week low of $61.86 and a fifty-two week high of $111.11. The firm has a 50-day simple moving average of $74.49 and a 200 day simple moving average of $78.95.

IPG Photonics (NASDAQ:IPGP) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.19 by $0.10. The company had revenue of $233.14 million during the quarter, compared to analyst estimates of $227.89 million. IPG Photonics had a positive return on equity of 4.32% and a negative net margin of 14.20%. The business’s revenue was down 22.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.16 earnings per share. As a group, research analysts forecast that IPG Photonics Co. will post 1.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on IPGP. Benchmark restated a “hold” rating on shares of IPG Photonics in a research note on Wednesday, October 30th. Stifel Nicolaus lowered 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. Raymond James cut their target price on IPG Photonics from $127.00 to $100.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, July 31st. Finally, Needham & Company LLC reissued a “hold” rating on shares of IPG Photonics in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $93.50.

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.