Washington Capital Management Inc. Invests $483,000 in IPG Photonics Co. (NASDAQ:IPGP)

Washington Capital Management Inc. purchased a new stake in shares of IPG Photonics Co. (NASDAQ:IPGP) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 6,500 shares of the semiconductor company’s stock, valued at approximately $483,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Swedbank AB bought a new position in shares of IPG Photonics in the first quarter worth $2,687,000. Partnership Wealth Management LLC increased its position in shares of IPG Photonics by 382.7% during the first quarter. Partnership Wealth Management LLC now owns 17,561 shares of the semiconductor company’s stock valued at $1,593,000 after buying an additional 13,923 shares during the period. M&G Plc bought a new stake in shares of IPG Photonics during the first quarter valued at about $15,929,000. Quadrature Capital Ltd purchased a new stake in shares of IPG Photonics in the first quarter worth about $1,201,000. Finally, BNP Paribas Financial Markets boosted its position in shares of IPG Photonics by 125.5% in the first quarter. BNP Paribas Financial Markets now owns 40,751 shares of the semiconductor company’s stock valued at $3,696,000 after acquiring an additional 22,680 shares during the period. 93.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Stifel Nicolaus lowered their target price on shares of IPG Photonics from $115.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Raymond James dropped their price objective 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. Finally, Benchmark lowered IPG Photonics from a “buy” rating to a “hold” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, IPG Photonics currently has an average rating of “Hold” and a consensus target price of $93.50.

IPG Photonics Price Performance

NASDAQ IPGP traded down $0.47 during trading hours on Tuesday, reaching $75.75. 97,338 shares of the stock traded hands, compared to its average volume of 262,961. The stock has a 50 day simple moving average of $69.41 and a two-hundred day simple moving average of $80.14. IPG Photonics Co. has a 1 year low of $61.86 and a 1 year high of $111.11. The company has a market cap of $3.45 billion, a price-to-earnings ratio of 19.64 and a beta of 1.00.

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

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.