Bank of New York Mellon Corp Lowers Holdings in IPG Photonics Co. (NASDAQ:IPGP)

Bank of New York Mellon Corp decreased its stake in IPG Photonics Co. (NASDAQ:IPGP) by 6.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 249,020 shares of the semiconductor company’s stock after selling 18,031 shares during the quarter. Bank of New York Mellon Corp’s holdings in IPG Photonics were worth $18,109,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Covestor Ltd raised its holdings in shares of IPG Photonics by 7.7% during the third quarter. Covestor Ltd now owns 1,869 shares of the semiconductor company’s stock valued at $139,000 after acquiring an additional 133 shares during the last quarter. Beaumont Financial Advisors LLC raised its holdings in shares of IPG Photonics by 4.2% during the fourth quarter. Beaumont Financial Advisors LLC now owns 3,414 shares of the semiconductor company’s stock valued at $248,000 after acquiring an additional 139 shares during the last quarter. FMR LLC grew its position in shares of IPG Photonics by 10.4% in the third quarter. FMR LLC now owns 1,620 shares of the semiconductor company’s stock valued at $120,000 after purchasing an additional 153 shares in the last quarter. Waterfront Wealth Inc. grew its position in shares of IPG Photonics by 1.6% in the fourth quarter. Waterfront Wealth Inc. now owns 12,310 shares of the semiconductor company’s stock valued at $895,000 after purchasing an additional 190 shares in the last quarter. Finally, Calamos Wealth Management LLC grew its position in shares of IPG Photonics by 4.0% in the fourth quarter. Calamos Wealth Management LLC now owns 6,237 shares of the semiconductor company’s stock valued at $454,000 after purchasing an additional 237 shares in the last quarter. Hedge funds and other institutional investors own 93.79% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on IPGP shares. Citigroup dropped their price target on IPG Photonics from $62.00 to $60.00 and set a “sell” rating for the company in a research report on Tuesday, February 18th. Stifel Nicolaus dropped their price target on IPG Photonics from $100.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. Needham & Company LLC reiterated a “hold” rating on shares of IPG Photonics in a research report on Wednesday, February 12th. Finally, Northcoast Research lowered IPG Photonics from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, IPG Photonics currently has a consensus rating of “Hold” and an average price target of $87.75.

IPG Photonics Stock Down 4.4 %

IPGP opened at $58.78 on Wednesday. IPG Photonics Co. has a 52 week low of $56.71 and a 52 week high of $92.21. The business has a fifty day simple moving average of $68.60 and a 200-day simple moving average of $72.36. The firm has a market cap of $2.50 billion, a P/E ratio of -14.06 and a beta of 1.05.

IPG Photonics (NASDAQ:IPGP) last released its quarterly earnings results on Tuesday, February 11th. The semiconductor company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.05). IPG Photonics had a positive return on equity of 2.98% and a negative net margin of 18.58%. Sell-side analysts expect that IPG Photonics Co. will post 1.54 earnings per share for the current year.

IPG Photonics 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.