IPG Photonics (NASDAQ:IPGP) Given New $60.00 Price Target at Citigroup

IPG Photonics (NASDAQ:IPGP) had its price objective cut by Citigroup from $62.00 to $60.00 in a report issued on Tuesday,Benzinga reports. They currently have a sell rating on the semiconductor company’s stock.

A number of other equities analysts have also recently issued reports on IPGP. Northcoast Research cut shares of IPG Photonics from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 4th. Benchmark restated a “hold” rating on shares of IPG Photonics in a research report on Wednesday, October 30th. Needham & Company LLC restated a “hold” rating on shares of IPG Photonics in a research report on Wednesday, February 12th. Finally, Stifel Nicolaus decreased their price objective on shares of IPG Photonics from $100.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $87.75.

IPG Photonics Stock Down 0.4 %

IPG Photonics stock opened at $64.60 on Tuesday. The company has a market capitalization of $2.79 billion, a PE ratio of -15.45 and a beta of 0.95. The firm has a fifty day simple moving average of $72.05 and a two-hundred day simple moving average of $72.86. IPG Photonics has a twelve month low of $60.72 and a twelve month high of $92.21.

IPG Photonics (NASDAQ:IPGP) last posted its quarterly earnings results on Tuesday, February 11th. The semiconductor company reported $0.18 earnings per share 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%. As a group, equities analysts expect that IPG Photonics will post 1.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IPG Photonics

Several hedge funds and other institutional investors have recently modified their holdings of IPGP. CWM LLC increased its position in shares of IPG Photonics by 226.4% during the third quarter. CWM LLC now owns 2,435 shares of the semiconductor company’s stock valued at $181,000 after buying an additional 1,689 shares during the period. Creative Planning increased its position in shares of IPG Photonics by 93.3% during the third quarter. Creative Planning now owns 6,071 shares of the semiconductor company’s stock valued at $451,000 after buying an additional 2,931 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of IPG Photonics during the third quarter valued at about $303,000. Roubaix Capital LLC purchased a new position in shares of IPG Photonics during the third quarter valued at about $2,620,000. Finally, US Bancorp DE increased its position in shares of IPG Photonics by 101.2% during the third quarter. US Bancorp DE now owns 7,202 shares of the semiconductor company’s stock valued at $535,000 after buying an additional 3,623 shares during the period. Hedge funds and other institutional investors own 93.79% of the company’s stock.

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.