Today: The Principal Financial Group Inc. invests in IPG Photonics Corp. (IPGP) Shares

The Principal Financial Group Inc. invests in IPG Photonics Corp. (IPGP) Shares

Principal Financial Group Inc. raised its stake in IPG Photonics Corp. (NASDAQ:IPGP) by 14.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,836 shares of the company’s stock after buying an additional 17,521 shares during the period. Principal Financial Group Inc. owned 0.26% of IPG Photonics Corp. worth $11,187,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Institutional Trust Company N.A. raised its position in IPG Photonics Corp. by 0.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,029,954 shares of the company’s stock valued at $98,958,000 after buying an additional 8,359 shares during the period. State Street Corp increased its stake in shares of IPG Photonics Corp. by 1.7% in the first quarter. State Street Corp now owns 953,583 shares of the company’s stock valued at $91,622,000 after buying an additional 15,696 shares in the last quarter. Neuberger Berman Group LLC increased its stake in shares of IPG Photonics Corp. by 24.4% in the second quarter. Neuberger Berman Group LLC now owns 933,851 shares of the company’s stock valued at $74,708,000 after buying an additional 183,310 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of IPG Photonics Corp. by 17.4% in the second quarter. Bank of New York Mellon Corp now owns 604,490 shares of the company’s stock valued at $48,359,000 after buying an additional 89,432 shares in the last quarter. Finally, Congress Asset Management Co. MA increased its stake in shares of IPG Photonics Corp. by 17.9% in the second quarter. Congress Asset Management Co. MA now owns 432,742 shares of the company’s stock valued at $34,619,000 after buying an additional 65,753 shares in the last quarter. 59.47% of the stock is owned by hedge funds and other institutional investors.

IPG Photonics Corp. (NASDAQ:IPGP) opened at 82.30 on Thursday. IPG Photonics Corp. has a 1-year low of $70.21 and a 1-year high of $102.90. The firm’s 50-day moving average price is $83.96 and its 200-day moving average price is $85.92. The firm has a market cap of $4.37 billion, a P/E ratio of 18.37 and a beta of 2.18.

IPG Photonics Corp. (NASDAQ:IPGP) last issued its quarterly earnings data on Thursday, July 28th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.19 by $0.06. The firm earned $252.80 million during the quarter, compared to the consensus estimate of $243.79 million. IPG Photonics Corp. had a net margin of 25.87% and a return on equity of 18.29%. The company’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.15 earnings per share. Equities research analysts anticipate that IPG Photonics Corp. will post $4.62 earnings per share for the current fiscal year.

IPGP has been the subject of several research reports. Zacks Investment Research downgraded IPG Photonics Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, September 28th. Canaccord Genuity set a $100.00 target price on IPG Photonics Corp. and gave the company a “buy” rating in a research note on Thursday, August 11th. Needham & Company LLC restated a “buy” rating and issued a $96.00 target price (down from $98.00) on shares of IPG Photonics Corp. in a research note on Monday, August 1st. Credit Agricole SA restated an “outperform” rating and issued a $92.00 target price on shares of IPG Photonics Corp. in a research note on Tuesday, September 13th. Finally, Summit Redstone restated a “buy” rating on shares of IPG Photonics Corp. in a research note on Thursday, July 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $94.83.

In other news, Director Catherine P. Lego acquired 3,000 shares of the stock in a transaction dated Wednesday, August 3rd. The stock was purchased at an average cost of $83.12 per share, with a total value of $249,360.00. Following the completion of the purchase, the director now owns 3,012 shares in the company, valued at approximately $250,357.44. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 34.20% of the company’s stock.

IPG Photonics Corp. Company Profile

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