Verition Fund Management LLC Takes Position in IPG Photonics Co. (NASDAQ:IPGP)

Verition Fund Management LLC purchased a new stake in IPG Photonics Co. (NASDAQ:IPGP - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 29,346 shares of the semiconductor company's stock, valued at approximately $2,181,000. Verition Fund Management LLC owned 0.07% of IPG Photonics at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Covestor Ltd grew 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 buying an additional 133 shares during the last quarter. FMR LLC boosted its stake in IPG Photonics by 10.4% during the 3rd quarter. FMR LLC now owns 1,620 shares of the semiconductor company's stock valued at $120,000 after purchasing an additional 153 shares during the last quarter. Fiera Capital Corp increased its holdings in IPG Photonics by 0.9% during the 2nd quarter. Fiera Capital Corp now owns 22,541 shares of the semiconductor company's stock worth $1,902,000 after purchasing an additional 193 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of IPG Photonics by 4.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 6,937 shares of the semiconductor company's stock worth $585,000 after acquiring an additional 278 shares in the last quarter. Finally, Assetmark Inc. lifted its position in shares of IPG Photonics by 28.3% during the 3rd quarter. Assetmark Inc. now owns 1,336 shares of the semiconductor company's stock worth $99,000 after buying an additional 295 shares in the last quarter. Institutional investors own 93.79% of the company's stock.

IPG Photonics Price Performance

Shares of IPGP traded up $1.48 during midday trading on Friday, hitting $76.67. 176,622 shares of the company traded hands, compared to its average volume of 263,030. The stock has a 50-day moving average of $77.02 and a 200-day moving average of $77.62. IPG Photonics Co. has a one year low of $61.86 and a one year high of $111.11. The firm has a market cap of $3.32 billion, a P/E ratio of -22.10 and a beta of 0.96.

IPG Photonics (NASDAQ:IPGP - Get Free Report) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.10. The business had revenue of $233.14 million for the quarter, compared to analysts' expectations of $227.89 million. IPG Photonics had a negative net margin of 14.20% and a positive return on equity of 4.32%. The business's revenue for the quarter was down 22.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.16 EPS. Sell-side analysts forecast that IPG Photonics Co. will post 1.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on IPGP shares. Needham & Company LLC reaffirmed a "hold" rating on shares of IPG Photonics in a research report on Wednesday, October 30th. Benchmark reiterated a "hold" rating on shares of IPG Photonics in a research report on Wednesday, October 30th. Finally, Northcoast Research cut shares of IPG Photonics from a "buy" rating to a "neutral" rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target 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.