IPG Photonics Corp. Given New $83.00 Price Target at DA Davidson (IPGP)
DA Davidson hoisted their target price on shares of IPG Photonics Corp. (NASDAQ:IPGP) from $75.00 to $83.00 in a research note issued on Friday, Analyst Ratings.Net reports. The firm currently has a “buy” rating on the stock. DA Davidson’s price objective indicates a potential upside of 16.10% from the stock’s previous close.
The analysts wrote, “Based on monthly manufacturing PMI numbers in the U.S., China (HSBC index), and the Euro zone we track, we observe that trends have been gradually improving over the past six months. PMI numbers in all three regions stood above 50% (above 50% indicates expansion, below contraction). Results in the United States have been notably strong, with seven sequential months of improvement and a 57.3% PMI posted in November. Similarly, Euro zone PMI has stood above 50% over the past five months, snapping a near 2-year stretch at contraction levels. Despite concerns, the HSBC Chinese PMI continues to hover above 50% and has indicated expansion over the past four months. While we acknowledge that PMI is a broad-based indicator of manufacturing activity, we feel these trends reflect positively for IPGP as manufacturing demand fuels further fiber laser adoption.”
In other IPG Photonics Corp. news, SVP Alexander Ovtchinnikov sold 2,750 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $72.35, for a total transaction of $198,962.50. Following the completion of the transaction, the senior vice president now directly owns 111,936 shares in the company, valued at approximately $8,098,570. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
IPG Photonics Corp. (NASDAQ:IPGP) traded up 1.69% during mid-day trading on Friday, hitting $72.70. 28,620 shares of the company’s stock traded hands. IPG Photonics Corp. has a 52-week low of $53.28 and a 52-week high of $75.20. The stock has a 50-day moving average of $68.47 and a 200-day moving average of $61.70. The company has a market cap of $3.757 billion and a P/E ratio of 24.39.
IPG Photonics Corp. (NASDAQ:IPGP) last issued its quarterly earnings data on Friday, November 1st. The company reported $0.81 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.84 by $0.03. The company had revenue of $172.20 million for the quarter, compared to the consensus estimate of $172.72 million. During the same quarter in the prior year, the company posted $0.81 earnings per share. The company’s quarterly revenue was up 10.1% on a year-over-year basis. On average, analysts predict that IPG Photonics Corp. will post $3.03 earnings per share for the current fiscal year.
IPG Photonics Corporation (NASDAQ:IPGP) is the developer and manufacturer of a range of fiber lasers, fiber amplifiers and diode lasers that are used in numerous applications in diverse end markets.
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