Insider Selling: IPG Photonics Corp. major shareholder Sells 29,333 Shares of Stock (IPGP)
IPG Photonics Corp. (NASDAQ:IPGP) major shareholder Fibre Devices Ltd Ip unloaded 29,333 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $65.17, for a total value of $1,911,631.61. Following the sale, the insider now directly owns 7,180,052 shares of the company’s stock, valued at approximately $467,923,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
Shares of IPG Photonics Corp. (NASDAQ:IPGP) traded up 1.29% on Friday, hitting $65.90. The stock had a trading volume of 352,768 shares. IPG Photonics Corp. has a one year low of $53.28 and a one year high of $79.00. The stock’s 50-day moving average is $64.81 and its 200-day moving average is $69.98. The company has a market cap of $3.430 billion and a price-to-earnings ratio of 21.19.
IPG Photonics Corp. (NASDAQ:IPGP) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.77 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.77. The company had revenue of $170.60 million for the quarter, compared to the consensus estimate of $168.07 million. During the same quarter last year, the company posted $0.67 earnings per share. IPG Photonics Corp.’s revenue was up 20.2% compared to the same quarter last year. Analysts expect that IPG Photonics Corp. will post $3.43 EPS for the current fiscal year.
Separately, analysts at Noble Financial reiterated a “buy” rating on shares of IPG Photonics Corp. in a research note on Tuesday, April 29th. They now have a $86.00 price target on the stock.
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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