IPG executive sells $291K in stock following job losses announcement
Photo | Grant Welker
The Oxford headquarters of IPG Photonics
About a week after the Oxford laser manufacturer announced it would eliminate 300 jobs, a top executive at IPG Photonics sold $290,980 worth of his stock in the company.
Angelo Lopresti, IPG's general counsel, senior vice president and secretary, sold 2,000 of his shares on Nov. 4 for an average price of $145.49 per share, according to a filing with the U.S. Securities & Exchange Commission. The sale represented about 4% of his total shares in the company.
Lopresti's $290,980 sale of the stock followed an Oct. 29 earnings report by the company where IPG reported $329 million in third quarter revenue, about an 8% drop compared to the third quarter 2018. In the report, the company said it would eliminate 300 jobs in an effort to reduce operating expenses by $30 million by the end of the year.
Immediately following the earning report and job reduction announcement, the price of IPG's stock dropped to $124.45 per share on the Nasdaq, a 13% reduction at the time. The stock price began rebounding the next day and rose to $145.51 on Nov. 4, the day Lopresti sold his shares.
A spokesman for IPG did not immediately return a call for comment on Thursday morning.
The IPG stock price was trading at $150 per share on Thursday morning.
The highest the IPG stock price has ever hit was $263.05 per share on Jan. 12, 2018. If Lopresti would have sold 2,000 shares on that date, the sale would have netted $526,100.
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