IPG Photonics knocked off S&P 500
Photo | Grant Welker
IPG Photonics' Marlborough facility
IPG Photonics, the Oxford-based manufacturer of fiber lasers, is being removed from S&P Global Ratings’ most high-profile index for large companies.
In a press release put out by S&P’s Dow Jones division Friday, the credit rating agency said it was making changes to its S&P 500, MidCap 400, and SmallCap 600 indices to ensure they more accurately reflect the proper market capitalization range for each index.
IPG Photonics, along with Baltimore sportswear manufacturer Under Armour, would be removed from the S&P 500, which tracks large companies, and placed in the MidCap 400 index, which tracks midsize companies. They will be replaced in the large company index by Texas beverage company Keurig Dr. Pepper and Phoenix semiconductor supplier ON Semiconductor Corp., also known as onsemi.
IPG, which is based in Oxford but has origins and a manufacturing facility in Russia, has seen its share value stumble since Russia’s invasion of Ukraine in early 2022. Although the company has reserves to make up for any resulting complications of importing parts manufactured in its Russian facility to the U.S. for production, the company could see disruption if the war drags on.
IPG’s stock on the Nasdaq has dipped around 23% since Feb. 24, the first day of Russia’s invasion. The company’s stock price has risen slightly by 1.2% since the S&P announcement was made on Friday and was trading at $102.95 per share on Tuesday morning. This is outpacing the entire S&P 500, which is down 0.3% since Friday.
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