Daqo New Energy Corp. (NYSE:DQ) Shares Bought by KBC Group NV

KBC Group NV lifted its position in shares of Daqo New Energy Corp. (NYSE:DQ) by 12.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,244 shares of the semiconductor company’s stock after purchasing an additional 2,877 shares during the period. KBC Group NV’s holdings in Daqo New Energy were worth $514,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Acadian Asset Management LLC purchased a new position in Daqo New Energy in the 1st quarter valued at about $3,457,000. Shell Asset Management Co. grew its stake in Daqo New Energy by 20.6% during the 1st quarter. Shell Asset Management Co. now owns 10,734 shares of the semiconductor company’s stock valued at $302,000 after purchasing an additional 1,834 shares in the last quarter. Caxton Associates LP increased its holdings in Daqo New Energy by 250.3% during the 1st quarter. Caxton Associates LP now owns 140,787 shares of the semiconductor company’s stock worth $3,963,000 after purchasing an additional 100,594 shares during the last quarter. Sylebra Capital LLC acquired a new position in shares of Daqo New Energy in the 1st quarter valued at approximately $13,025,000. Finally, National Wealth Management Group LLC purchased a new position in shares of Daqo New Energy during the 1st quarter valued at approximately $403,000. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

Daqo New Energy Stock Down 1.2 %

Shares of NYSE DQ opened at $19.03 on Tuesday. The firm’s 50-day moving average price is $20.19 and its two-hundred day moving average price is $18.40. Daqo New Energy Corp. has a 52-week low of $13.62 and a 52-week high of $30.85. The stock has a market capitalization of $1.26 billion, a P/E ratio of -10.28 and a beta of 0.32.

Daqo New Energy (NYSE:DQ) last announced its quarterly earnings results on Wednesday, October 30th. The semiconductor company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.12). The company had revenue of $198.50 million during the quarter, compared to the consensus estimate of $186.90 million. Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. During the same period last year, the business posted ($0.09) EPS. As a group, equities research analysts expect that Daqo New Energy Corp. will post -3.5 earnings per share for the current year.

Daqo New Energy declared that its board has approved a stock repurchase program on Monday, July 22nd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the semiconductor company to buy up to 8.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DQ. HSBC upgraded shares of Daqo New Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Roth Mkm cut their target price on shares of Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 28th. StockNews.com upgraded Daqo New Energy to a “sell” rating in a research note on Monday, September 23rd. Nomura Securities upgraded Daqo New Energy to a “strong-buy” rating in a research note on Wednesday, August 28th. Finally, Jefferies Financial Group reduced their target price on Daqo New Energy from $38.40 to $34.05 and set a “buy” rating on the stock in a report on Monday, August 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Daqo New Energy presently has a consensus rating of “Buy” and an average price target of $22.26.

About Daqo New Energy

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufacturers in the People's Republic of China. Its products are used in ingots, wafers, cells, and modules for solar power solutions. The company was formerly known as Mega Stand International Limited and changed its name to Daqo New Energy Corp.