KBC Group NV Boosts Stake in Daqo New Energy Corp. (NYSE:DQ)

KBC Group NV grew its stake in shares of Daqo New Energy Corp. (NYSE:DQ) by 12.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 25,244 shares of the semiconductor company’s stock after buying an additional 2,877 shares during the period. KBC Group NV’s holdings in Daqo New Energy were worth $514,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of DQ. Signaturefd LLC increased its position in Daqo New Energy by 27.3% during the 3rd quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock worth $57,000 after purchasing an additional 602 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Daqo New Energy by 4.3% during the third quarter. Van ECK Associates Corp now owns 18,657 shares of the semiconductor company’s stock worth $415,000 after buying an additional 764 shares in the last quarter. Rhumbline Advisers raised its position in shares of Daqo New Energy by 22.2% in the second quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock valued at $118,000 after buying an additional 1,470 shares during the last quarter. Shell Asset Management Co. lifted its stake in shares of Daqo New Energy by 20.6% during the first quarter. Shell Asset Management Co. now owns 10,734 shares of the semiconductor company’s stock valued at $302,000 after buying an additional 1,834 shares during the period. Finally, Blue Trust Inc. boosted its position in Daqo New Energy by 12,187.5% during the second quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock worth $29,000 after acquiring an additional 1,950 shares during the last quarter. Hedge funds and other institutional investors own 47.22% of the company’s stock.

Daqo New Energy Price Performance

Daqo New Energy stock opened at $19.03 on Tuesday. The company has a market cap of $1.26 billion, a price-to-earnings ratio of -10.28 and a beta of 0.32. Daqo New Energy Corp. has a 12 month low of $13.62 and a 12 month high of $30.85. The stock’s 50-day moving average is $20.19 and its 200-day moving average is $18.40.

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

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on DQ shares. HSBC upgraded Daqo New Energy from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Daiwa America upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Roth Mkm decreased their price target on 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. Jefferies Financial Group lowered their price target on Daqo New Energy from $38.40 to $34.05 and set a “buy” rating for the company in a report on Monday, August 26th. Finally, Hsbc Global Res upgraded shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $22.26.

Daqo New Energy Company Profile

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.