Van ECK Associates Corp Purchases 764 Shares of Daqo New Energy Corp. (NYSE:DQ)

Van ECK Associates Corp boosted its position in shares of Daqo New Energy Corp. (NYSE:DQ) by 4.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 18,657 shares of the semiconductor company’s stock after purchasing an additional 764 shares during the quarter. Van ECK Associates Corp’s holdings in Daqo New Energy were worth $415,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its position in shares of Daqo New Energy by 12,187.5% during the 2nd quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock worth $29,000 after buying an additional 1,950 shares during the period. Signaturefd LLC raised its position in shares of Daqo New Energy by 27.3% during the 3rd quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock valued at $57,000 after acquiring an additional 602 shares during the last quarter. AXA S.A. lifted its stake in shares of Daqo New Energy by 202.3% in the 2nd quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock valued at $93,000 after purchasing an additional 4,274 shares during the period. Rhumbline Advisers boosted its position in shares of Daqo New Energy by 22.2% in the 2nd quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock worth $118,000 after purchasing an additional 1,470 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Daqo New Energy by 37.9% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,442 shares of the semiconductor company’s stock worth $211,000 after purchasing an additional 3,970 shares during the period. 47.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DQ. Daiwa Capital Markets raised Daqo New Energy from a “neutral” rating to an “outperform” rating in a research note on Wednesday, October 30th. Roth Mkm lowered their price target on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, August 28th. StockNews.com raised shares of Daqo New Energy to a “sell” rating in a research note on Monday, September 23rd. HSBC raised shares of Daqo New Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Finally, Hsbc Global Res raised shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, Daqo New Energy currently has an average rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Stock Performance

Shares of DQ opened at $21.61 on Wednesday. The firm has a market cap of $1.43 billion, a P/E ratio of -11.68 and a beta of 0.32. Daqo New Energy Corp. has a twelve month low of $13.62 and a twelve month high of $30.85. The firm’s 50 day moving average price is $19.81 and its two-hundred day moving average price is $18.40.

Daqo New Energy (NYSE:DQ) last posted its quarterly earnings data 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 company had revenue of $198.50 million during the quarter, compared to the consensus estimate of $186.90 million. During the same period in the prior year, the firm posted ($0.09) earnings per share. On average, sell-side analysts anticipate that Daqo New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

Daqo New Energy announced that its Board of Directors has initiated a share buyback plan on Monday, July 22nd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 8.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Daqo New Energy 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.