Bowen Hanes & Co. Inc. Raises Stock Holdings in Tesla, Inc. $TSLA

Bowen Hanes & Co. Inc. lifted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 0.1% in the 1st quarter, Holdings Channel reports. The firm owned 168,015 shares of the electric vehicle producer’s stock after acquiring an additional 190 shares during the period. Bowen Hanes & Co. Inc.’s holdings in Tesla were worth $43,543,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of TSLA. Eagle Capital Management LLC bought a new stake in Tesla in the fourth quarter valued at approximately $331,000. Brighton Jones LLC lifted its position in Tesla by 11.8% in the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock valued at $35,509,000 after purchasing an additional 9,293 shares during the last quarter. Revolve Wealth Partners LLC raised its holdings in shares of Tesla by 21.2% during the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock valued at $2,147,000 after acquiring an additional 931 shares in the last quarter. Mascagni Wealth Management Inc. bought a new position in shares of Tesla during the fourth quarter valued at approximately $346,000. Finally, Highview Capital Management LLC DE bought a new position in shares of Tesla during the fourth quarter valued at approximately $2,367,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Raymond James Financial downgraded Tesla to an “outperform” rating in a report on Tuesday, April 22nd. Mizuho decreased their price objective on Tesla from $390.00 to $375.00 and set an “outperform” rating for the company in a report on Tuesday, July 8th. Morgan Stanley reiterated an “overweight” rating and issued a $410.00 price objective on shares of Tesla in a report on Friday, June 6th. Daiwa Capital Markets reiterated a “neutral” rating on shares of Tesla in a report on Sunday, July 27th. Finally, JPMorgan Chase & Co. decreased their price objective on Tesla from $120.00 to $115.00 and set an “underweight” rating for the company in a report on Wednesday, April 23rd. Ten equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Tesla presently has a consensus rating of “Hold” and an average price target of $303.31.

Tesla Trading Up 1.4%

Shares of NASDAQ:TSLA opened at $335.16 on Tuesday. The business’s 50-day moving average is $320.95 and its 200 day moving average is $304.09. Tesla, Inc. has a 1 year low of $202.59 and a 1 year high of $488.54. The firm has a market capitalization of $1.08 trillion, a P/E ratio of 193.73, a P/E/G ratio of 11.49 and a beta of 2.33. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same period in the prior year, the company earned $0.52 earnings per share. The company’s quarterly revenue was down 11.8% on a year-over-year basis. On average, research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In other Tesla news, Director Kimbal Musk sold 91,588 shares of the business’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the sale, the director owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. The trade was a 5.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of the company’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of the sale, the senior vice president owned 67,600 shares in the company, valued at $21,889,556. The trade was a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 599,724 shares of company stock worth $213,126,501 in the last 90 days. 20.70% of the stock is owned by company insiders.

Tesla Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.