Prudential PLC Has $6.82 Million Position in DAQO New Energy Corp. $DQ

Prudential PLC lessened its holdings in DAQO New Energy Corp. (NYSE:DQ) by 47.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 449,645 shares of the semiconductor company’s stock after selling 399,826 shares during the quarter. Prudential PLC’s holdings in DAQO New Energy were worth $6,821,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of DAQO New Energy by 39.1% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 31,364 shares of the semiconductor company’s stock valued at $476,000 after acquiring an additional 8,815 shares during the last quarter. FengHe Fund Management Pte. Ltd. increased its holdings in DAQO New Energy by 13.0% in the second quarter. FengHe Fund Management Pte. Ltd. now owns 289,376 shares of the semiconductor company’s stock valued at $4,390,000 after purchasing an additional 33,300 shares during the period. Public Employees Retirement System of Ohio raised its position in DAQO New Energy by 41.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 46,300 shares of the semiconductor company’s stock worth $702,000 after purchasing an additional 13,600 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in DAQO New Energy by 34.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 174,912 shares of the semiconductor company’s stock worth $3,168,000 after buying an additional 44,780 shares during the period. Finally, Caxton Associates LLP bought a new stake in shares of DAQO New Energy in the 1st quarter valued at about $1,705,000. 47.22% of the stock is owned by institutional investors.

DAQO New Energy Trading Down 9.2%

DQ opened at $28.37 on Friday. DAQO New Energy Corp. has a 1-year low of $12.40 and a 1-year high of $36.59. The company has a market cap of $1.90 billion, a price-to-earnings ratio of -5.52 and a beta of 0.73. The company’s fifty day moving average price is $28.99 and its two-hundred day moving average price is $22.31.

DAQO New Energy (NYSE:DQ) last announced its earnings results on Monday, October 27th. The semiconductor company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.61) by $0.39. The company had revenue of $162.30 million for the quarter, compared to analysts’ expectations of $176.78 million. DAQO New Energy had a negative return on equity of 5.89% and a negative net margin of 53.74%. As a group, equities analysts forecast that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

DAQO New Energy declared that its board has authorized a share buyback plan on Tuesday, August 26th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the semiconductor company to repurchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on DQ shares. New Street Research set a $15.40 price objective on DAQO New Energy in a research report on Thursday, September 18th. Hsbc Global Res upgraded DAQO New Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 27th. The Goldman Sachs Group set a $18.30 price target on shares of DAQO New Energy and gave the stock a “neutral” rating in a report on Wednesday, October 29th. HSBC upgraded shares of DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research report on Wednesday, August 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of DAQO New Energy in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, DAQO New Energy presently has an average rating of “Moderate Buy” and a consensus target price of $27.04.

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.