Daqo New Energy Corp. (NYSE:DQ) Stock Position Cut by Oslo Asset Management AS

Oslo Asset Management AS cut its holdings in shares of Daqo New Energy Corp. (NYSE:DQ) by 49.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,000 shares of the semiconductor company’s stock after selling 125,000 shares during the period. Daqo New Energy comprises about 2.2% of Oslo Asset Management AS’s portfolio, making the stock its 10th biggest position. Oslo Asset Management AS owned about 0.20% of Daqo New Energy worth $1,898,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Blue Trust Inc. increased its stake in shares of 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 buying an additional 1,950 shares during the period. PNC Financial Services Group Inc. increased its stake in Daqo New Energy by 117.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock valued at $42,000 after purchasing an additional 858 shares during the last quarter. Quadrant Capital Group LLC increased its stake in Daqo New Energy by 39.4% in the fourth quarter. Quadrant Capital Group LLC now owns 2,348 shares of the semiconductor company’s stock valued at $62,000 after purchasing an additional 664 shares during the last quarter. Rhumbline Advisers increased its stake in 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 purchasing an additional 1,470 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake in Daqo New Energy by 37.9% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,442 shares of the semiconductor company’s stock valued at $211,000 after purchasing an additional 3,970 shares during the last quarter. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

Daqo New Energy Trading Up 9.9 %

Shares of DQ opened at $16.54 on Wednesday. The firm has a market cap of $1.09 billion, a PE ratio of 7.76 and a beta of 0.30. The company’s 50 day simple moving average is $15.90 and its 200-day simple moving average is $19.79. Daqo New Energy Corp. has a 12-month low of $13.62 and a 12-month high of $32.44.

Daqo New Energy (NYSE:DQ) last issued its quarterly earnings results on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($1.25). Daqo New Energy had a negative return on equity of 1.04% and a negative net margin of 4.11%. The company had revenue of $219.91 million for the quarter, compared to analyst estimates of $406.50 million. During the same period in the prior year, the business earned $1.34 earnings per share. As a group, equities research analysts forecast that Daqo New Energy Corp. will post -3.35 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Hsbc Global Res upgraded shares of Daqo New Energy from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, August 27th. HSBC upgraded shares of Daqo New Energy from a “reduce” rating to a “hold” rating and set a $15.00 price target on the stock in a research note on Tuesday, August 27th. Jefferies Financial Group dropped their price target on shares of Daqo New Energy from $38.40 to $34.05 and set a “buy” rating on the stock in a research note on Monday, August 26th. Roth Mkm decreased their price objective on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, August 28th. Finally, Nomura Securities upgraded shares of Daqo New Energy to a “strong-buy” rating in a research report on Wednesday, August 28th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Daqo New Energy currently has an average rating of “Hold” and a consensus target price 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.