Victory Capital Management Inc. Buys Shares of 3,170 Daqo New Energy Corp. (NYSE:DQ)

Victory Capital Management Inc. bought a new stake in Daqo New Energy Corp. (NYSE:DQ) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 3,170 shares of the semiconductor company’s stock, valued at approximately $239,000.

A number of other hedge funds have also recently added to or reduced their stakes in DQ. BlackRock Inc. boosted its stake in shares of Daqo New Energy by 2,997.0% in the 4th quarter. BlackRock Inc. now owns 5,850,452 shares of the semiconductor company’s stock valued at $335,583,000 after purchasing an additional 5,661,546 shares in the last quarter. Ninety One UK Ltd acquired a new stake in shares of Daqo New Energy in the 4th quarter valued at approximately $171,431,000. MARSHALL WACE ASIA Ltd acquired a new stake in shares of Daqo New Energy in the 4th quarter valued at approximately $79,224,000. Elephas Investment Management Ltd acquired a new stake in shares of Daqo New Energy in the 4th quarter valued at approximately $56,557,000. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Daqo New Energy by 202.5% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,257,000 shares of the semiconductor company’s stock valued at $72,102,000 after purchasing an additional 841,500 shares in the last quarter. 54.54% of the stock is currently owned by hedge funds and other institutional investors.

DQ has been the topic of a number of research analyst reports. HSBC initiated coverage on shares of Daqo New Energy in a research note on Thursday. They issued a “buy” rating and a $112.00 price target on the stock. JPMorgan Chase & Co. downgraded shares of Daqo New Energy from an “overweight” rating to a “neutral” rating in a research note on Monday. Roth Capital lifted their target price on shares of Daqo New Energy from $70.00 to $79.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 1st. Jefferies Financial Group assumed coverage on shares of Daqo New Energy in a research report on Thursday, April 22nd. They set a “buy” rating and a $108.66 target price on the stock. Finally, Zacks Investment Research downgraded shares of Daqo New Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $90.13.

Shares of NYSE DQ opened at $67.45 on Friday. The firm has a market cap of $4.93 billion, a P/E ratio of 28.80 and a beta of 0.75. Daqo New Energy Corp. has a 52-week low of $10.97 and a 52-week high of $130.33. The company has a quick ratio of 0.83, a current ratio of 0.93 and a debt-to-equity ratio of 0.11. The stock has a 50 day moving average price of $74.59.

Daqo New Energy (NYSE:DQ) last issued its quarterly earnings results on Monday, May 17th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.19 by ($0.11). Daqo New Energy had a return on equity of 23.90% and a net margin of 23.49%. On average, sell-side analysts expect that Daqo New Energy Corp. will post 8.57 earnings per share for the current year.

Daqo New Energy Profile

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufactures in the People's Republic of China. The photovoltaic product manufactures further process its polysilicon into ingots, wafers, cells, and modules for solar power solutions.

Further Reading: Rule of 72

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Institutional Ownership by Quarter for Daqo New Energy (NYSE:DQ)

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