Bowen Hanes & Co. Inc. Takes Position in Tesla, Inc. (NASDAQ:TSLA)

Bowen Hanes & Co. Inc. acquired a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the fourth quarter, Holdings Channel.com reports. The fund acquired 167,825 shares of the electric vehicle producer’s stock, valued at approximately $67,774,000. Tesla accounts for approximately 1.8% of Bowen Hanes & Co. Inc.’s holdings, making the stock its 21st largest holding.

Other large investors have also added to or reduced their stakes in the company. Peterson Financial Group Inc. purchased a new stake in shares of Tesla in the third quarter worth about $35,000. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Tesla during the 4th quarter worth approximately $46,000. Parkworth Wealth Management Inc. purchased a new stake in Tesla in the 4th quarter worth approximately $47,000. PayPay Securities Corp boosted its holdings in Tesla by 130.2% in the 4th quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer’s stock valued at $49,000 after purchasing an additional 69 shares during the period. Finally, Rialto Wealth Management LLC purchased a new position in shares of Tesla during the 4th quarter valued at $55,000. Institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

Shares of TSLA stock opened at $248.09 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. The firm has a market cap of $797.99 billion, a P/E ratio of 121.61, a P/E/G ratio of 5.86 and a beta of 2.50. The business’s 50 day moving average price is $357.29 and its 200-day moving average price is $319.03. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $488.54.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. On average, equities research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity

In other Tesla news, Director Kathleen Wilson-Thompson sold 100,000 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $411.63, for a total value of $41,163,000.00. Following the sale, the director now directly owns 5,400 shares of the company’s stock, valued at approximately $2,222,802. The trade was a 94.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James R. Murdoch sold 54,776 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $240.79, for a total value of $13,189,513.04. Following the transaction, the director now owns 477,011 shares of the company’s stock, valued at $114,859,478.69. The trade was a 10.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 477,228 shares of company stock worth $166,849,043. Corporate insiders own 20.70% of the company’s stock.

Analyst Upgrades and Downgrades

TSLA has been the subject of several research analyst reports. Benchmark initiated coverage on Tesla in a research note on Wednesday, February 12th. They set a “buy” rating and a $475.00 price objective for the company. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research report on Monday, February 10th. Canaccord Genuity Group restated a “buy” rating and issued a $404.00 price objective on shares of Tesla in a research report on Tuesday. Stifel Nicolaus dropped their target price on shares of Tesla from $492.00 to $474.00 and set a “buy” rating for the company in a research report on Monday, February 10th. Finally, Cowen raised shares of Tesla from a “hold” rating to a “buy” rating in a research note on Thursday, March 6th. Nine investment analysts have rated the stock with a sell rating, ten have issued a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Tesla presently has a consensus rating of “Hold” and an average target price of $325.81.

Tesla Company 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.