American Century Companies Inc. Acquires 9,885 Shares of DAQO New Energy Corp. $DQ

Key Points

• American Century Companies Inc. increased its stake in DAQO New Energy Corp. by 4.7%, owning approximately 220,623 shares valued at about $3.995 million.
• Several institutional investors, including Northern Trust Corp. and Barclays PLC, also significantly raised their positions in DAQO New Energy during the fourth quarter.
• Recent analyst ratings show a consensus of "Buy" for DAQO New Energy, with price targets ranging from $26.10 to $31.00.

American Century Companies Inc. increased its holdings in DAQO New Energy Corp. (NYSE:DQ - Free Report) by 4.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 220,623 shares of the semiconductor company's stock after acquiring an additional 9,885 shares during the period. American Century Companies Inc. owned about 0.33% of DAQO New Energy worth $3,995,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd increased its stake in DAQO New Energy by 86,700.0% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company's stock valued at $31,000 after buying an additional 1,734 shares during the last quarter. Virtu Financial LLC purchased a new stake in DAQO New Energy in the 1st quarter valued at about $187,000. XTX Topco Ltd purchased a new stake in DAQO New Energy in the 1st quarter valued at about $316,000. Nuveen Asset Management LLC increased its stake in DAQO New Energy by 16.7% in the 4th quarter. Nuveen Asset Management LLC now owns 39,200 shares of the semiconductor company's stock valued at $762,000 after buying an additional 5,600 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in DAQO New Energy in the 1st quarter valued at about $837,000. Hedge funds and other institutional investors own 47.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. HSBC upgraded shares of DAQO New Energy from a "hold" rating to a "buy" rating and set a $31.00 price objective for the company in a research note on Wednesday, August 27th. Glj Research reiterated a "buy" rating and issued a $30.51 price objective on shares of DAQO New Energy in a research note on Tuesday, August 26th. Wall Street Zen raised shares of DAQO New Energy from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 30th. Citigroup started coverage on shares of DAQO New Energy in a research report on Friday, July 18th. They set a "buy" rating and a $27.00 target price for the company. Finally, Hsbc Global Res raised shares of DAQO New Energy from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 27th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, DAQO New Energy currently has an average rating of "Buy" and a consensus price target of $26.10.

DAQO New Energy Price Performance

Shares of DAQO New Energy stock traded up $0.43 on Thursday, reaching $26.99. 2,317,425 shares of the company traded hands, compared to its average volume of 980,540. DAQO New Energy Corp. has a 52 week low of $12.40 and a 52 week high of $30.85. The company has a 50 day moving average of $21.63 and a 200 day moving average of $17.88. The firm has a market capitalization of $1.81 billion, a PE ratio of -4.62 and a beta of 0.50.

DAQO New Energy (NYSE:DQ - Get Free Report) last released its quarterly earnings data on Tuesday, August 26th. The semiconductor company reported ($1.14) EPS for the quarter, topping the consensus estimate of ($1.16) by $0.02. The company had revenue of $75.19 million during the quarter, compared to the consensus estimate of $140.54 million. DAQO New Energy had a negative net margin of 65.64% and a negative return on equity of 6.54%. As a group, analysts anticipate that DAQO New Energy Corp. will post -3.5 earnings per share for the current year.

DAQO New Energy declared that its board has approved a stock buyback program on Tuesday, August 26th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

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.