State of New Jersey Common Pension Fund D Raises Stock Holdings in Daqo New Energy Corp. (NYSE:DQ)

State of New Jersey Common Pension Fund D lifted its holdings in shares of Daqo New Energy Corp. (NYSE:DQ – Get Rating) by 19.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,304 shares of the semiconductor company’s stock after purchasing an additional 7,532 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.06% of Daqo New Energy worth $1,872,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in Daqo New Energy in the 4th quarter worth approximately $585,000. Qube Research & Technologies Ltd bought a new stake in Daqo New Energy in the 4th quarter worth approximately $4,267,000. DekaBank Deutsche Girozentrale lifted its position in Daqo New Energy by 17.3% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 6,306 shares of the semiconductor company’s stock worth $236,000 after buying an additional 932 shares during the last quarter. Davy Global Fund Management Ltd lifted its position in Daqo New Energy by 15.4% in the 4th quarter. Davy Global Fund Management Ltd now owns 5,288 shares of the semiconductor company’s stock worth $213,000 after buying an additional 706 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its position in Daqo New Energy by 30.3% in the 4th quarter. New York State Common Retirement Fund now owns 65,404 shares of the semiconductor company’s stock worth $2,637,000 after buying an additional 15,200 shares during the last quarter. Hedge funds and other institutional investors own 70.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DQ. StockNews.com upgraded Daqo New Energy from a “buy” rating to a “strong-buy” rating in a research report on Friday. Daiwa Capital Markets boosted their price objective on Daqo New Energy from $47.00 to $80.00 in a research report on Tuesday, July 12th. TheStreet upgraded Daqo New Energy from a “c+” rating to a “b-” rating in a research report on Friday, May 6th. Finally, JPMorgan Chase & Co. upgraded Daqo New Energy from a “neutral” rating to an “overweight” rating in a research report on Wednesday, May 4th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Daqo New Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.82.

Daqo New Energy Stock Performance

DQ opened at $66.82 on Friday. Daqo New Energy Corp. has a 52-week low of $32.20 and a 52-week high of $81.10. The stock has a market capitalization of $4.98 billion, a PE ratio of 4.24 and a beta of 0.30. The stock’s 50 day moving average price is $63.34 and its 200-day moving average price is $49.80.

Daqo New Energy announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 1st that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Daqo New Energy Profile

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Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufactures 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.

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