Northern Trust Corp Sells 992,003 Shares of Tesla, Inc. $TSLA

Northern Trust Corp cut its position in Tesla, Inc. (NASDAQ:TSLA) by 3.5% in the first quarter, HoldingsChannel.com reports. The firm owned 27,587,612 shares of the electric vehicle producer’s stock after selling 992,003 shares during the period. Tesla accounts for approximately 1.1% of Northern Trust Corp’s investment portfolio, making the stock its 13th biggest holding. Northern Trust Corp’s holdings in Tesla were worth $7,149,606,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC purchased a new stake in Tesla in the 4th quarter worth approximately $56,600,000. Means Investment CO. Inc. boosted its position in Tesla by 37.7% in the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer’s stock worth $5,984,000 after purchasing an additional 6,323 shares in the last quarter. Focus Financial Network Inc. boosted its position in Tesla by 3.1% in the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer’s stock worth $5,823,000 after purchasing an additional 670 shares in the last quarter. IFM Investors Pty Ltd boosted its position in Tesla by 8.5% in the 1st quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer’s stock worth $153,436,000 after purchasing an additional 46,087 shares in the last quarter. Finally, Harvard Management Co. Inc. purchased a new stake in Tesla in the 4th quarter worth approximately $8,158,000. 66.20% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $300.00, for a total transaction of $600,000.00. Following the completion of the sale, the chief financial officer owned 5,924 shares in the company, valued at $1,777,200. This trade represents a 25.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of the transaction, the senior vice president owned 67,600 shares of the company’s stock, valued at approximately $21,889,556. The trade was a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 599,724 shares of company stock worth $213,126,501 in the last ninety days. 20.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on TSLA shares. The Goldman Sachs Group reiterated a “neutral” rating on shares of Tesla in a research report on Sunday. UBS Group set a $290.00 price objective on Tesla in a research note on Monday, June 30th. Stifel Nicolaus set a $450.00 price objective on Tesla and gave the company a “buy” rating in a research note on Thursday, April 24th. Argus reissued a “hold” rating on shares of Tesla in a research note on Monday, June 9th. Finally, Canaccord Genuity Group increased their price objective on Tesla from $303.00 to $333.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Ten research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Tesla presently has a consensus rating of “Hold” and a consensus target price of $303.31.

Tesla Stock Performance

Shares of NASDAQ:TSLA opened at $330.56 on Monday. The firm has a market capitalization of $1.07 trillion, a PE ratio of 191.08, a P/E/G ratio of 11.49 and a beta of 2.33. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The business has a 50-day moving average of $320.41 and a two-hundred day moving average of $304.57. Tesla, Inc. has a 12 month low of $202.59 and a 12 month high of $488.54.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter last year, the business posted $0.52 EPS. Tesla’s quarterly revenue was down 11.8% compared to the same quarter last year. As a group, research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

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.