Canadian Solar Inc. (NASDAQ:CSIQ) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp cut its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQGet Rating) by 5.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,541 shares of the solar energy provider’s stock after selling 1,088 shares during the period. Van ECK Associates Corp’s holdings in Canadian Solar were worth $653,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise lifted its position in Canadian Solar by 5.6% during the second quarter. Banque Cantonale Vaudoise now owns 7,168 shares of the solar energy provider’s stock valued at $223,000 after purchasing an additional 380 shares during the period. Cibc World Market Inc. lifted its position in Canadian Solar by 5.5% during the second quarter. Cibc World Market Inc. now owns 8,107 shares of the solar energy provider’s stock valued at $252,000 after purchasing an additional 423 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in Canadian Solar by 13.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,203 shares of the solar energy provider’s stock valued at $131,000 after purchasing an additional 483 shares during the period. Cetera Advisor Networks LLC raised its position in shares of Canadian Solar by 4.7% in the second quarter. Cetera Advisor Networks LLC now owns 12,195 shares of the solar energy provider’s stock worth $380,000 after acquiring an additional 548 shares during the period. Finally, Great West Life Assurance Co. Can raised its position in shares of Canadian Solar by 115.7% in the first quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock worth $41,000 after acquiring an additional 589 shares during the period. 47.95% of the stock is currently owned by institutional investors and hedge funds.

Canadian Solar Stock Down 0.4 %

Shares of NASDAQ CSIQ opened at $43.00 on Tuesday. Canadian Solar Inc. has a 12-month low of $22.15 and a 12-month high of $47.69. The stock has a market cap of $2.76 billion, a PE ratio of 15.81 and a beta of 1.31. The company has a current ratio of 1.17, a quick ratio of 0.84 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average of $35.04 and a 200 day moving average of $35.99.

Canadian Solar (NASDAQ:CSIQGet Rating) last announced its quarterly earnings data on Tuesday, November 22nd. The solar energy provider reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.54. Canadian Solar had a net margin of 2.68% and a return on equity of 8.12%. The company had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $2.07 billion. During the same quarter in the prior year, the company earned $0.42 EPS. Canadian Solar’s revenue was up 57.2% compared to the same quarter last year. As a group, sell-side analysts predict that Canadian Solar Inc. will post 2.59 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Canadian Solar from $48.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday, October 20th. Wells Fargo & Company decreased their price objective on shares of Canadian Solar from $38.00 to $33.00 and set an “equal weight” rating for the company in a research report on Friday, January 6th. StockNews.com assumed coverage on shares of Canadian Solar in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Roth Capital reiterated a “buy” rating on shares of Canadian Solar in a research report on Wednesday, November 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Canadian Solar has an average rating of “Hold” and a consensus price target of $39.50.

Canadian Solar Company Profile

(Get Rating)

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.

See Also

Institutional Ownership by Quarter for Canadian Solar (NASDAQ:CSIQ)

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