Canadian Solar Inc. (NASDAQ:CSIQ) Holdings Cut by California Public Employees Retirement System

Posted by Defense World Staff on May 19th, 2023

California Public Employees Retirement System lowered its holdings in Canadian Solar Inc. (NASDAQ:CSIQ – Get Rating) by 0.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 112,717 shares of the solar energy provider’s stock after selling 735 shares during the period. California Public Employees Retirement System owned about 0.18% of Canadian Solar worth $3,483,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Great West Life Assurance Co. Can lifted its holdings in 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 last quarter. Toroso Investments LLC raised its holdings in shares of Canadian Solar by 24.2% during the third quarter. Toroso Investments LLC now owns 2,727 shares of the solar energy provider’s stock valued at $102,000 after buying an additional 531 shares during the last quarter. Credit Agricole S A bought a new stake in shares of Canadian Solar during the third quarter valued at approximately $149,000. Daiwa Securities Group Inc. raised its holdings in shares of Canadian Solar by 12.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 5,400 shares of the solar energy provider’s stock valued at $167,000 after buying an additional 600 shares during the last quarter. Finally, Nordea Investment Management AB bought a new stake in shares of Canadian Solar during the fourth quarter valued at approximately $202,000. Institutional investors own 47.95% of the company’s stock.

Canadian Solar Trading Up 3.8 %

Canadian Solar stock opened at $40.18 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.78 and a current ratio of 1.07. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 11.68 and a beta of 1.46. Canadian Solar Inc. has a 1 year low of $26.86 and a 1 year high of $47.69. The firm’s 50 day moving average price is $38.19 and its two-hundred day moving average price is $37.54.

Canadian Solar (NASDAQ:CSIQ – Get Rating) last posted its quarterly earnings results on Thursday, May 18th. The solar energy provider reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.71. The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a net margin of 3.21% and a return on equity of 11.06%. The firm’s quarterly revenue was up 36.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.14 earnings per share. On average, research analysts predict that Canadian Solar Inc. will post 5.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CSIQ. Citigroup cut Canadian Solar from a “buy” rating to a “neutral” rating and cut their price target for the company from $45.00 to $44.00 in a report on Thursday, March 9th. The Goldman Sachs Group boosted their target price on Canadian Solar from $33.00 to $36.00 in a report on Monday, January 30th. StockNews.com assumed coverage on Canadian Solar in a report on Thursday. They set a “hold” rating on the stock. Finally, Wells Fargo & Company boosted their target price on Canadian Solar from $33.00 to $46.00 and gave the stock an “equal weight” rating in a report on Thursday, February 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $42.00.

About Canadian Solar

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Canadian Solar, Inc engages in the manufacture of solar photovoltaic modules, provision of solar energy and battery storage solutions, and development of utility-scale solar and battery storage products. It operates through the CSI Solar and Global Energy segments. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.