Bank of Nova Scotia Raises Holdings in Canadian Solar Inc. (NASDAQ:CSIQ)

Bank of Nova Scotia raised its holdings in Canadian Solar Inc. (NASDAQ:CSIQ – Get Rating) by 14.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,880 shares of the solar energy provider’s stock after purchasing an additional 2,640 shares during the quarter. Bank of Nova Scotia’s holdings in Canadian Solar were worth $645,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CSIQ. Daiwa Securities Group Inc. boosted its position in shares of Canadian Solar by 9.1% during the third quarter. Daiwa Securities Group Inc. now owns 4,800 shares of the solar energy provider’s stock worth $179,000 after buying an additional 400 shares during the period. Scotia Capital Inc. boosted its holdings in Canadian Solar by 1.3% during the 4th quarter. Scotia Capital Inc. now owns 35,825 shares of the solar energy provider’s stock valued at $1,107,000 after acquiring an additional 473 shares during the period. Toroso Investments LLC boosted its holdings in Canadian Solar by 24.2% during the 3rd quarter. Toroso Investments LLC now owns 2,727 shares of the solar energy provider’s stock valued at $102,000 after acquiring an additional 531 shares during the period. Great West Life Assurance Co. Can grew its position in Canadian Solar by 115.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock valued at $41,000 after acquiring an additional 589 shares in the last quarter. Finally, Waterfront Wealth Inc. increased its stake in Canadian Solar by 2.1% during the fourth quarter. Waterfront Wealth Inc. now owns 37,421 shares of the solar energy provider’s stock worth $1,529,000 after purchasing an additional 776 shares during the period. Institutional investors and hedge funds own 47.95% of the company’s stock.

Canadian Solar Stock Up 2.3 %

Canadian Solar stock opened at $43.29 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.04 and a quick ratio of 0.75. Canadian Solar Inc. has a 1-year low of $26.86 and a 1-year high of $47.69. The stock has a market cap of $2.78 billion, a PE ratio of 9.64 and a beta of 1.46. The stock’s fifty day moving average is $38.35 and its two-hundred day moving average is $37.77.

Canadian Solar (NASDAQ:CSIQ – Get Rating) last announced its quarterly earnings results on Thursday, May 18th. The solar energy provider reported $1.19 EPS for the quarter, beating the consensus estimate of $0.48 by $0.71. The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a net margin of 3.97% and a return on equity of 14.02%. The firm’s revenue was up 36.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.14 earnings per share. On average, sell-side analysts expect that Canadian Solar Inc. will post 5.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CSIQ shares. Oppenheimer raised their price objective on shares of Canadian Solar from $60.00 to $68.00 in a research note on Friday, May 19th. Wells Fargo & Company upped their price objective on Canadian Solar from $33.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 9th. Citigroup cut Canadian Solar from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $45.00 to $44.00 in a research note on Thursday, March 9th. The Goldman Sachs Group boosted their target price on Canadian Solar from $33.00 to $36.00 in a research note on Monday, January 30th. Finally, StockNews.com started coverage on Canadian Solar in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $47.20.

Canadian Solar Profile

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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.