Cerity Partners LLC Invests $2.54 Million in Canadian Solar Inc. (NASDAQ:CSIQ)

Cerity Partners LLC acquired a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) during the fourth quarter, HoldingsChannel reports. The fund acquired 96,823 shares of the solar energy provider’s stock, valued at approximately $2,540,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Canadian Solar by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,964,359 shares of the solar energy provider’s stock worth $48,343,000 after acquiring an additional 8,317 shares during the last quarter. Creative Planning grew its holdings in Canadian Solar by 103.3% during the 3rd quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock worth $9,961,000 after acquiring an additional 205,671 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in Canadian Solar by 8.0% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider’s stock valued at $326,000 after purchasing an additional 928 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Canadian Solar by 23.4% in the 3rd quarter. Mackenzie Financial Corp now owns 3,108,915 shares of the solar energy provider’s stock valued at $69,795,000 after purchasing an additional 589,400 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. boosted its stake in shares of Canadian Solar by 67.7% in the 3rd quarter. Hussman Strategic Advisors Inc. now owns 262,500 shares of the solar energy provider’s stock valued at $6,460,000 after purchasing an additional 106,000 shares during the last quarter. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Stock Down 3.9 %

Canadian Solar stock opened at $14.53 on Friday. The company’s 50 day simple moving average is $19.70 and its 200 day simple moving average is $21.41. Canadian Solar Inc. has a fifty-two week low of $14.11 and a fifty-two week high of $45.29. The firm has a market capitalization of $937.33 million, a price-to-earnings ratio of 3.74, a PEG ratio of 0.24 and a beta of 1.26. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.04 and a quick ratio of 0.84.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.11. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same quarter last year, the firm earned $1.11 EPS. Canadian Solar’s quarterly revenue was down 13.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Canadian Solar Inc. will post 2.57 EPS for the current year.

Analyst Upgrades and Downgrades

CSIQ has been the topic of several recent research reports. Wells Fargo & Company reduced their target price on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 19th. The Goldman Sachs Group reduced their target price on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Citigroup reduced their target price on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, Daiwa Capital Markets initiated coverage on shares of Canadian Solar in a research note on Monday, March 11th. They issued a “neutral” rating and a $21.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $31.78.

Canadian Solar Profile

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.