California Public Employees Retirement System Has $2.33 Million Stock Position in Canadian Solar Inc. (NASDAQ:CSIQ)

California Public Employees Retirement System cut its holdings in Canadian Solar Inc. (NASDAQ:CSIQ) by 4.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 88,896 shares of the solar energy provider’s stock after selling 4,583 shares during the quarter. California Public Employees Retirement System’s holdings in Canadian Solar were worth $2,332,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Duality Advisers LP lifted its position in shares of Canadian Solar by 79.2% during the 4th quarter. Duality Advisers LP now owns 69,461 shares of the solar energy provider’s stock valued at $1,822,000 after acquiring an additional 30,694 shares during the period. Waterfront Wealth Inc. raised its holdings in shares of Canadian Solar by 3.2% during the fourth quarter. Waterfront Wealth Inc. now owns 64,742 shares of the solar energy provider’s stock valued at $1,698,000 after purchasing an additional 2,037 shares during the period. Mackenzie Financial Corp boosted its position in shares of Canadian Solar by 27.1% during the 4th quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock worth $103,661,000 after purchasing an additional 843,100 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Canadian Solar by 38.3% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 15,687 shares of the solar energy provider’s stock valued at $411,000 after buying an additional 4,346 shares during the period. Finally, Cerity Partners LLC bought a new stake in Canadian Solar in the 4th quarter valued at about $2,540,000. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Stock Up 1.4 %

CSIQ stock opened at $16.79 on Monday. Canadian Solar Inc. has a 1-year low of $14.11 and a 1-year high of $45.29. The stock has a market cap of $1.11 billion, a P/E ratio of 4.33, a P/E/G ratio of 0.26 and a beta of 1.29. The stock’s fifty day simple moving average is $18.15 and its two-hundred day simple moving average is $20.87. The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.11. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.69 billion. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The firm’s quarterly revenue was down 13.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.11 EPS. Analysts expect that Canadian Solar Inc. will post 2.58 EPS for the current year.

Wall Street Analyst Weigh In

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

Canadian Solar Profile

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