Bank of Nova Scotia Has $1.02 Million Stock Position in Canadian Solar Inc. (NASDAQ:CSIQ)

Bank of Nova Scotia boosted its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQFree Report) by 80.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,630 shares of the solar energy provider’s stock after buying an additional 17,260 shares during the quarter. Bank of Nova Scotia owned approximately 0.06% of Canadian Solar worth $1,015,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Mackenzie Financial Corp boosted its stake 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 acquiring an additional 843,100 shares during the period. Vanguard Group Inc. increased its holdings in shares of Canadian Solar by 0.4% in the third quarter. Vanguard Group Inc. now owns 1,964,359 shares of the solar energy provider’s stock valued at $48,343,000 after purchasing an additional 8,317 shares during the last quarter. Creative Planning increased its holdings in shares of Canadian Solar by 103.3% in the third quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock valued at $9,961,000 after purchasing an additional 205,671 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Canadian Solar by 8.0% in the fourth 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. Finally, Cerity Partners LLC acquired a new stake in shares of Canadian Solar during the 4th quarter worth about $2,540,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Stock Down 5.1 %

Shares of NASDAQ CSIQ opened at $17.39 on Friday. Canadian Solar Inc. has a 52 week low of $14.11 and a 52 week high of $41.51. The stock’s fifty day moving average is $17.12 and its 200 day moving average is $20.35. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.79 and a current ratio of 1.02. The stock has a market capitalization of $1.15 billion, a P/E ratio of 6.04, a PEG ratio of 0.37 and a beta of 1.35.

Canadian Solar (NASDAQ:CSIQGet Free Report) last issued its earnings results on Thursday, May 9th. The solar energy provider reported $0.19 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.20. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The business’s revenue for the quarter was down 21.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.19 EPS. Sell-side analysts forecast that Canadian Solar Inc. will post 2.07 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on CSIQ. Daiwa Capital Markets initiated coverage on shares of Canadian Solar in a report on Monday, March 11th. They issued a “neutral” rating and a $21.00 price target on the stock. Citigroup dropped their price target on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a report on Friday, March 15th. The Goldman Sachs Group decreased their price objective on Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Roth Mkm reissued a “buy” rating and set a $25.00 target price on shares of Canadian Solar in a report on Wednesday, May 22nd. Finally, Wells Fargo & Company decreased their price target 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $29.00.

Get Our Latest Stock Analysis on CSIQ

Canadian Solar Profile

(Free Report)

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.

See Also

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

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