Canadian Solar Inc. (NASDAQ:CSIQ) Shares Purchased by Cerity Partners LLC

Cerity Partners LLC boosted its position in Canadian Solar Inc. (NASDAQ:CSIQ) by 52.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 374,966 shares of the solar energy provider’s stock after purchasing an additional 128,669 shares during the quarter. Cerity Partners LLC owned about 0.57% of Canadian Solar worth $3,243,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CSIQ. Wells Fargo & Company MN grew its holdings in Canadian Solar by 184.0% in the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after buying an additional 3,347 shares in the last quarter. Shell Asset Management Co. boosted its position in shares of Canadian Solar by 11.4% during the 4th quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider’s stock valued at $450,000 after acquiring an additional 4,134 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Canadian Solar by 6.7% in the fourth quarter. NewEdge Advisors LLC now owns 75,481 shares of the solar energy provider’s stock valued at $839,000 after purchasing an additional 4,717 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Canadian Solar by 28.6% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 38,193 shares of the solar energy provider’s stock valued at $466,000 after purchasing an additional 8,505 shares during the period. Finally, Mariner LLC increased its position in Canadian Solar by 100.0% during the fourth quarter. Mariner LLC now owns 20,000 shares of the solar energy provider’s stock worth $222,000 after purchasing an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CSIQ. Mizuho reduced their target price on Canadian Solar from $17.00 to $15.00 and set an “outperform” rating on the stock in a research report on Monday, June 2nd. Citigroup raised shares of Canadian Solar from a “sell” rating to a “neutral” rating and set a $8.00 target price for the company in a research note on Thursday, April 17th. Roth Capital set a $11.00 price target on shares of Canadian Solar and gave the company a “neutral” rating in a research note on Friday, May 16th. Wall Street Zen raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Friday, May 16th. Finally, The Goldman Sachs Group boosted their target price on Canadian Solar from $8.00 to $9.00 and gave the company a “sell” rating in a research report on Friday, May 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Canadian Solar currently has an average rating of “Hold” and an average target price of $14.16.

Canadian Solar Stock Performance

Shares of CSIQ stock opened at $12.25 on Friday. The company has a market cap of $820.38 million, a P/E ratio of -24.50 and a beta of 1.38. The firm has a fifty day moving average price of $11.22 and a 200 day moving average price of $10.33. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.84. Canadian Solar Inc. has a 12 month low of $6.57 and a 12 month high of $19.55.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.50) by $0.43. Canadian Solar had a negative return on equity of 4.34% and a negative net margin of 0.18%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the business earned $0.19 EPS. Canadian Solar’s revenue for the quarter was down 10.0% on a year-over-year basis. Sell-side analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Canadian Solar Company 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.