Connor Clark & Lunn Investment Management Ltd. increased its holdings in Canadian Solar Inc. (NASDAQ:CSIQ) by 27.2% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,453,151 shares of the solar energy provider’s stock after buying an additional 310,619 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 2.51% of Canadian Solar worth $27,072,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the stock. Financial Gravity Wealth Inc. purchased a new stake in Canadian Solar during the 1st quarter valued at $26,000. Legal & General Group Plc bought a new stake in shares of Canadian Solar during the 3rd quarter valued at $49,000. Quantamental Technologies LLC bought a new stake in shares of Canadian Solar during the 4th quarter valued at $66,000. New York State Common Retirement Fund bought a new stake in shares of Canadian Solar during the 1st quarter valued at $120,000. Finally, Macquarie Group Ltd. bought a new stake in shares of Canadian Solar during the 4th quarter valued at $118,000. Institutional investors own 40.70% of the company’s stock.
A number of equities research analysts have recently issued reports on the stock. BidaskClub downgraded shares of Canadian Solar from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. ValuEngine raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Thursday, May 30th. Zacks Investment Research downgraded shares of Canadian Solar from a “buy” rating to a “hold” rating in a report on Thursday, April 18th. JPMorgan Chase & Co. started coverage on shares of Canadian Solar in a report on Thursday, April 11th. They issued a “neutral” rating and a $22.00 target price for the company. Finally, Standpoint Research downgraded shares of Canadian Solar from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $21.50.
Shares of NASDAQ CSIQ traded down $0.13 during mid-day trading on Friday, hitting $21.61. 482,100 shares of the company’s stock traded hands, compared to its average volume of 878,187. The company has a current ratio of 1.01, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. Canadian Solar Inc. has a 1 year low of $11.37 and a 1 year high of $25.89. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 6.59, a P/E/G ratio of 0.27 and a beta of 2.32.
Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, May 30th. The solar energy provider reported ($0.29) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.44) by $0.15. The company had revenue of $484.70 million for the quarter, compared to analyst estimates of $468.25 million. Canadian Solar had a net margin of 6.29% and a return on equity of 12.92%. The firm’s revenue for the quarter was down 46.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.72 EPS. On average, equities analysts predict that Canadian Solar Inc. will post 2.43 EPS for the current fiscal year.
Canadian Solar Profile
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.
Featured Article: How to Profit and Limit Losses With Stop Orders
Receive News & Ratings for Canadian Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Solar and related companies with MarketBeat.com's FREE daily email newsletter.